Oct 13, 2011
Loan to Salt Lake's KCPW puts spotlight on station's financial ties to city government
In approving its $250,000 short-term loan to Salt Lake's KCPW, the city council overruled the recommendation of its redevelopment loan committee, according to the Salt Lake Tribune. The committee considered the loan too risky because KCPW had not proven it could repay the principal on its debts, the Tribune's Glen Warchol reports. A city councilman told Warchol that the station, which has until Oct.31 to pay off its $250,000 loan to National Cooperative Bank, is important to the city's development and promotion efforts. "It clearly is not going to be the most secure piece of debt we own. It is not without risk," said Councilman Carleton Christensen.
Posted by Karen at 10:22 AM