Underground Atlanta Faces Financial Crisis, Unpaid Rent Tops $1 Million. (Originated from The Atlanta Journal and Constitution)
Posted: Aug 31, 2008 01:10:40
ATLANTA--Apr. 28--Underground Atlanta, the public-private partnership that opened in 1989 and was to rejuvenate Downtown, is facing its first financial crisis.
Rental payments from Underground businesses are barely enough to meet the minimum rental payments to the city.
And beginning next year, Underground Festival Inc., which operates the commercial facilities, will have to come up with an additional $750,000 to begin paying off the $10 million Urban Development Action Grant that was used to help build Underground.
Adding to the financial crisis are difficulties in collecting rent from Underground businesses, said Joseph Martin Jr., UFI president.
