The Sun Messenger has conveniently left the financial details out of their article below. This leaves the wrong impression with the reader. Here are some facts.
The City of South Euclid has obtained $1.8 million in loans from Cuyahoga County to pay for the demolition of the Cedar Center properties. According to sources at the Cuyahoga County Department of Development, these loans are 40% “forgivable.”
There have been several unconfirmed explanations given to the media by city officials as to how the other 60% of that money will be repaid. In one scenario, The Sun Messenger reported that the money will be reimbursed by the developer, Peter Rubin of The Coral Company. In an article printed by The Plain Dealer, the repayment of the public funds borrowed from the county Department of Development are supposedly being paid back by a different source, the Cuyahoga County Port Authority, also public money.
In either case, there has been no transparency or effort on the part of anyone at South Euclid City Hall to explain these costly details to the taxpayers. It is unclear as to why public money is being poured into the scheme to build further unneeded shopping and housing in these unstable economic times.
Please click on the following link to view another scenario where The Sun Messenger account does not reflect the facts: A Shameful Saga
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Below is a page from the November/December 2008 South Euclid Update. We made one slight change indicated in red.
Keeping You Informed!? Give us the full financial details on how much this fiasco is really going to cost the taxpayers!
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