Repayment Schedule - Cedar Center Debt

To view documents below, RIGHT click on document, then LEFT click on "OPEN LINK."



Document below:  Cedar Center debt repayment schedule. 

The "total" column indicates the yearly amount owed by the City of South Euclid LESS the money allocated from the Tax Increment Financing (TIF) agreement with the Cleveland Heights-University Heights School District.  The TIF agreement is for the property now owned by Cedar Center North, LLC.  It does not include GFS – Gordon Food Service or the Bob Evans parcels.  According to the Cuyahoga County Auditor’s website, the current tax assessment for the 7 acres purchased at $1,325,000.00 by Cedar Center North, LLC is $135,686.08.  The total annual payment made by the City of South Euclid for the bond repayment schedule below will be reduced each year by a portion of the amount of the property tax assessment.  The remaining balance is owed by the taxpayers.

Document below:  The original Greenvale 9 debt was $1.8 million.  That amount has now escalated to over $2 million.  Only interest payments have been made.  Another $2.1 million is the remaining debt brought to you for the demolition of the original Cedar Center shopping center.  Interest only payments are being made on that amount.

Document below: Tax bill summary - Cuyahoga County tax year 2012.    
     

Please click on the link to view the Wikipedia explanation of TIF - Tax Increment Financing.

Don't miss:  "South Euclid has lost millions of dollars on Cedar Center North"

“We screwed ourselves, pardon my French, but it’s time for plain speaking—with some expenditures—some loans that—some things that we did that put us in iffy financial positions…And I know that our citizens want to see us spend less if we’re going to ask them to contribute more.”

– Jane Goodman, Ward 4 Councilperson – April 19, 2010

Please also see the previous related SEO posts:

Astronomical Debt
One Lie After Another
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Administrative Salaries Must Be Cut
Cedar Center Decoy
Elephant In The Room




                                                        

See For Yourself

Video below:  Committee of the Whole meeting - "Revenue Enhancements,"  held on May 28th, 2013 - presented in two parts, in it's entirety. 

• time: 57 min. 30 sec.

 

 

• time:  60 min. 03 sec.

Must see related previous SEO posts:

Administrative Salaries Must Be Cut
One Lie After Another
Astronomical Debt
Budget 2013
2013 Budget Hearings
Cedar Center Decoy