Issue link: https://nebusinessmedia.uberflip.com/i/1213068
www.HartfordBusiness.com • February 24, 2020 • Hartford Business Journal 7 ©2020 American Heart Association, Inc., a 501(c)(3) not-for-profit. All rights reserved. Go Red for Women is a registered trademark of AHA. The Red Dress Design is a trademark of U.S. DHHS. Unauthorized use prohibited. 2020 GREATER HARTFORD GO RED FOR WOMEN® LUNCHEON Wednesday, March 11th Connecticut Convention Center Registration, Networking & Women's Wellness Showcase Luncheon and Keynote featuring Terry Walters VIP Reception Terry Walters Best-Selling Cookbook Author and Clean Food Chef The Journey to a Healthier You Experience is provided thanks to the generous support of: 10:00 am 12:00 pm 1:30 pm To register visit HartfordGoRedLuncheon.ahaevents.org or call Debbie Bender at (203) 303-3317 Locally sponsored by: Go Red for Women® is nationally sponsored by: Signature sponsor: Local sponsors: Our products, services and team approach were designed with your growing needs in mind. Visit chelseagroton.com/growthatbusiness or call 860-448-4203 to learn how we can grow that business of yours together. We're in the business of building dreams. BUSINESS BANKING • COMMERCIAL LOANS TREASURY MANAGEMENT SOLUTIONS "People invest in a plan," said Vis- cogliosi, who is part of the 1873 LLC group that made the recent loan to the club to avoid a tax auction. "It takes time to develop a plan and then more time to develop a strat- egy to implement that plan." However, the plan isn't final yet, and the club will have to first take care of its back taxes, and then secure the right partnerships, in order to make it a reality. A sale-leaseback of the building at some point in the future isn't out of the question, George said, and the model is likely to involve bringing in third-party partners and investors. Club leaders are in talks with the city and state regarding new repay- ment arrangements for their nearly $670,000 in back taxes, and hope to make good on those debts within the next year or so, they said. The club is also on the hook to pay back approximately $264,000 that remains on the DECD loan, which it received in exchange for agreeing to create five new jobs by this summer. DECD in December agreed to modify the loan agreement. However, the agency said the club's mounting city and state back taxes influenced how much it was willing to adjust terms. DECD agreed to defer some payments through this summer, but it didn't change the principal owed nor the 2027 payoff date. "Our options were to call in the loan and pay off the tax liens to get control of the building or work with the organization through the modification in hopes that it would re-establish itself, pay their tax liens and eventually continue to pay back their loan," DECD spokesman Jim Watson told HBJ. Looking ahead Changes under the Hartford Club's new strategy will be more visible starting next year, but they subtly kicked in this month, as the club is now accepting non-member banquet function clients. Officials say they are vying for a private-public hybrid model because there would still be ame- nities exclusive to dues-paying Hartford Club members. "The Hartford Club is going to continue to exist, and we are open for business," George said. "The club doesn't go away under a new model." What would go away, he hopes, is the financial problems that have burdened the club. "The issues we are dealing with right now don't exist under the rubric we have planned," he said. PHOTO | HBJ FILE