Bunch needs public financing to build Food City on Masengill site

Posted in the Morristown Forum

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City Council attendee

Morristown, TN

#1 Feb 5, 2013
Clarified at tonight's city council meeting by Councilman LeBel. Bunch said that without public financing, he cannot build the project. So, let me get this straight. Developer gets taxpayer money to build in a FEMA floodway, which will most likely create additional flooding. And more public funds most likely will be needed down the road to correct the flooding problems. Only in Morristown.
No kidding

United States

#3 Feb 6, 2013
Guess this is an example of your tax dollars at work- lining the pockets of developers.
LMAO

Kingsport, TN

#4 Feb 6, 2013
No bank will invest in this nasty illegal alien infested town on purpose. If they do, get your money out of there quick. Wages and household incomes have been dropping in the area, not a good time to invest in a local buissiness that relies on consumer spending.
Confused

Morristown, TN

#5 Feb 6, 2013
Maybe you all are confused, but the bank loans Bunch the money through the city. Bunch is responsible for the loan, because the issue to be fixed (flooding) is a current city problem). Lebel is trying to back stab Bunch so he can get funding for his food city development at Berkline. Now it all comes our why Lebel wouldn't vote on Bunch's development.
Please

Monroe, NC

#6 Feb 6, 2013
The time and place to talk about this to talk about this would have been at the meeting. Instead you were in the back picking your nose. Now you have the balls to speak up behind a screen in your basement. Btw do you have little kids locked up down there. What s coward!"""
Why

Dandridge, TN

#7 Feb 6, 2013
Hey-Please...please learn how to proofread before posting! Why are you so bothered?
Just by the way

Charlotte, NC

#8 Feb 6, 2013
If you guys can't see thru lebel you are crazy. He thinks he is such the big dog!
Another thought

Morristown, TN

#9 Feb 6, 2013
What if Bunch goes belly up the way Adren Greene did not long ago. Someone will be stuck with paying the bill. Bunch has lost $800,000 in the past four years. $200,000+ to the IRS to pay his daughter's unpaid payroll taxes for her failed business (Bunch v. IRS). $161,000+ for a bad loan to Collier in Kingsport (Bunch v. Collier). And just last week $394,000 due to his bookkeeper's embezzlement. These are not the hallmarks of a careful businessman.
Please

Monroe, NC

#10 Feb 6, 2013
Another thought wrote:
What if Bunch goes belly up the way Adren Greene did not long ago. Someone will be stuck with paying the bill. Bunch has lost $800,000 in the past four years.$200,000+ to the IRS to pay his daughter's unpaid payroll taxes for her failed business (Bunch v. IRS).$161,000+ for a bad loan to Collier in Kingsport (Bunch v. Collier). And just last week $394,000 due to his bookkeeper's embezzlement. These are not the hallmarks of a careful businessman.
Worry about your own endeavors
Another Thought

Morristown, TN

#11 Feb 6, 2013
Please wrote:
<quoted text> Worry about your own endeavors


I do worry about my own endeavors. But...I also worry about how the city of Morristown conducts business. The track record is not so good. Good citizenship requires awareness.
Why

Morristown, TN

#12 Feb 6, 2013
Another thought wrote:
What if Bunch goes belly up the way Adren Greene did not long ago. Someone will be stuck with paying the bill. Bunch has lost $800,000 in the past four years.$200,000+ to the IRS to pay his daughter's unpaid payroll taxes for her failed business (Bunch v. IRS).$161,000+ for a bad loan to Collier in Kingsport (Bunch v. Collier). And just last week $394,000 due to his bookkeeper's embezzlement. These are not the hallmarks of a careful businessman.
The bank that gives the loan to Bunch for PUBLIC INFRASTRUCTURE is the one taking the risk, not the city or county. This is not complicated at all.
Please

United States

#13 Feb 6, 2013
Another Thought wrote:
<quoted text>
I do worry about my own endeavors. But...I also worry about how the city of Morristown conducts business. The track record is not so good. Good citizenship requires awareness.
And how do you consider posting about other peoples family your own business. You are trash ,live with that.
Clarification needed

Morristown, TN

#14 Feb 6, 2013
I think people are reading the paper wrong on this.

I don't believe Bunch needs a loan of $2.5 million. They are just calling it financing, but it stated that it is actually a "tax abatement".

That means he needs taxes on that property reduced temporarily to make up for the $2.5 million investment.
let me be clear

Morristown, TN

#15 Feb 7, 2013
Please wrote:
<quoted text>And how do you consider posting about other peoples family your own business. You are trash ,live with that.
It's all in the public record.
Dumb

Morristown, TN

#16 Feb 7, 2013
This is real simple- The PROPERTY tax rates are locked at current rate until the 2.5 million is paid off. They difference of the current taxes and the increase is used to pay off the loan taken by Bunch. The city is at zero risk, the risk is on the developer. Basically, you do it and get jobs, sales tax, and property tax when the financing is done or you don't do the deal and get nothing but the mess that is there now. I would try to write it in crayon, but the golf course crew would say that I made an improper motion by using the wrong color of crayon.
just saying

Morristown, TN

#17 Feb 9, 2013
of course he does, is running his mouth about something he dont s#it sbout. if you dont know the facts keep your mouth shut.
thoughts on bunch

Morristown, TN

#18 Feb 11, 2013
very probable that bunch can not obtain another bank loan for this food city. lets think about all the loans currently held by bunch. if you were a bank would he be a good candidate to you? especially after coming out with the wild story of his bookkeeper! listening to his interviews will be that woman's attorney best friend. if someone is that stupid they don't need to be in business, but besides all that i know a thing or two about bunch and he isn't so wealthy to not have missed this money or to have missed it and not cared? where was that mcfarland? sitting on his thumbs? just wait something stinks like sardines with this one. maybe he cant get financed so an insurance scam came to mind.
Aware

Morristown, TN

#20 Feb 17, 2013
From the municipal technical lawyers, a word of truth about TIF

"There is an element of public risk if revenues do not develop as projected, local taxpayers are still required to retire the debt. Cities can find themselves in a situation where a project does not generate the level of incremental revenues that were originally projected, with the result being that cities borrowed money for bond issues, and the TIF District fails to produce sufficient property tax revenues to pay the bonded indebtedness. In these cases when general fund revenues have to be used to supplement the TIF District revenues, city budgets may face shortfalls in paying for other services."

You, the taxpayers are on the hook. The financial issues of this group have been laid out on this forum. If you trust them with a multi-million dollar loan, then give it to them out of your own pocket but don't allow government to put the rest of us on the hook for their profit.
lettinggas

Morristown, TN

#21 Feb 17, 2013
are the bunch's behind the coal to gas project
answer

Morristown, TN

#22 Feb 17, 2013
lettinggas wrote:
are the bunch's behind the coal to gas project
No. Google Bernie Rice and/or Freedom Energy Diesel.

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