WATERTOWN — The Watertown Local Development Corp. has concluded two local businesses will not pay back their loans.
The organization’s board on Thursday agreed to write off the loans with the owners of Mick’s Place, a Factory Street bar that closed a couple of months ago, and EyeCrave Optics, an upscale eyewear business, located in a Woolworth Building storefront at 11 Public Square.
Previously, the local development corporation, also known as the Watertown Trust, filed judgments against both businesses.
The owners of the bar, M & C Fusco, still owe $4,444 on a $10,000 loan from 2016, while EyeCrave owner Jody A. Shuler is delinquent on $21,033 of his loan with the trust.
In both cases, the Watertown Trust sent the loan off to an attorney and tried for months to get them to pay.
In 2015, Mr. Shuler obtained a $47,039 loan from the Watertown Trust. The business, which remains open, features European and independent manufacturers of eyewear.
Mr. Shuler said he was unaware that the Watertown Trust took the action.
“I haven’t spoken directly with them, so I’d rather not comment,” he said Thursday.
Mick’s Place closed earlier this fall. Watertown Savings Bank foreclosed on the property at 202-204 Factory St.
Co-owner Michael A. Fusco couldn’t be reached for comment.
Over the years, the bar was a trouble spot for fights and other alcohol-related incidents.
In 2011, the state Liquor Authority fined the bar $20,000 for disciplinary action and temporarily shut it down. At the time, an adjacent dance club, called Thunderdrome, also was closed by the state but never reopened.