Even though the Spread Eagle was supposedly mortgaged by the Bucks County Redevelopment Authority, Northampton Township has the mortgage and it was almost defaulted on.
At the October 2010 SupervizCZAR’s meeting they announced they were extending the mortgage three more years; decreasing the monthly payment about 40% and adding a ballon payment at the end. The mortgage rate was kept secret. You own part of the Spread Eagle because you are using it as colatteral and lending out the money for the mortgage. It’s probably violates the Banking Code.
Bill O’Neill shouted to them to “Sell the Mortgage. Northampton should not be in the mortgage business”.