Economic development
5:21 pm
Thu February 20, 2014

Mahogany's at The Banks in default

A restaurant at the popular riverfront Banks development is in default and may be forced to close.   

Mahogany’s at The Banks has ten days from Thursday to pay $50,658.47.

The letter states:

If Mahogany’s fails to pay the entire amount owed of $50,658.47, plus any additional fees or amounts that might accrue within the next ten days, landlord will impose the late fee it has waived up to this point and reserves the option to explore all available remedies available to it under the lease to include, but not limited to, acceleration of rent, recovery of the premises, and legal proceedings to collect amounts owed.

The landlord’s agent wrote, “This is your last chance to come current with your rent and other charges.  You must pay the entire amount owed.”

The letter sent Thursday is the fourth notice that Mahogany’s has received relating to unpaid fees.

Interim City Manager Scott Stiles reported the default in a memo to Mayor Cranley and city council members.  The city provided Mahogany’s with a $300,000 loan and a $684,000 grant to help the restaurant open at The Banks.  The city is also owed money on the loan.