City's Ready to Part, Properly, With Its Surplus Property. And: Look Out, Payday Lenders.

6501Greenville.jpg
The city needs to auction off this slice of Greenville Avenue.
We've long wondered, including just last month, why the city can't (won't?) unload its old libraries and other so-called surplus properties, and time after time City Manager Mary Suhm has said: The market's just not right. But in just a few minutes, the council's Budget, Finance, and Audit Committee will be told: We've decided to auction off the surplus properties, using Hudson & Marshall auctioneers (or, the other H&M), the very same company that helps sell off Houston's surplus properties.

This morning's briefing is particularly interesting for those Friends of Unfair Park who've asked to see a list of excess properties: The briefing contains 22 initial properties to be offered at auction -- including two downtown parking lots (on Corbin, near the West End, and on Commerce, adjacent to our old office), two former library branches (Walnut Hill and Pleasant Grove) and the old animal shelter on Forney. Me, I've always had my eye on that slice of Greenville Avenue you see up above. It'd make a great spot for a payday lender.

Oh, and speaking of...the BFA committee will also get its first look at City Attorney Tom Perkins's freshly minted ordinance regulating payday lenders. There's nothing in there about where they can do business, as previously hinted at, only how and how often. As in: "The cash advanced for a pay day loan may not exceed 20 percent of the consumer's gross monthly income." And: "An extension of consumer credit may not be payable in more than four installments."

Sponsor Content

My Voice Nation Help
7 comments
Sort: Newest | Oldest
Asking
Asking

Short term lending is needed but not at 300% interest.  The poor stays in a hole trying to pay back these loans.  Bad Bad Bad for the people who get caught in this cycle.

abarlow
abarlow

I am an employee of the payday lending industry and I think it is important to remember that it is a needed business structure to help consumers get by until their next payday where in many instances a traditional financial institution would not help these same consumers.

Clancey
Clancey

If they'd sell all that pot that's stinking up the Property Room and giving folks headaches,  they could balance the city budget.

Generic Poster
Generic Poster

I always thought the above was owned by Barnes Wentworth.  I guess Pam may have sold it to the city after Mark was killed.

TimCov
TimCov

1. I would think that not loaning more than 20% of a person's monthly income would just be a good business practice.

2. I can see good and bad things about limiting it to four payments. It could reduce interest paid (depending on the time period). It could also mean people more easily default on their loans. (i'm sorry, we can't accept a partial payment. That would make your number of payments more than what the city allows). It all depends on exactly how it is worded.

Bill Holston
Bill Holston

Please sell Casa View, or tell us what you plan to do with it.

Now Trending

Dallas Concert Tickets

Around The Web

From the Vault

 

General

Loading...