The Avenue is doing OK in spite of Fumo and his buddies buying up property on it for personal gain.

Passyunk Avenue Revitalization is a FOR profit entity that bought up most of the properties in 2000.

Then they sat on them for years.

If they had stayed out of the way and let enterprising people with energy buy them... the revitalization would have started much sooner.

The Avenue is improving, but that has all to do with the energy of the neighborhood and the great people that live in it.

WRONG:bitchslap: :bitchslap: :bitchslap:

Actually, not wrong.

The indictment clearly states it... Pass Ave Revit is a FOR profit entity that Fumo is invested in.

I don't care at all about this political nonsense...

I just want them to get out of the way so that a thriving area full of energy doesn't have to deal with their selfish and childish nonsense.

And I would like to win the powerball. I guess we do not always get what we want.

And you are wrong. Nowhere does it state he is INVESTED in anything.

"According to the indictment, after receiving money from PECO, Citizens Alliance created for-profit subsidiaries (the indictment lists six) — one being Passyunk Avenue Revitalization Inc., which owns and redevelops properties around that strip with assistance from Citizens Alliance.

According to federal law, nonprofits may own subsidiaries, but accounts of such entities must be separate. In Citizens Alliance’s case, accounts were separate, but Arnao, under Fumo’s direction, transferred money between and among accounts depending on where it was needed, according to the indictment.

Passyunk Avenue Revitalization Inc. is responsible for acquiring, rehabbing and maintaining 14 properties on the strip."


http://southphillyreview.com/view_article.php?id=5352


Why should a non-profit be paying for improvements on FOR-profit property?

Especially when you control both the non-profit and for-profit enterprises.

Something is wrong with that.

ln the spirit of openess and transparency, maybe someone can list the owners of the Passyunk Avenue Revitalization Corporation (a FOR profit entity)?

Also, maybe someone can explain why they are...

http://www.passyunkrevitalization.org/

...when it is standard practive that FOR-profit corporations to use .com?

Maybe that is an attempt to confuse things for people?

The good news is that since they are for-profit, they are not going to abondon their financial investments due to the indictment. They are not a "do-gooder" non-profit, they exist to make money for their shareholders.

For the record, Not For Profit entities can NEVER sell their assets. If a not for profit wishes to elimate property or assets, they must DONATE them to another not for profit. Therefore, if the Alliance wanted to rehab properties on E Pass, they had no choice but to do so through a For Profit.

There is nothing sinister about a non profit setting up a for profit to accomplish something like the rehabilitation of a neighborhood.

Non-profits can sell their assets and use the money to further their mission. They do it all the time.

For instance, invest in another commercial corrider that needs help.

Cit. Alliance's mission does not limit them to E. Passyunk.

The only reason to make a FOR profit entity to buy the properties is so that their shareholders can profit.

Nothing wrong with someone buying property, renovating and reaping a profit... however, ordinary people have to risk their own money.

The shareholders of Passyunk Ave Revit. get to use "other people's" money to buy and renovate the properties.

And then, at the end of the day, bank the profits for themselves.

Citizens Alliance for Better Neighborhoods is the sole shareholder of Passyunk Revitalization. As with each of Citizens Alliance's for-profit subsidairies, ALL of its profits are returned to the non-profit to continue its direct community service operations.
Oh, but that wasn't reported in the Inky or indictment, so the cynical dingbats that overwhelm sites like this wouldn't know the truth. God forbid they would ask.