How wisely will MPC use $34,000?

There was much jubilation on the part of Philippine Australian Community Foundation (PACF) directors when NSW Premier Barry O’Farrell declared that their application for a grant has been approved.

In an article penned by Mr. Jaime K. Pimentel, it was further announced that construction of a 13m by 13m under-cover structure may start as early as June this year.

But wait, Blacktown Council has repeatedly declared that the property sits on a “high risk flood zone area” and that “any Development Application (DA) is not likely to be approved.” Councilor Charlie Lowles echoed this same statement when this writer bumped into him during the May 19 opening of Metropolitan Real Estate in Blacktown CBD. Earlier during the Feast of St. Joseph on March 18, MP Kevin Connolly announced the rezoning of Schofields precinct which includes 80 Grange Avenue to accommodate new homes and recreational areas.

If ever construction pushes through, it is anticipated that public liability insurance premium will be expensive and not within reach. So how will they insure the lives and safety of people? Insurance premium will be an annual expense — another burden to MPC’s ballooning expense budget. Remember, PACF declared a net loss of $44,420 last year. And what about the interest bearing loans of over $720,000?

In his column, Boy Galang dared Mr. Mansueto Villon to donate the $200,000 loan he extended to PACF. If he is truly that passionate about the MPC project, why is he charging an 8 per cent interest? But no. During a recent media conference held at the MPC Clubhouse, Mr. Villon said that he is willing to step down but anyone taking over management must also assume all liabilities. Simply put, he wants his money back — plus interest!
But the question remains — how will they use the grant if Blacktown Council does not approve the DA? Well, they have the option to make a partial payment to Stacks Investment to whom $400,000 is owed, or to other creditors that include Mr. Villon. — Dino Crescini

Updated: 06/01/2012 — 04:38:32

Comments

  1. Pingback: spot