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Managing Editor SPRINGFIELD City Councilor James Ferrera III said he isn't against preserving the city's historic Old First Church, but he does want answers to his questions about the recent purchase of the building. And Ferrera told Reminder Publications to date he hasn't received any answers from Finance Control Board Executive Director Steve Lisaukas or the city's chief economic development officer David Panagore. Mayor Charles Ryan recently announced the city was going to purchase the Old First Church, which recently had its last worship service, for $900,000. Of that amount, $800,000 was for the church property while another $100,000 was for historic items the congregation could have sold separately -- the vintage pipe organ, a clock and the weathervane -- Ferrera said. Ferrera said he wants to know who assessed the property at $800,000 and said it has never been assessed by the city because of its non-profit status. He also asked whether or not there has been an analysis done on the building and its future reuse. He also wondered if the building's handicapped access is up-to-date and if it isn't if any one has determined what that would cost in order to redevelop the building. Ferrera said his goal would be to sell the building to private developers to put the building onto the tax roll. He said such a move would be a "home run" for the city. He envisioned a future use of the building would be for the arts or a museum. "I'm against not having a game plan for the building. It's a great building that has a lot of historical value," he said. Ferrera said that in-coming Mayor Domenic Sarno agrees with the questions he has been asking. Buying the building at this time is "not a smart move," he maintained. Ferrera objected to Panagore recently receiving a $10,000 bonus in light of the purchase of the church property. The city councilor is especially concerned about the purchase in light of the report the city has lost $12 million through an investment with Merrill Lynch. In a letter dated Dec. 26, 2007, to Merrill Lynch President and CEO Ahmass Fakahany, Ferrera said he was "outraged and dismayed over a recent investment that Merrill Lynch made on behalf of the City of Springfield, Massachusetts.We have been informed that Merrill Lynch invested most of this money in sub-prime mortgages. How any of your investment personnel or office manager's could take a city's short-term investment and invest in sub-prime mortgages is totally beyond the realm of comprehension." Ferrera asked what the company is doing about the loss for the city and is now asking questions locally about who authorized the investment and if someone was aware of what Merrill Lynch was doing. He wants to know if there are ways to monitor investments in the future. He has filed for public records request so he can "see where the problem lies on the city side." | ||||||
