The Sun News repeatedly and consistently portrays the Cedar Center project as being a “$40 million” development. Applications for funding submitted by South Euclid to Cuyahoga County indicate the project amount at nearly $69 million. This information and supporting documentation had been made available to the Sun News many months ago.
In The Sun Messenger article below, Keith Benjamin, Director of Community Services states, “Despite the challenging times and the many challenges presented by the economy, Cedar Center is moving forward, that’s the main point.” No – the main point is – how much is this costing the taxpayers? And for how long? It was presented to the public as being purchased and developed by the private sector.
The citizens NEVER got the memo that they were footing the bill to the tune of $56,083, 729.00! And that's just for the construction. That does not include the previous accumulated expenses to date, such as property taxes paid, interest on current debt financing, legal expenses, property surveys, studies and evaluations. Why would a financial commitment of this magnitude not require a vote?
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Please click on the following link to view the entire text of the "COMMERCIAL REDEVELOPMENT FUND - PUBLIC ENTITY APPLICATION", as submitted to the County by the City of South Euclid:
Please click on article to view full size.
Below is an article which appeared in The Sun Press, December 25, 2008 edition. The financial circumstances regarding the project in Euclid suggests an eerie pattern emerging, although Mayor Cervenik doesn’t appear willing to commit any public money.
It is perplexing as to why the Sun News did not publish this article in The Sun Messenger, as well as The Sun Press. The citizens of South Euclid may find this information interesting.
Please click on article to view full size.
The video below contains relevant clips from the Cleveland Heights/University Heights School Board meeting on December 16, 2008. Jeff Rink, Director, Public Finance, Key Bank - "sells" the idea to the Board members. To view the entire presentation, please see, Failure To Communicate .
A reporter from The Sun News was in attendance at the School Board meeting during this presentation. It is unknown why there was no mention anywhere in their publication, regarding the announcement of such a significant financial commitment, and the TIF proposal.
- time: 9 min. 26 sec.
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