Greensboro, NC -- The City of Greensboro has rescinded a $300,000 loan to fund a sitcom.
In a June meeting, Greensboro City Council approved the loan - funded by taxpayer dollars - for a show called, "What's Cookin'," which was set to be filmed in Greensboro. Council Member Jim Kee told WFMY News 2 in a previous interview that the intent to fund the show was to bring more revenue into the city.
Now the city has decided to no longer fund the show.
A spokesperson for the city said the they were not aware of a second mortgage on the house that the founders of Black Network Television, Michael and Ramona Woods, pledged as collateral. The spokesperson said if something happened Greensboro would have been third on the list to recoup the money.
In turn, council decided to reverse its decision.
Mayor Robbie Perkins told WFMY News 2 the second mortgage became an issue with some council members because the resolution states the city should not be third in line to recoup the money.
Perkins and other council members still support funding the show.
According to the mayor, even though there are two mortgages, the total amount of the mortgages was not different than what they were originally told. Perkins said the additional mortgage is no concern because they were able to secure enough collateral when they approved the loan.
Council Member Zack Matheny says the amount of the mortgage did change by about $70,000 to $75,000 and that the city changed from being second on the list of repayments to third. He said the city is not supposed to function like a bank.
Under the original conditions of the loan, Black Network Television was scheduled to pay the city back within 10 years.
The sitcom was based on a woman who gets a cooking show. Celebrity actress Kim Fields, who played Tootie in "Facts of Life," is set to be the Executive Producer of the show and at least eight local people would be hired to assist with production.