RM 06-27-90 - Laserfiche WebLink

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VOOR, AL�EN, FEDDER, HERENDEEN & KOWALS June 2 1990 Page T ree 9. CREDIT UNION INVESTMENT. The capital investment of the Credit Union caused serious financial consequences to the Credit Union from which it is just now making its recovery. The Credit Union was willing to gamble by becomi g the first investor in improving the Corridor at its own a ense. 10. ADVERSE AFFECT. The representations of the Redevelopment Commission, the delays and the activity in the Corridor have prevented improvement to the property of the Credit Union, expansion of its facility and growth of its business. Redevelopment normally means the opposite. 1. REGULATORY AUTHORITIES. As a result of a recent audit by the Federal Examiners who oversee the operation of the Credit Union, the Credit Union has been advised that a move which is contemplated by the redevelopment plan would have an adverse Affect on the financial stability of the Credit Union, will result in a loss of profit caused by busin ss interruption and will demand capital expenditures which the Credit Union cannot afford. In addition, the prospective acquisition or merger with another credit Union has teen lost as a result of the uncertainty created by the redev lopment plan in the Studebaker Corridor. CONCLUSION. The Policemen's Federal Credit Union remonstrates against the Redevelopment Commission including their property in the land sought to be acquired in the Stude aker Corridor Development Plan. It is illogical and confiscatory for the Redevelopment Commission to assist and encou age the Credit Union to acquire and build its facility and then to seek to acquire it with relocation consi erations. It it the request of the Policemen's Federal Credit Union that is property be removed from the acquisition list. GEH /j. Respectfully J14--eys— C , submitted, George E. Herendeen Attorney for Policemen's Federal Credit Union