tag:blogger.com,1999:blog-7888510041198780859.post4690549422846301331..comments2023-04-25T22:37:27.911-04:00Comments on Karen Johns - Life in Phoenixville: Parking authority gets loan to meter lotsKarenhttp://www.blogger.com/profile/11057911658878963451noreply@blogger.comBlogger13125tag:blogger.com,1999:blog-7888510041198780859.post-90802493533330690452009-09-17T11:26:00.468-04:002009-09-17T11:26:00.468-04:00i think it's long overdue for the member of th...i think it's long overdue for the member of the cdc and pa to read their by laws, and recognize their legal liabilities for being on a non profit board or authorityAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-56097390874018922602009-09-15T10:05:52.232-04:002009-09-15T10:05:52.232-04:00My confusion....too many Kunsches on too many usel...My confusion....too many Kunsches on too many useless boards.....CDC....CAC.....EIEIO...Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-23392181025522049422009-09-15T08:03:55.239-04:002009-09-15T08:03:55.239-04:00Regarding which Kunsch is on the CAC, I'm just...Regarding which Kunsch is on the CAC, I'm just going by what was posted on Toohey's blog, 31 August.<br /><br />That's the only reference to this group I've ever seen.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-43641826707744992982009-09-14T16:02:53.990-04:002009-09-14T16:02:53.990-04:00I believe the CDC Board member is Richard Kunsch&#...I believe the CDC Board member is Richard Kunsch's son Kurt, who does indeed work at the bank for Dick.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-9674201925095807092009-09-14T12:58:42.929-04:002009-09-14T12:58:42.929-04:00So when the Parking Authority gets the money, are ...So when the Parking Authority gets the money, are they required to be accountable to the Council for how it is spent? What keeps them honest? Who is keeping their books and who on Council will review them? It is a lot of money and especially if it is a line of credit, easy to spend. <br />Are the taxpayers counting on someone who can't even come up with a proper business plan, to keep an accounting of how that large sum of money is being spent? This is a recipe for yet another taxpayer disasterAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-62737481243958779652009-09-14T11:07:10.112-04:002009-09-14T11:07:10.112-04:00This was my comment from The Chicken Cacciatore Pr...This was my comment from The Chicken Cacciatore Project on 5 September regarding the 100K loan:<br /><br />"Can't Barry weasel a loan from his new buddy Richard Kunsch (CEO, Phoenixville Federal Bank & Trust) and fellow member of the Citizens Advisory Committee?<br />Maybe he doesn't see any future in the Parking Authority either."<br /><br />I guess when the PA goes down the tubes at least Phoenixville Federal will make a buck and the taxpayers lose again.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-43445032364900675722009-09-14T02:49:35.136-04:002009-09-14T02:49:35.136-04:00Another entertaining point here is that Councilman...Another entertaining point here is that Councilman Handwerk asked Parking Authority Executive Director Barry Cassidy about 2 months back how many banks he had gone to with the loan request.<br /><br />The answer was 1 (Phoenixville Federal).<br /><br />Mr. Handwerk rightfully suggested that other banks be queried for the loan opportunity to determine if the loan guaranty was really necessary or not.<br /><br />We never heard back on the results from other banks, or how many. Nonetheless, we have a guaranty signed (if Mayor Scoda does not veto the ordinance).Jeff Senleyhttps://www.blogger.com/profile/03299589320408409468noreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-25324553432171811982009-09-13T15:39:56.003-04:002009-09-13T15:39:56.003-04:00You have reached the correct conclusion. The bank ...You have reached the correct conclusion. The bank was NOT willing to take the risk without a cosigner. Most likely not because the "authority" wouldn't be able to repay the loan but because of the justification "memo" that the director presented, with board approval, to the bank. After they realized the "director" had no idea what a business plan was, I suspect the loan officer had a good laugh and immediately demanded the cosigner.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-19446309216590246182009-09-12T19:05:10.619-04:002009-09-12T19:05:10.619-04:00So, if I am reaching the correct conclusion, the l...So, if I am reaching the correct conclusion, the lenders at the bank think that this is a questionable loan. Is that correct? <br /><br />If so, then why is the Borough volunteering to back it up, if the bank thinks there is a problem with paying it back? They would know, after all, it is their business to know.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-54028551591551828082009-09-12T13:16:25.841-04:002009-09-12T13:16:25.841-04:00Anon September 11, 2009 2:43:00 PM EDT
“Don't...Anon September 11, 2009 2:43:00 PM EDT <br />“Don't they still need a bank to loan them the money? I thought a loan guarantee was for the bank's benefit, in case they did not pay the loan back, then the Borough would be on the hook for it. Is that what happened here?”<br /><br />The bank does benefit from a loan guarantee. If they believe there may be a problem of repayment they want another party, in this case the Borough, backing the loan. Yes, the Borough would be on the hook.<br /><br />This is no different than you co-signing a loan document for someone. If they don’t pay then the bank tells you that you are responsible for the loan. It is no different here.Blogwalterhttps://www.blogger.com/profile/03245095774657607395noreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-64206042394253836502009-09-12T06:45:44.892-04:002009-09-12T06:45:44.892-04:00I wrote a better story about this issue at http://...I wrote a better story about this issue at http://phoenixvillefocus.com/?p=121Joe Rooneyhttp://www.phoenixvillefocus.comnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-36394889432150957462009-09-11T14:43:09.712-04:002009-09-11T14:43:09.712-04:00Don't they still need a bank to loan them the ...Don't they still need a bank to loan them the money? I thought a loan guarantee was for the bank's benefit, in case they did not pay the loan back, then the Borough would be on the hook for it. Is that what happened here?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7888510041198780859.post-50074476422416955502009-09-11T14:13:47.401-04:002009-09-11T14:13:47.401-04:00Maybe Lovely Rita Meter Maid can get a hot job for...Maybe Lovely Rita Meter Maid can get a hot job for $125K like Big Barry Cassidy so the deal's guaranteed to lose money. You know it'll get approved then.Anonymousnoreply@blogger.com