The Tri County Community Action board of directors approved the sale of a Sidney property that marks its first step in recovering from its mountain of debt.
The board met in special session Thursday to approve a $115,000 offer made on the 1431 N. Main Ave. office in Sidney. A group of private individuals, whose names were not disclosed, made the offer, board chairman Al Evans said.
If the sale goes through as planned, Tri County should come out about $20,000 ahead, but it still owes money to banks, state agencies and a long list of suppliers.
The board learned earlier this year that years of financial mismanagement had landed the agency in a debt from which it likely would not recover. The nonprofit social services agency placed its former director Denise Birt on unpaid leave at that time and began turning control of its programs over to other agencies.
It no longer has responsibility for any social services, and its once healthy staff has dwindled to one remaining employee.
In addition to the approximately $1 million owed to banks for real estate mortgages, Tri County has $209,000 remaining on a loan it took out on the federally-funded 315 W. Auburn Ave. transportation building that it cannot sell.
According to numbers presented at the June regular meeting, it also likely will have to repay at least $190,000 to the Ohio Development Services Agency and in excess of $50,000 to the Ohio Department of Transportation.
The board also owes about $170,000 to a long list of vendors and other creditors for goods or services that already have been delivered.
It can sell its two properties in Bellefontaine at 125 E. Patterson Ave. and 1771 County Road 130, but board members have said it is unlikely the agency can profit from the sale of the 955 N. Main St., Urbana, office.
Read complete story in Friday's Examiner.
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