Mount Vernon Mayor: Urban Renewal Agency Has $6M In 'Secret' Loans

MOUNT VERNON, N.Y. - Mount Vernon Mayor Richard Thomas is reporting that more than $6 million in “secret, undocumented loans” is threatening the solvency and future of the city’s Urban Renewal Agency.

It's the 225th anniversary of the ratification of the Bill of Rights, and Mount Vernon Mayor Richard Thomas is hosting a celebration.
Photo Credit: *Mount Vernon website*

Former FBI Agent Richard Frankel.
Photo Credit: *Contributed*

Zak Failla

09/12/2017 5:00 a.m.

Thomas said that the Department of Justice has confirmed that they will be suing Mount Vernon and levying a “significant monetary penalty” for repeated violations of the Clean Water Act over the past 14 years.

Last month, it was announced that veteran law enforcement official Richard Frankel has been appointed as a special counsel to commence an investigation into the records and operations of the Renewal Agency.

“The most significant issue facing the Urban Renewal Agency is the discovery of over $6 million in questionable loans that were issued by the Agency under previous administrations,” Thomas stated. “Appointees from the Obama administration found this troubling information by rummaging through piles of papers that were not identified in our financial audits.

“Many of these loans are undocumented, identified as uncollectible, and more than likely issued in violation of federal government guidelines. The discovery of these loans has raised serious and immediate concerns as to the solvency of the Agency.”

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