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Okinawa City considers buying Korinza Building

Date Posted: 2009-05-28

Already deeply invested in operating the financially ailing Korinza Building on the north side, Okinawa City is now contemplating buying the building and restructuring its use.

Okinawa City, together with third sector A-P Company, operates the business building on Chuo Park Avenue. The building’s been a financial drain on the city and other businesses involved in its operation, and currently is wavering on the edge of default of a ¥3.2 billion loan. Okinawa Prefecture and the central government have both contributed middle and small business and grounds maintenance loans.

Okinawa City acknowledges the financial situation with the Korinza Building’s business is getting worse, with surrounding competitors pressuring it and luring occupants away. “We are just keeping the facility operation, barely,” said one official. “There’s no way to pay back the loan yet.” Government auditors are pressing Okinawa City and A-P Company to pay back half the loans, but both the city and the third sector company say they’ve no money to do so.

The local government involved in Korinza’s operation is thinking it may be able to do a better job of running the building, and Okinawa City Assembly members are asking for detailed paperwork and business answers from A-P. The City Office says it would like to buy the building outright, and reorganize, but are studying what effect it would have on Okinawa City’s finances if using taxpayer money to make the purchase were to go sour.

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