Light Solutions To Turnout The Lights
By Jon A. Brake
Light Solutions, Inc. will be shutting off the lights at their manufacturing
plant in the Manhattan Business Park by
The Manhattan Free Press has learned that the Company will tell the
City of their plans at the January 10
meeting of the Manhattan Economic Development Opportunity Fund Advisory Board (MEDOFAB).
Three days later the company will sell their non-mortgaged furniture,
vehicles, equipment, electronics and
miscellaneous items at public auction.
Light Solutions, Inc. has received a grant from the City of $50,000
and a participatory loan in the amount of
$250,000. On April 14, 2000 the company requested a six-month extension to begin repaying the $250,000 loan.
That request was approved by the City in May of 2000. The first payment was to have been made on October 16,
2000, it was not.
At the November 14, 2000 City Commission meeting a report was given
showing the company with $2.247 million
in total assets and a net income of (-$167,018) through May 2000. It was also reported light fixture sales from
January 2000 through May 2000 were $75,950.
The Commissioners were told the company did not have sufficient cash
to make the loan payment of $38,200 to