City Council is waiting to decide whether to give RegenMed more time to start paying back $550,000 in loans from the city.
The local Lake Superior Centre for Regenerative Medicine prepares all tissue for transplants in Ontario, and is asking for two more years before making its payments.
Red River Councillor Brian McKinnon says they should extend the deadline from this month, when payments were originally supposed to start, to April 2021.
“They do promise to pay it back, except they can’t make their payment date of this particular April,” McKinnon explains.
The city is asking Administration for feedback on when RegenMed should start paying their loans back.
Mayor Bill Mauro notes he needs more information on the details of the loans before he makes his decision.
“I know the file very well, but I simply don’t know what the city has done in this regard. I know what the province has done in this regard.”
A memo from McKinnon to Council says the loans date back to 2012, 2013, and 2017.
City officials say a report from Administration could come back as early as next week.
