Monday, April 21, 2014

Cottonwood ED responds to Gazette's foreclosure story

Posted By on Mon, Apr 21, 2014 at 5:03 PM

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Last Friday, Rich Laden at the Gazette broke news that Cottonwood Center for the Arts is facing foreclosure on its building, and that it owes $2.6 million toward its $3.6 million purchase made in 2008. The action was brought forward by the 427 E. Colorado Ave. building's previous owner, Elmer J. Herbertson.

Laden spoke with Cottonwood's board president, David Lord, and board secretary Bill Mahaffey, who is also an attorney. Lord told the Gazette he was unaware the nonprofit was in any kind of payment violation, and Mahaffey declined to comment except to say that he expects the matter to be resolved.

Later, Cottonwood executive director Jon Khoury — who was not quoted in the article — made a statement on Facebook that was shared on Cottonwood's page:

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Stay tuned.

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