More interest for PTC?

Councilman Imker urges 2-year CDs for higher returns

Peachtree City might start putting some of its cash savings in two-year certificates of deposit in the hopes of getting more in return for interest earnings.

City Councilman Eric Imker has urged such a policy change, suggesting it could provide the city with an additional $150,000 a year.

However, it’s not as simple as using two-year CDs. A state law restricts governing bodies such as city councils from “binding” future councils, so any such policy has to abide by that principle, according to City Attorney Ted Meeker.

But it’s still possible to pull it off, as long as compliance with that code section is met, he added. That would mean that the newly-elected council in January 2012 could enter a two-year CD at that time, Meeker said in a memo to City Finance Director Paul Salvatore.

Another concern according to Meeker is that there may be a fee charged if the investment is ended prematurely, meaning if the city needs to liquidate the CD to use the funds prior to the end of the two-year period.

“That would be problematic,” Meeker wrote.

The difference is in the rates of return offered for one-year CDs, which is between .2 and .5 percent, and those offered for two-year CDs, which rise up to as much as one and a third percent, Imker has said previously.

The city has upwards of $6 million in the bank at any one time, but it is projected to earn less than $50,000 in interest this year, Imker said at the April 7 council meeting.

The new investment policy will be presented to council at its regular meeting Thursday night at City Hall starting at 7 p.m.

Robert W. Morgan
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Still nothing about Grisham on the website

It was in the paper, but not on here. Maybe they jumped the story and he is still there. Maybe he's running for mayor. Maybe he is already gone. What?

bad_ptc
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Mrs. Mayor, job well done!

Speaking about the Fischer Crossing shopping center Mr. Grisham said, "People from Peachtree City and Fayette County are going to shop there every day despite what some people say."

Gee Mrs. Mayor, I wonder to whom Mr. Grisham was referring when he said "some people". We all know that you and your husband wont shop there.

Thanks to Mrs. Mayor and her snide comments it will be virtually impossible to hire another economic coordinator. Perhaps the city could sweeten the next deal with a special vest to deflect “knifing in the back” or some duct tape for Mrs. Mayor’s mouth.

Tell us Mrs. Mayor, are you and your husband planning on attending the grand opening of the new bowling alley once you get the property rezoned? If so, do you already have a new ‘victim’, city employee, picked out for persecution?

Mrs. Mayor, keep up the good work. It's people like you and your husband that the citizens of PTC are depending on to make this city a great place to live.

Spear Road Guy
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Bad PTC

Grisham wanted huge wholesale warehouse stores and car dealerships. Wow!!! Grisham's real problem was he's working in the wrong county. He would've been great in Coweta or Clayton - A REAL HIT!!!

Don't let that door knob catch you in the hind quarters Joey.

bad_ptc
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Spear Road Guy, you're getting too much oxygen

"Grisham wanted huge wholesale warehouse stores and car dealerships."

Really, car dealerships and just where do you suppose he wanted them to be located inside of PTC? Please name for me any huge wholesale warehouse stores that are interested in PTC.

A good analogy for Mr. Gresham’s job description would be something like this:

Mr. Gresham we want you to build us a building that will employ thousands of our retired senior citizens and pump millions of dollars in tax revenue into our fair city. We only have a few restrictions which you’ll have to follow.

1. The building can’t have any concrete in it.
2. The building can’t have any steel in it.
3. No trees can be cleared from private land where it is to be built.
4. Birds and other wildlife must be able to pass thru its walls with no effort.
5. It can’t be seen from any road or home in PTC.
6. It can’t have any signs telling people where it is.
7. It must employ only non Fayette County residents.
8. Anything else we can think of to hinder your performance.
9. You must hug the Mayors wife on command.

A bowling alley with full bar is acceptable.

Mike King
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Another Concern

I guess the Haddix's are getting their wish for I understand that the DAPC Coordinator, Joey Grisham, decided not to fight city hall and submitted his resignation today. It is indeed sad when a progressive city such as ours can elect buffoons whose spouses tend to be their public mouthpieces. What embarrassment is next for us, Don?

I do wish Mr Grisham well in Texas.

roundabout
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MIKE

I thought you were against warehouses and dealerships and gold buyers?

Spear Road Guy
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Mike King

We're not progressive. Joey Grisham was progressive, but not our city. We're God-fearing, conservative, community minded people. Most of us are anyway.

ptctaxpayer
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Mike, I'm worried for you.

Mike, I'm worried for you. You seem obsessed over Donnie the Mayor. You've become a one note flute there buddy.

NUK_1
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Good for Grisham

Why stick around PTC and have to put up with the total garbage he already got slung at him while grocery shopping and lack of support? I hope Mrs. Haddix is real proud of herself as she got her wish that his tenure would indeed be short.

Good luck finding someone else competent to step into the snakepit and lack of leadership here.

Spyglass
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The wrong person resigned...

Without a doubt.

Mike King
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Wrong Person Indeed

It is my understanding that another flagrant abuse by our mayor is to be released today. Depending on how much it costs the city in legal fees, it may just be time to demand his resignation.

Robert W. Morgan
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Grisham gone? That's sad.

Given the lack of class displayed by those involved and the convoluted no-way-to-win setup, this will not reflect on Mr. Grisham and I too wish him well.

But, what is next? Maybe we should get somebody who actually knows how to recruit industry in here as a consultant to tell us how to set something up without all the political crap and egos. John Boothby would be perfect and he has the time to do it.
Ladies on council, it is up to you, Haddix needs to stay away from this.

roundabout
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DAPC: resignation

In this recession there never was a place for such an employee but it would be interesting to have someone explain the details.

Since most of the initiation of the work to obtain industry rests with the county and that DAPC was to obtain storefront stuff, it made no sense just now since we have about as many closed as we have open! And, there is little potential to re-fill those empty ones (and some never occupied), there wasn't much there to do but advertise and wait!

Some wanted the Mayor left out of this organization, but the facts are that any new industry or large retailer will absolutely insist on talking to the legal organs also.

These development authorities for anything other than airports and opera houses, youth centers, and museums, are useless and wasteful.
They too often give away too much just for prestige!

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