Agency’s Settlement With Debtor Allowed

The City Council has approved a settlement agreement between the city’s Redevelopment Agency and the owner of a local appliance store who owed the agency money.

Fullerton Appliance owner Joe Miller was given an $80,000 interest-free agency loan in 1988 to rehabilitate his store. The loan was to be repaid if he ever sold the property.

The settlement, prompted by Miller’s financial troubles, reduces the amount he must repay to $30,000--$6,000 a year for the next five years.

The settlement agreement paves the way for a local bank, which also lent money to Miller, to take over ownership of his business at 134 W. Commonwealth Ave. without having to foreclose. In addition, the city will take over the property’s parking lot for public use until the bank or other future owner submits plans to develop it.