Harrisburg University $2.2 million loan default?

Click to View

On April 9th 2010 Harrisburg University (HU) entered into a loan agreement with Dauphin County Commissioners for the amount of $1 million, the money came from Unrestricted Casino Funds provided to the county by Hollywood Casino, the loan was to have been retired on December 31, 2010.

On October 21, 2010 HU asked for and was granted a six month extension until June 30,2011 to repay the loan, HU requested the ask in order to "provide a much needed safety net" HU would once again ask the County for second extension until December 31,2011 and an additional loan of $1.2 million.

We questioned Dauphin County Commissioners during Wednesday's commissioner meeting asking if the $2.2 million loan was paid off during 2011 or if a balance still remains, Friday afternoon County spokesperson Amy Richards forwarded this information from Solicitor Curcillo:

The Promissory Note of June 22, 2011, executed on August 29, 2011, was due and payable by Harrisburg University of Science and Technology on December 31, 2011.

"At this time, the County has not invoked its remedies under the terms of the note because County and University officials have met to discuss amending the terms. An agreement is expected to be presented soon to the Commissioners for their consideration and approval."

Photo by Natalie Cake

 
Tags: Dauphin County, Dauphin County Commissioners., Gaming Advisory Board, Harrisburg University, Hollywood Casino, HU