The discussion of Ordinance 50-09 reveals some interesting things:
South Euclid taxpayers have paid approximately $60,000 per year for the past 3 years on the original $1.8 million borrowed for the Greenvale 9. None of that money has gone to the principal.
Mayor Welo callously spoke that the foreclosure crisis didn't yeild the opportunity to acquire more real estate: “Everything changed. When this first happened the market was quite different. We had two developers looking at it. However, at the time we weren’t sure if we really wanted to turn it into housing. A lot of the residents liked the openness of it. We had hoped that we could maybe even get the rest of the homes. We thought maybe with the foreclosure process, you know, pick up a couple. But um, it just… You know the more and more you look at it, it might be our only last opportunity to enlarge one of our parks. And with Lowden School closing I’m sure someone’s going to be snatching that up. So I personally, you know my feeling is, and I said it last year is, I think maybe we need to have a discussion and see about making it parkland.”
Here's a link to the original legislation to purchase the Greenvale 9:
Please click on image below to view full size.
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