The Small Business Administration has scheduled an auction for April 30 to sell a food market in Prince George's County once owned by former state senator Tommy Broadwater, according to a spokesman for the agency.
The auction is an attempt to recoup money lost by the SBA when Broadwater defaulted on loans that he had received for the Chapel Oaks Farmers Market in Glenarden. The store was one of several businesses owned by Broadwater when he filed for bankruptcy in 1983. He later was convicted of food stamp fraud and served 4 1/2 months in a federal prison in Virginia.
Broadwater said that he may try to seek financial backers to help him make a bid for the 84,000-square-foot property.
"I would love to have it back." he said, but he added, "I don't have the finances to do it now."
The market was purchased by the SBA for $245,000 last year when it was auctioned by the bank holding the first lien on the property, according to SBA spokesman Jim Jennings. He said Broadwater had defaulted on a $125,000 SBA loan he received in 1980. The SBA will accept a starting bid of $245,000, Jennings said.
Broadwater, who only recently regained a license he previously had held to work as a bail bondsman, said that his primary aim now is to get back on his feet financially.
"My priority is to work in the bond business and make some money so I can pay my creditors, and pay the $50,000 to $75,000 in taxes I owe," he said, "and to get back so I can live good."