Pagmill May Still Get What's Coming

Many have been following the fight betweeen the City and EPA's largest landlord, Pagemill Properties. Here is a recent news article about their financial woes. You can't mistreat the poor and get away with it. God's justice will prevail.

The Daily News 09/01/2009, Page A01

EAST PALO ALTO

Page Mill may lose 1,700 units
nProperties spokesman says company didn’t make $50M payment to Wells Fargo

BY JESSICA BERNSTEINWAX

Daily News Staff Writer

A Page Mill Properties spokesman said Monday that the ownership of more than 1,700 units in East Palo Alto is in question after the company failed to make a $50 million payment to Wells Fargo Bank last month. The company and its subsidiaries couldn’t make the onetime balloon payment on Aug. 4 because of financial problems due to the economy, spokesman Sam Singer said.

“They have been successfully servicing the debt on the loans for the properties, but this balloon payment — they just didn’t have that amount on hand due to the declining economy,” Singer said.

He added that Page Mill is in talks with Wells Fargo and hopes to reach some resolution in the next month or so.

“It’s ironic that the bank would not want to renegotiate the loan in a flexible manner given the glut of foreclosed properties on the market,” Singer said.

He added that the loan has nothing to do with a nearly $70 million investment the California Public Employees’ Retirement System, or CalPERS, made in the properties in 2006.

Wells Fargo did not immediately respond to an e-mail requesting comment Monday.

Tenants became alarmed after seeing employees of Woodland Park Management — Page Mill’s property management company — taking down signs Monday.

However, Singer said the company took down one large sign advertising its properties only because the city ordered it to do so. East Palo Alto and Page Mill are involved in a bitter legal dispute over rent increases and other issues, with about 10 active lawsuits pending between them.

It wasn’t clear Monday whether Page Mill’s financial problems are connected with the recent closure of a number of swimming pools at the properties. The pools remained closed Monday afternoon with signs indicating San Mateo County health officials shut them down Aug. 21 due to lack of chlorination.

At least one of the pools was bright green with algae.

Tenants should not experience any changes in management as the property owners negotiate with Wells Fargo, Singer said.

“For the time being, Page Mill is in control of the property and will continue to assist the tenants with any life safety and any habitation issues, any livability issues,” Singer said.

“They are in the same position as many regular people, husbands and wives, boyfriends and girlfriends, who given the declining economy don’t have enough money in the bank.”

E-mail Jessica Bernstein-Wax at jbernstein@dailynewsgroup.com.

YWAMers Praised for Faith and Leadership

The Denver Post reports on the memorial service at the Denver YWAM base: "We're going to celebrate a life, we're not accentuating a death," said Faith Bible Chapel pastor George Morrison, in opening a memorial service today for two people killed at a missionary training school in Arvada . The service is called "A Celebration of Life for Tiffany and Philip." Philip Crouse and Tiffany Johnson died Sunday when a gunman opened fire at the school's dormitory. Youth With a Mission director Peter Warren said today both Crouse and Johnson embodied the spirit of the group. First the service focused on Crouse . "Phil gave his life to Jesus Christ and was never the same again," said Zach, a friend of Johnson's who met him years ago at a youth ministry in Alaska. At the time, Crouse was tough and wouldn't let people get close to him. "Over the years, Phil became a humble, teachable, sweet guy" who was able to reach kids with rough e...

Non Profit Payday Loans?

Here's a recent New York Times article sent to me from Katie at NCHM on payday lending. I know that the NCUD / CTCU-EPA partnership is going to have to create the right program addressing the needs for short term lending for low income families. We don't have the answers yet, but it's definitely on our radar. APPLETON, Wis. — This city of 70,000 has five McDonald’s franchises, three Pizza Huts, four Starbucks shops — and 19 payday loan stores, brightly lighted storefronts with names like EZ Money and Check Into Cash that offer two-week loans without credit checks. Peggy Truckey, 53, knows the allure. Last year she owed nearly $1,300 to four of those stores, and was paying about $600 a month in finance fees alone. “I thought I was going to have to take a second job just to pay off the interest,” Ms. Truckey said. Then she heard about a new nonprofit program operated out of a Goodwill thrift store, one of several hundred lower-cost payday loan products that are now bein...

Samuel Liotti TV Interview about Obama's Nomination

Check this out this link! Samuel, his best friend Malik and other students at East Palo Alto Academy were interviewed on TV where they were asked about their views on Obama. The students has some interesting and revealing comments. With all the politics, it may be easy for some to overlook the significance and importance of the first truly viable African-American candidate for president. Obama's nomination to especially many young people in our community speaks volumes about who they are and what they can become. This is an exciting and important time in our history. Please join me in praying for both our candidates, but especially Obama. I've felt impressed that I should pray specifically for his safety during the next months. Follow the link and check out the interview! What about you? How significant do you feel is Obama's nomination?

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