Unpaid loan a threat to jazz club: Metroplex Development Authority plans to foreclose on Van Dyck Restaurant, which is behind on a loan.

Byline: Mike Goodwin

Jan. 9--SCHENECTADY -- The Metroplex Development Authority plans to foreclose on the Van Dyck Restaurant & Brewery if its owner doesn't immediately repay an overdue $200,000 loan or sign over the deed to the historic jazz club. Authority Chairman Ray Gillen confirmed Monday the authority is preparing to foreclose on the property because Van Dyck owner Peter Olsen failed to repay the short-term loan by late 2006, as he said Olsen agreed to when Metroplex gave the restaurant a controversial $375,000 financial bailout package in May 2004. The Metroplex board approved the bailout package with the agreement that Olsen would find additional private …