COJ was hoping to receive $750,000 a year in funding from the Scientific and Cultural Facilities District, even though it had initially said it would not seek SCFD financing for several years. The SCFD, with one dissenting vote, rejected COJ's request.
To get out of a $6.1-million Housing and Urban Development loan from the city, COJ floated the idea of giving the city some land in a swap for the debt.
COJ also would like to sell part of its parking lot to a developer for as much as $20 million. However, the market is not as strong as it was a year ago, so it may not have as many suitors and the land may not fetch as high of a price as it might have in 2000.
COJ also could negotiate with bond holders to restructure its $57 million in debt payments, which now cost is $5 million a year. If the debt was reduced, it has enough money on hand and from operations to stay afloat.
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