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EconomicsRelating to the global economy, the system of production and management of material wealth, economic growth, aspects of social, political, and economic theory. Who is making all the money?
In 2004, the Holocaust Documentation and Education Center (The Center) bought a building in downtown Hollywood, Florida for $1.2 million with a loan from the city’s community redevelopment agency (CRA). Repayment of the loan, plus interest, would be made over 15 years.
The CRA agreed The Center would not have to begin repayment of the loan for 3 years. In September 2005, the CRA gave The Center a $50,000 grant for repairs. In 2007, the CRA forgave $500,000 and extended by 3 additional years when The Center had to begin repaying the loan.
On October 2010, The Center was to begin repaying the loan in monthly payments of approximately $16,000 through 2024. Blame may be attributed to the national, state and city economic crisis, a bad business deal with the city of Hollywood, or $3 million in required renovations to the building, but The Center could not make the monthly payments.
In July, 2011 the city considered forgiving the debt, but a $38 million budget deficit looming in 2012 put the city in a position of not being able to afford to forgive the debt.
In September, 2011, the city commissioners declared The Center in default, forcing The Center to begin paying the $16,000 monthly loan payments or face foreclosure.
On November 2, 2011, Hollywood commissioners gave The Center 90 days to pay or face foreclosure. Based on comments from city attorney, Jeff Sheffel, foreclosure against The Center is now imminent.
Now the fight over a pledge; Julian and Ada Feingold, husband and wife, were Holocaust survivors. Julian Feingold died in 1990. Over the years, Ada Feingold, now 88 years old, has donated more than $260,000 and her late husband’s artwork to The Center. In 2003 and reportedly confirmed in 2010, Ada Feingold allegedly made a pledge to The Center in the amount of $1 million.
The $1 million pledge is in dispute, and attorneys for Ada Feingold’s guardian and attorneys representing The Center are now involved in a legal battle.