A Maine city council has voted to forgive a debt of nearly $104,000 that the American Folk Festival owes the city.
The Bangor Daily News reports that the American Folk Festival announced it will disband at the end of the year after 18 festivals.
The Bangor City Council voted unanimously Monday evening to forgive the remaining debt and terminate an agreement with the festival to use the Bangor Waterfront in August.
Councilor Dan Tremble noted in the motion that the festival had already paid down $200,000 in debt after the city stopped extending a line of credit.
Festival board chair Nicole Gogan says ongoing financial struggles are the primary reason behind the decision to end the festival.
