Warren sues company over loan default

WARREN -- The city of Warren has sued Hurricane Associates Inc. of Lake Milton in Trumbull County Common Pleas Court for defaulting on 20,000 worth of business loans.
The limited partnership received a 15,000 loan at 6 percent interest July 11, 2005, to make improvements to properties at 2317 and 2345 Youngstown Road.
Statutory agent for Hurricane Associates is Anthony T. Maggiano of Lake Milton. The suit also names Maggiano personally, along with Michelle E. Maggiano, both with an address of Chesterfield, Mich.
The properties included a carwash, a building housing an auto-parts distributor, and a banquet center.
A message left for the Maggianos in Michigan was not immediately returned.
The loan was intended to help Hurricane update the carwash, renovate the banquet facilities and support economic development activities, according to the lawsuit. The money came from the Warren Revolving Loan Fund.
The city and the Warren Redevelopment and Planning Corporation modified its agreement with Hurricane on Oct. 31, 2006, by adding 5,000 to the loan. Hurricane Associates defaulted on the loan in December and now owes the city 16,303 plus interest, the suit said.
The case is assigned to Judge John M. Stuard.