Garment & Citizen says." /> Old Bank District developer seeks new city loan - LA Observed

Old Bank District developer seeks new city loan

Tom Gilmore, whose adapative reuse projects in Downtown have benefited from a favorable loan from the city of Los Angeles, is facing a financial pinch and has gone back to the city for a new loan, the Garment & Citizen says. Gilmore needs the loan in order to refinance an estimated $35 million in debt with the Federal Housing Administration, the weekly paper says. Gilmore's original city loan of $5.1 million allows for payments to be missed, and the balance has grown over nearly ten years to $5.3 million, the story says.

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