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Petersburg meltdown averted with short-term loan
Petersburg’s once bleak financial situation is starting to brighten. Banking giant Wells Fargo provided a $6.5 million, short-term loan to the city last week that has eased the city’s financial crunch, enabled it to meet payroll through the end of the budget year on June 30 and ensured payment of current bills.
Consultants find Petersburg is nearly broke
For interim Petersburg City Manager Tom Tyrell, Christmas and New Year’s cannot come too soon. That’s when property owners are supposed to pay their next quarterly bill for real estate taxes — and steer fresh revenue into the depleted Petersburg coffers.
