JP Morgan

JP Morgan is San Jose’s Payday Lender

Last week, I participated as the alternate for Mayor Chuck Reed on the oversight board for the Successor Agency to the Redevelopment Agency (SARA). The primary focus of the meeting concerned the approval of a one-year extension to the existing Letter of Credit (LOC) with JP Morgan bank. This extension had already been passed by the City Council, but it was still up to the SARA Oversight Board to approve the extension as well.

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Reading of the RDA Will

Last week, I attended the Oversight Board for the Successor Redevelopment Agency public meeting. One person who watched the meeting said it was “like viewing the reading of a will.”  That was a fair analogy. In the case of the deceased RDA (56 years old), the deceased had property it owns but comes accompanied with liens from the County and JP Morgan. The meeting also showed that while the deceased was alive, Sacramento poached over $100 million from the estate, which disrupted RDA’s ability to pay planned debt installments over a period of 20 years.