Businesses Owe Hercules $700,000 In Delinquent Redevelopment Loan Payments

Eight businesses owe the now-defunct Hercules Redevelopment Agency $700,000 in delinquent loan payments, according to a story in the Contra Costa Times.

In all, 20 businesses have business loans from the agency totaling $3.3 million in outstanding principal balance. Eight of the businesses are listed as delinquent, the Times reported.

On the list is Bio-Rad Laboratories, which took out a $2 million loan. The closed Sala restaurant is another.

The city has assumed the redevelopment agency's duties as a successor to that organization.

If and when the money is collected, it would be used to repay debt owed by the redevelopment agency, which dissolved in February 2012 as part of a statewide elimination of redevelopment agencies.