Department store magnate Al Boscov gives Scranton $700K to make good on struggling mall loan

bug


We also have more stories about:
(click the phrases to see a list)

Places:

 


SCRANTON, Pennsylvania — A department store magnate has made a six-figure donation to a northeast Pennsylvania city to make good on a loan tied to a struggling shopping mall.

Al Boscov gave a $715,173 check to Scranton Mayor Bill Courtright on Monday, saying he felt obligated to repay the city even though it wasn't legally required.

The Times-Tribune reports (http://bit.ly/12fzA35 ) Boscov's payment covers the city's $612,480 loan for The Mall at Steamtown plus $102,693 interest.

The newspaper says a $1.8 million balance on the city's loan to Steamtown Mall Partners still hasn't been paid back. Boscov is a partner in that firm.

Boscov says negotiations continue on the mall's ownership with a bank-affiliated company that acquired it through foreclosure in July from Steamtown Mall Partners.

Boscov's is the mall's lone anchor tenant.


Information from: The Times-Tribune, http://thetimes-tribune.com/

All content copyright ©2014 Daily Journal, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Click here to read our privacy policy.