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09/29/2014

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Brod's comments might be correct but without seeing the actual numbers one really cannot say.

How much is the City saving vs hauling to the landfill?

Who pays for picking up the mattresses?

How many mattresses are still being sent to landfills? I know for a fact the answer is many mattresses as I see them being loaded on City compactor trucks regularly throughout East Greensboro where slumlords empty all the possessions left behind by evicted tenants on the street in front of the same houses again and again-- usually several times a year. The City simply doesn't enforce dumping laws against slumlords.

If Purpose moved to another nearby city who paid for the equipment would that necessarily mean Purpose would end their services with the City of Greensboro or would they simply expand to include more cities? How many cities does Purpose service now? How many cities does Purpose intend to service in the future? Don't most companies intend to grow and rarely abandon established customers?

Now if it's strictly a question of staying in business then fine but that begs 2 questions: how is Purpose managing to recycle mattresses currently without this new machine?

And is this really as case of wanting a loan to expand an existing business?

Those things said, I'm not really against it but I think a better choice would be for Mr Brod to take his company public and allow the City to buy $150,000 in stock in Purpose as outlined in my series How To Bring Greensboro Out Of Poverty: http://greensboroperformingarts.blogspot.com/2014/09/how-to-bring-greensboro-out-of-poverty.html No loans, no incentives and no more risk than is already being taken with our money today. And the City can bail at any time.

If you think mattress recycling is a repulsive concept, then you don't know what Purpose Recycling does. And fair enough. So let me explain. First, strictly speaking, Purpose doesn't sell mattresses, though its partner company, Bedex, does. The only part of an old mattress that Bedex reuses is the steel innerspring, which is sanitized in a state-approved process. No fabric is reused; it's all sold as scrap.

What Purpose does is take old mattresses apart and sell the components as scrap, and the only exception is that some (not all) steel innersprings are sanitized and sold for reuse.

Just to be clear, this is not "Brod's company." I'm not an officer (that BizJ article was from 2012), just a minority investor.

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