Automobile Museum sues Tacoma above dealing with of federal loan

TACOMA, Wash. (AP) - LeMay -- America's Motor vehicle Museum has sued the city of Tacoma and its bank above the managing of the $3.six million federal loan to finance the museum's construction.

The lawsuit filed Tuesday in Pierce County Superior Court claims the Bank of New york Mellon mishandled the payback of interest about the loan and demand a lump-sum paying to cover its mistake.

The News Tribune reports ( ) that museum officials say their discussions with city leaders were unproductive and so they went to court to help keep the loan from going into default.

Tacoma Mayor Marilyn Strickland told the newspaper that the city has offered the museum generous backing for several years. She says the rates of interest around the loan had been structured to help them get on their feet over a long enough period to stabilize them.


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