BANGOR — A Maine city council has voted to forgive a debt of nearly $104,000 that the American Folk Festival owes the city.

The American Folk Festival announced it will disband at the end of the year after 18 festivals, the Bangor Daily news reported. The Bangor City Council voted unanimously Monday evening to forgive the debt and terminate an agreement with the festival to use the Bangor Waterfront in August.

Councilor Dan Tremble noted that the festival had already paid down $200,000 in debt after the city stopped extending a line of credit.

Ongoing financial struggles are the primary reason behind the decision to end the festival, according to festival board chair Nicole Gogan.

The festival has raised less money and dropped in size in recent years, the publication reports.

“I think we all appreciate what the folk festival has done for the city, and I think Bangor has certainly received a return on its investment,” councilor Ben Sprague said.

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