Edmore and Maxfields reach loan repayment agreement

By Elisabeth Waldon • Last Updated 10:03 am on Thursday, April 17, 2014

EDMORE — The Maxfield siblings have reached an agreement with this village regarding a long-overdue economic development loan.

Tony Maxfield and his sister, Shari, own the Averyville Acres partnership. The Edmore Economic Loan Fund Development Committee and Edmore Village Council granted the partnership a $200,000 loan in 2000 to build Maxfield’s Inn in Edmore. The committee also granted a $20,000 loan to the partnership in 2002 and a $77,000 loan to the partnership in 2006.

The Maxfields have made just three payments on the loan since then — two payments in 2006 and one payment in 2007.

Last August, the Maxfields offered to pay $60,783.77 of the $217,084.89 owed to the village, but the village rejected the offer.

This month, the Maxfields made a new offer — to pay $180,000 over a 15-year period with no interest.

Last Friday, the Edmore Economic Loan Fund Development Committee voted 4-2 to recommend the village council accept the offer. Village President Chet Guild, village attorney Dennis Moore, Chemical Bank representative Karen Nesbitt and committee Chairman Jerry Rasmussen voted “yes” while Treasurer Elaine Leak and Village Manager Neil Rankin voted “no.”

On Monday, the village council unanimously voted to accept the offer.

“I think this has been a long time coming, Tony, and I appreciate it,” said Guild to Tony Maxfield. “I think everybody appreciates it. We’re glad to get this resolved.”

The Maxfields are scheduled to begin making payments again in June. The Maxfields have a forbearance agreement with Chemical Bank, which also approved the restructured loan.

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