Tag: guarantor

    Cash-tight festival needs help from city

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    From the Niagara Falls Review:

    With its own finances at the brink, the Winter Festival of Lights has turned to city hall to back up its bid to get a line of credit it needs to pay the bills on the new Rink at the Brink skating attraction.

    Festival manager Dino Fazio said his organization needs a $500,000 line of credit from its bank to start paying some of the bills associated with the new rink’s construction across from the Niagara Parks Commission’s Table Rock Complex last fall.

    Without the city acting as a guarantor, the bank won’t give the festival the loan, Fazio said.

    “I don’t need a dollar from the city. I do need a guarantee,” Fazio told members of the corporate services committee, which considers council’s financial matters.

    “Will they give it to you without us?” Coun. Carolynn Ioannoni asked.

    “No,” Fazio replied.

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