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City Council to tap trust fund
On Nov. 16, the Redevelopment Authority and City Council had a joint meeting to discuss the authority's request to tap the trust fund to pay off a $7 million loan.
"It's something we really wish we did not need to do but I think the numbers speak for themselves," said RDA chairman Joseph DiSciullo.
If the city and RDA continued its agreement with the bank, it would be paying about $35,000 monthly or $420,000 annually in interest on the loan, city officials said.
In exchange for council's approval of the request, the RDA plans to replenish the trust fund within five years. The RDA plans to give 95 percent of any future property sale to the trust fund.
This may be the right move for the city but as one resident said, "I think the RDA's borrowing of a loan from the trust fund should have been done a long time ago."
Do you think officials should have acted sooner or waited until January to let the new council members decide?
"It's something we really wish we did not need to do but I think the numbers speak for themselves," said RDA chairman Joseph DiSciullo.
If the city and RDA continued its agreement with the bank, it would be paying about $35,000 monthly or $420,000 annually in interest on the loan, city officials said.
In exchange for council's approval of the request, the RDA plans to replenish the trust fund within five years. The RDA plans to give 95 percent of any future property sale to the trust fund.
This may be the right move for the city but as one resident said, "I think the RDA's borrowing of a loan from the trust fund should have been done a long time ago."
Do you think officials should have acted sooner or waited until January to let the new council members decide?
posted by Danielle Lynch at
6:40 PM
5 Comments:
Is anyone actually surprised by this? I mean in the past couple of years we've had to borrow from the Trust Fund because the people in place at City Halls simply don't know what they are doing. Robbing Peter to pay Paul isn't being fiscally responsible. I just hope the new Council takes off the rose colored glasses and sees this as it truly is. Can we hire some people in Coatesville that actually know what the hell they are doing?
Harry Walker only hires people he knows and will do what he wants, anyone that does there job is gone or put aside, or they are trying to get rid of. This Council is either blind or has there hand in the candy also.
I would like to know why we have a drug dealer still employed by the City,(John Clayton Tinson) but on leave? Oh maybe that is because his girlfriend is also a drug dealer (Lisa Johnson) and she works for Tim Hennessey's Office and Linda Lavender works for Hennessey's and she is in with Harry Walker also. I also found out that Patsy Ray goes to Hennessey's Office and Tinson and Johnsons home, is she selling to? After all she did stand up for another drug dealer in the City.
It is said that the dealers are taking over the City and no one is doing anything. But i guess that is how politics works. Your either in with them or your out!!
I forgot to add that when John Clayton Tinson was caught selling drugs, he was in a school zone; and he is still employed by the City!!! I wonder if he will say that they were just picking on him because he is black?? Isn't that how he got a job back in the City, he already had a record. Speaking of records, does anyone check the Council's records before they are in charge of City information?? I don't think they do, Brazzel from the west end was arrested for stealing and he got elected, that is great; maybe him and Harry Walker can go in on lining there pockets together and Mr.Liar can defend them....
well you seam to know a lot that going on in this town.But are you lying on people just to hear your self talk or is it a fact? I am sure that Brazzel he doesn't live in West End so thats one lie.So that tells me you dont know what your talking about and you sure can't spell.!!!!
I don't know everything that is for sure, but i do know that i am not a good speller and i also know that i am a honest person and i don't like ignorant people!!
And i did find out the Brazzel does not live in the west end, but that was a mistake not a lie; i have nothing to lie about. But i do know that Brazzel was caught stealing, he sould not have been allowed to run for a seat in the City, there is plenty of thiefs employeed there already.
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