NIAGARA FALLS — One of the city’s economic development groups will explore legal options for compelling the former owner of a Main Street restaurant to make good on an outstanding loan.
Attorneys representing the city and its lending arm, the NFC Development Corp., agreed on Monday to make another attempt to secure payment from Christina Buzzelli, the former owner of Mary O’s restaurant, formerly located at 829 Main St.
Buzzelli secured a $30,000 loan through the NFC Development Corp. in 2007 in anticipation of opening the soul food restaurant.
According to NFC Development Corp. officials, Buzzelli owes $29,257 on the loan, including $27,564 in principal. NFC Development Corp. Director Fran Iusi indicated that Buzzelli has not made a payment on the loan since March 2008. Iusi said attempts to collect on the debt have been unsuccessful and the agency no longer has a current address or contact information for Buzzelli. Iusi indicated that her agency ran two credit checks in an attempt to find Buzzelli, but have not been able to find her.
“We have tried to locate this individual since she stopped paying and we’ve not been very successful,” Iusi said.
Members the NFC’s board of directors were asked to write off the loan as a bad debt. The board did not take action on the request, referring instead to NFC attorney Richard Zucco and Corporation Counsel Craig Johnson who indicated a willingness to pursue other options. Both attorneys suggested that one route may be securing a judgment through the courts against Buzelli.
“The loan documents, I believe, would probably call for legal action to be served upon her at her last legal address,” Johnson said. “So, my recommendation to Mr. Zucco might be to serve a summons and complaint and have it served at her last known address and take a judgment to protect the file.”
Mary-Os has been out of business for several months. The location has been re-opened by a new owner under the name Hot Stuff Southern Cafe.
NFC Board member Joe Casale suggested the board made a mistake in 2007 when it agreed to provide the loan to Buzzelli. Casale, one of two members who voted against the deal, said he was concerned at the time about the borrower’s ability to repay.
“It was my opinion that day that it was not a good loan,” Casale said.
Local News
NIAGARA FALLS: City agency chasing bad debt
Former Main Street business owner owes nearly $30,000
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