Elizabeth to appeal to PNC Bank

By CHRISTINE HAINES

chaines@yourmvi.com

The recent announcement that PNC Bank intends to close its Elizabeth office came as a surprise to borough officials.

Borough council Tuesday directed the solicitor to draft a letter to the bank’s corporate office asking for the decision to be reconsidered.

“We want to grow Elizabeth, and the bank is a big part of that,” said Council Vice President Andy Miklos.

Elizabeth Area Development Corporation chairman Larry Ross said the EADC is also willing to send a letter to the bank. The EADC is in the process of creating a downtown parking lot adjacent to the PNC lot and had been waiting to hear from the bank before moving forward with the paving project in order to coordinate with the bank on development.

“I think it took everybody by surprise,” Ross said. “They said over a year ago that they would sign the lot over to us.”

Ross said if PNC leaves, the EADC wants to make sure the building doesn’t become dilapidated. He said there are people already starting to reach out to other banks to see if they would be interested in occupying the space in the center of town.

Council also voted to seek requests for proposals for a consultant to develop a five-year strategic plan for the community. According to solicitor Krisha DiMascio, all but 10% of the consultant’s cost would be covered by a grant. The consultant would do a complete financial analysis of borough operations and make recommendations to move it onto solid financial footing.

“We don’t have a fund balance at this time,” DiMascio said, “and we haven’t had a balance of more than a few thousand dollars since I came in 2011.”

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