Yet another University Avenue business – the Mai Village, which was one of the great University Avenue success stories until the Met Council’s toy train came along – is bleeding out the nose:
[Owner Mai] Nguyen said profits were down at least a third since construction began, which amounts to about $30,000 a month in losses. The $15,000 a month mortgage, which doesn’t include property taxes or insurance, has been impossible to keep up with, she said.
Mai Village did receive a $400,000 loan from the city — which has been deferred — to help build the restaurant. In addition, it received a $20,000 forgivable loan for help with construction-related losses, but Nguyen said that is a “drop in the bucket.”
In addition, the county halved the restaurant’s property taxes when the building’s value decreased a few years ago.
The couple has appealed to city leaders for more help, but has received little response, Nguyen said.
And the response (with emphasis added)?
City Council Member Melvin Carter III said his office has done everything it can to help Mai Village, and that there isn’t enough money to go around to help all the businesses that are suffering.
Anyone up for a MOB Vietnamese food night / slash / primer on the Central Corridor Business Destruction Zone?