I start off with the admission that I gained a lot of respect for City Councilor Corey Belanger has a person yesterday. No one has been more critical of the Councilor than I but he still made the effort to show up at the Driven to Give event yesterday and to stop at the radio booth to say hello, shake my hand, then walk away, not expecting to be on or pushing to be on. We may disagree on many things but I appreciate the effort and gesture on his part.
Like Mayor Elliott , Councilors Mercier, Leahy, Milinazzo and Martin he showed he can take my shots (and give them back when the opportunity allows) and still be civil, while others are whiny and complain to my family and friends.
There was a story in yesterdays paper about the City moving some of its funds back into Lowell based banks.
Let’s be clear on a few things. The CITY has always had funds in LOCAL Banks.
According to the Lowell Sun: . Enterprise Bank held an average of $9.3 million, or 15 percent, of the city’s average monthly deposits in fiscal 2011, the largest percentage for a local bank.
and a report to the City Council on Sept. 2nd shows a list of all banks (including City banks) which hold City funds as of September 2,2014 show this.
Enterprise Bank Joseph Downes 0.02% 7,930,508.53
Enterprise Bank Parking Meter 0.02% 3,074,206.24
Enterprise Bank Main Account 0.30% 3,318,387.66
Enterprise Bank Loan Program 0.00% 8,516.59
Enterprise Bank K-8 Student 0.30% 275,372.04
Enterprise Bank Municipal 0.20% 100,542.09
Enterprise Bank Lower/Locks 0.20% 92,259.05
Enterprise Bank Loan Repayment 0.30% 519,097.48
Jeanne D’Arc Credit Union LHS 0.49%
According to the same report: Recently, a financial decision was made to transfer back approximately $35,000,000 to locally owned institution Lowell Five, from out-of town banking corporations. Also, a new $2,000,000 account was established with Washington Savings, creating a first-time partnership with this institution. Additionally, the City received higher interest rates from the local institutions versus what we were receiving from the larger corporate banks, with the same level of investment safety.
Secondly the LOWELL FIVE could have received money along with other local banks if they would have volunteered to participate in in a City Sponsored Program in 2011.
the Lowell Economic Advancement Program, or LEAP, would shift up to $2 million in city deposits to each local financial institution headquartered in Lowell that agrees to lend the city money to Lowell-based small businesses. The money would be diverted from funds currently in nonlocal banks.
The initiative is modeled after a similar effort launched by state Treasurer Steve Grossman to transfer $100 million of state deposits in larger banks to local banks, with the goal of boosting small-business lending.
Moses said he crafted the program in a way to comply with the spirit of City Councilor Patrick Murphy’s request earlier this year to see a percentage preference for local banks when the city makes investment decisions. In the fiscal year that ended June 30, nearly 80 percent of the city’s $59.9 million in average monthly deposits sat in non local banks.
The fact Bob Caruso then CEO of Lowell Five pretty much indicted he expected the City to just place money in his bank for just being in Lowell or because the bank contributed to City festivals,caused former Manager Lynch to state back then, “I never assumed a quid pro quo here”.
The City in the past under the former administration based its investment decisions on the safety, liquidity and yield — or SLY — of a financial institution not just who donated to a majority of the elected city council.
Must just be a weird coincidence that Lowell moves $35 Million Dollars to the Lowell Five at the same time the SUN has a story about the bank looking for space and considering moving including leaving Lowell…(see today’s Sun)
He’s Back! – This week on the Lowell City Council Agenda: Edward Caulfield request permission to address Council regarding crime in the City. It’s my understanding that the former councilor and his family were victims of a crime this week and he is not a happy man.
Also on the Council Agenda, after the “Outrage” and disappointment of the Council regarding Global Spectrum’s first year, the City Manager has reached an agreement that caps the city’s liability at $200,000.
Trinity Financial is working on replacing the broken windows at 110 Canal and I’m wondering if the Manager is trying to repair the damage he caused by trying to force UML and the state to move out of that Building after Gov. Patrick held a press conference there in April. I’m still confused as to why a Manager tries to force out a State University for a private company after the state donates millions to the project.
Today’s Sun has a story about the waiting list for Vocational Schools throughout the state. Tech School Committee member and State Rep. candidate Fred Bahou (who was cooking dogs/burgers at the Driven to Give Event for the Gervais dealership) mentioned that the Greater Lowell Tech has approx. 115 on their list and yesterday he and Lowell School Committee member Jim Leary were talking about ways for the two school systems to work together to try to address that issue.
The Centralville Neighborhood Action Group’s(CNAG) fall fundraiser The Party of all Parties is at 1 p.m. today at the Dom Polski Club, corner of Lakeview Avenue and Coburn Street.