Wrigley Association

Pennbrooke Important Action Alert 11/20/12

You have until 4 p.m. to go to this link to make an eComment for Agenda item 5
on tonight's City Council meeting. It's imperative to let the City
Council know that we dont want this predatory auto title lender in our
neighborhood, especially at such an important gateway to our growing
business community.  

For more details on the issue and some talking points to help you craft your comments, view, print or download this document.

Personal  stories are really good and if you live within a few blocks of the
sight, point that out. They need to hear from people who are directly in
the neighborhood.  

The  meeting starts at 5pm but It is hard to predict what time our agenda
item will come up tonight, if at all possible, after you make your
eComment, plan to be there in person tonight as well.  Look for the
crowd towards the front and move down when you can.

If you had trouble with the eComment system, someone found that if they
shortened there comment to just under the 500 characters it seemed to
work. 

Please take a moment and send a comment now.

It also helps to send messages directly to your council member, please
encourage your friends around town to contact their council member and
ask them to help.  If their represented by Vice  Mayor Garcia or Councilmembers Lowenthal or Shipske, tell them to thank  those members for voting to uphold our appeal against Dollar Loan Center at the 11/13 Council meeting. We will need their continued
support.

Here is a link to all the offices with their contact info. 

Share this on Facebook, tell your neighbors and show up tonight, please.

Thank you for taking the time to protect and improve our neighborhood.  Don't
complain about how you want a better place to live, DO something about
it!

See you tonight. 

Wrigley Association

P.O. Box 16192

Long Beach, Ca.  90806

July 25, 2012

Honorable Planning Commissioners

City of Long Beach Development Services

Amy J. Bodek, AICP,Director

Derek Burnham

Steven Valdez, Planner

Re:     Application No. 1203-06  Pennbrooke Financial Application

To Whom It May Concern:

I am writing to you in regards to the Conditional Use Permit Application by the
business known as “Pennbrooke Financial Services” to do business at 201 W. Pacific
Coast Highway, Long Beach, Ca.   The Wrigley Association desires to state its opposition to the issuance of a permit.  

For many years, in fact over a decade, the Wrigley Association has worked,
primarily through its membership on the RDA’s advisory agent CPAC, and lately
through its own advocacy to build a vital and healthy business atmosphere on
the portion of Pacific Avenue that runs through the heart of the Wrigley
neighborhood, from Pacific Coast Highway to Willow Street.  We have been diligent in our oversight and involvement and have seen steady improvement and slow revitalization.  The Association desires a strong, vibrant business for this location, a business that will serve the needs of the
community, both the residents and the businesses, not undermine or disadvantage
them.

Our opposition to this business lies in what we firmly believe will be the adverse
effects to the neighborhood that it will bring: 

Pennbrooke has announced at our executive board and association meeting
that it intends to engage solely in Auto Title Loans and solely in the range of marketing 2,500 to 25,000 dollar 30 day notes.
They have stated interest rates will be in the range from 120% to 320% APR. The amount they actually will charge is unpredictable and is entirely up to the business owner, because the State of California does not regulate loans in these amounts. 
According to their CFO who spoke at a CPAC meeting a few months ago,
320% APR is the average amount they charge in the more than 500 locations they
have in the 22 states where they currently do business.  Furthermore, the lobbyist for Pennbrooke has admitted that they will charge ‘whatever the market rate is’.

Pennbrookeclaims that it will target the small businessman strapped for cash who has
become strapped for cash to meet his payroll and needs a short term loan.   In actuality, they bring no proof to support this argument; it’s just a marketing ploy. 
In actuality, their loans will be available to anyone with clear title
to an automobile which Pennbrooke judges worthy as collateral for a note of at
least $2,500.  They will be making loans to individuals and may also be make loans to
businesses.  The clear title to an asset which can be easily liquidated is their desire should a default occur after 30 days.  They have offered nothing more than marketing talk to substantiate their claims. 

This is not the type of business that should be anchoring the gateway to the Wrigley
Village business district.  It will bring financial blight to the area because, rather than supporting those in need of financial services, it makes them victims by charging exorbitant rates for what
is, very often in the area where it wants to locate, targeting the only asset
of financially unsophisticated borrowers.

Wrigley Villages deserves a financial institution, that is for sure, but one that will
grow the wealth of the community, not one that preys on it. 

Respectfully submitted,

Colleen McDonald

President, Wrigley Association