Peoples Bank finance plan or city
hall improvements to cost extra ....................... _---!-- --
ShQrt 92,000 no , of the Peoples State Bank 1
city will pay was not able to have a financ-
188,452 more ing plan ready by that day.
but he had received a fax
By Bern Brown from Mr. Radde on Monday
eve ni ng. i nd ica ti ng a com­
mittment to finance the entire
system.
Ci ticorp was prepared to
loan the City $243.000 for
the heating ystcrn, at an in­
tcre st rate of 8.74 percent.
and 60 monthly payments 0
4,977, but the City had to
come up with a 92,000 down
payment to pay the entire
334,414 to Ideal Sheet
Metal of Benton Harbor [or
the in uallauon of the hating
y tern.
The additional 36 pay­
ments the city will nov be
making will add ap­
proximately S180,000 to the
co 1. In addition, the monthly
payment to People's i
H7.94 more per month than
the Ci t i c o r p deal. That
amounts to an additional
S8.452.24 over the life of the
loan.
There i no do n payment
required from Peoples Stare
Bank. Cornrnissioncrs did not
di 'cuss hether Ideal would
wor out a payment arrang­
ment for the down payment.
City commis ioners will
y People State 'Bank
180.000 more for a new
heating sy tem becau they
are hort 92,000 today.
At the Monday, October
1, Benton Harbor's City
Commi ion meeting, the
commi sion voted to approve
a lea e-purcha e agreement
with the People State Bank,
Inc., of S1. Joseph; for financ­
ing for the heating. ventila­
tion and ir co nd it io n i ng
ystern in City H II.
People State B nk will
finance the entire S:\34.414
that is needed for th wor .
The lea e term i for 96
months. (8 year) at an inter­
e t rate of 9 percent. The
City', monthly payment'
would be 5,067.94.
The lease i a noncancel­
able net lea e tran action.
The City can purcha .c thc
equipment at the end of the
lea 'C term and paymcnt of all
rental' due for the amount 0
1.0 ).
City Manager Steve Man­
ning 'aid, the commis ion had
received a re olution and ap­
proved thc fi nanc l ngTrom
Citicorp Bank in Texa . on
Thur day. September 27.
He id Mr. Donald
Radde. Fir t Vice President
'OME 0.· TilE comrni '-
ion complained that thc
local banks that the City docs·
bu inc s was not willing to
help the City with financing.
Shop
!I"'�.-!11174 74 WALL STREET
on H rbor I 49022
CHILDREN'S HAIR CUT - MEN & YK>MEN'S HAIR CUT All STYLES
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"I know People State
Bank is not a local bank in
'the City of Benton Harbor."
said Commissioner George
Wy ingcr, " but "we hould :
take a hard look at the bank
that we do bu. ine s with."
"It's our responsibility to
get the highe t return on our
city money that e an po z ,
ibly g t ," 'aid Commi.­
ioner Charles Yarbrough.
II crc getting crumb 0
It' like we're being kept -
You kno hat that means­
working without e u i ng
paid. That' how I f e l we arc
heing treated," . aid
Yarbrou h.
Cit Fi n a n c c Di r c c t o r
Michael Vance said. the local
banks, BO F M Bank and
Inter-City Ban wcre willing
to loan the City money, but
were unwilling to loan the
City money for this type of
loan.
"If Peoples State Bank can
put together a proposal for
us. certainly they had the
'arne capability," 'aid Com­
mi .io ncr Ralph Crensha ,
"To me it was no cxcu: e for
them not doing thai."
"I think that even under
the banking act. all banks arc
suppose to rei rives t pa rt 0 r
their in orne hack into the
local community in which
that money derived from."
aid Crenshaw, and "certai n­
Iy that derived a con iderable
amount or money t'rorn the
u e of our fun
"We impl don't feel hat
w 're being tr ated prope ly,
w don't feel hat we're et­
ti g our air s are and I think
thar we houl make it er­
fectl,y clear," aid Cren h w.
h: e tho e ne d met."
Manning a reed to meet
\\ th the' co mis ion nd
D F M B nk official to
nccrn of the
vcr $2 million
ot the City' fund arc in
D F&M Ba k.
In other bu ,one Cornmis-
si n George yinger aid
the commis in hould pa s a
I
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ICKHAM
OWDer
ON - THUR 10-7:30 F -Sat �8 (616) 926-1 36
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resolution to r chedule the
meetings of the Berrien
County Commi ion. He aid
they should change their
meeting time so that it would
be convenient for the people
that are working durin the
day that ould like to attend
the meeting 0
Commi ioner Charle
Yar rough ugge ted that
ysin er tal to the- C unty
Commi i o ne r s Gl n
Yarbrou hand i l l i
A. k • that repr sent Benton
Harbor. Wy in er 'aid h had
talk .d to them. hut they ere
unable to <.10 an thin 0
Th B rri n Count B rd
m cis the thi rd Thur da of
the month at 10 a.m. in the
B rrien ounty Courthou e.
In other matter City CI r
Margar t Adam -Bo man
announced that Monday. 0 -
tob r H. at 5 p.rn. is the last
day' for re gistration for the
o ·mhcr General Election,
Begins
The 1990-91 Kalamazoo
Symphony Orchestra Cor­
di II Cia sic Serie begin
wi h a concert on Saturday,
o t b r 13, at 8 p.m. in
Ka amazoo College' Stet on
Ch p I. KSO Music Director
Yo hjmi Takeda' will conduct
the concert.
Ti .kct . arc S 1 general ad­
mi sion. S5 for tudents and
children at the SO Of icc.
(616) 349-775 • or at th
door.
Come oil down to:
JOE'S •
uty 927-2681
161 Pi one
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Mon&Tue 8-61Thur-Sat &6
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