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Thursday, January 15, 2009

Evading Public Deliberation

The original $17 million that elected officials decided to wager on Cedar Center has now grown to $20 million with Ordinance 01-09. Once again, the legislative process did not include any open discussion.

At the South Euclid Council meeting on January 12, 2009, City Engineer, Andy Blackley announced that South Euclid has obtained a loan from the District One Public Works Integrating Committee for the amount of $287,000. This money is to be used for infrastructure improvements that are necessary for the reconstruction of Cedar Center.

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Please click on the following link to view the entire text of Ordinance 01-09:

Click on the links below to view information regarding the District One Public Works Integrating Committee:

2 comments:

Anonymous said...

They're anticipating the bond rate to be 6.5%. Any word on how much the previous $17 million bond was floated (rate)?

So - the city assumes a $20 million bond for 30 years. That $126,000 per month in payments and $25 million in interest over the term.

Let's assume that Coral does buyout the property, alleviating the burden from the city. My guess is that Coral is not responsible for reimbursing the city for the INTEREST ALREADY PAID on these two notes (17 mil and 20 mil). Let's also assume the following scenarios:

1) The city wouldn't be floating a $20 million bond if Coral were to be buying it anytime soon

2) Interest paid in year one on a $17 million note is $1,099,405.43

2) Interest paid in year two is $1,086,679.89

3) Two year total = $2.186 million in interest, not counting legal fees, etc.

What's the estimated taxes, keeping in mind that there will not doubt be some form of abatement for the residential portion (which won't happen) and I'm sure for the commercial portion as well.

How much did Cedar Center provide in annual taxes before this project? How much is the estimate after the project? Finally - how many years will it take for the city to break even in a BEST CASE scenario? 10 years? 15?

Someone forgot to perform a cost/benefit analysis.

SOUTH EUCLID OVERSIGHT said...

Public records/documents regarding Cedar Center are located on SEO archived by date:

August 16, 2008 - Irreconcilable Details

June 12, 2008 - Cedar Center Facts

July 13, 2008 - Crunching The Numbers

December 27, 2008 - Waiting For The Financial Timeline...

Most of your questions can be answered with the help of the documents provided at those locations. Of particular interest are the applications for financial assistance for the Brownfield and Commercial Redevelopment funds. That brings up another point; The applications for assistance are scored and given points. If points were scored and money received based on residential housing being part of the equation, what happens if the housing never materializes? Note in the video (posted on 12-27-2008) when the Key Bank representative who is pitching the TIF idea to CHUH drops that possibility.

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