03/10/2008 Meeting Minutes - Laserfiche WebLink

Home Browse Search

Special Council Meeting 3-10-08 Page 4 Council President Buckholtz stated that our assets went up as a result of debt. Mr. Brett stated that was conect. Mr. Saponaro asked Mr. Brett what makes us want to show it one way one year and one way the next year differently. Mr. Brett replied that this year he really wanted to break it out and take it all the way out to 2026. He basically wanted to break out everything long and short so that we could look at it to where the money has been borrowed and where it is reflected in assets. He went through and broke down all of the debt service for the next up to 20 years depending on where the debt was and compiled the document that you have in front of you and then made sure that it reconciled. It was in the budget in past years and what he has been projecting in the budgets for this year and beyond. If we go through this, this is where the money is right now. If you start off with the golf course in 2008, $1.5 million is still owed on that; $450,000 is still owed on the ballfields and Zako; you can go right down the list. That is where everything is. If you go down everything else, you can look at where this money is being tied up. Some of the money, like WPCLF if there is debt there that is because we are subsidizing conversion of septic to sanitary and it is also upset to some degree by special assessments but the two won't ever meet. In the WPCLF II, that is the second part of Worton Park, the WPCLF III may or may not liave been on the books last year. Mr. Saponaro said it was not. Mr. Brett stated that we had not gotten the final figures yet on the Metropark/Zorn/Highland Road sewer project. Mayor Rinker stated that reflects the fact that we did not have the Issue II funding, we did not have the same resources. We were pulling off of our own. Mr. Brett said this is a WPCLF loan, a loan that caine on board probably in late 2006 but we did not draw on it until 2007. He will check that. We may not have even gotten it in until last year. We may not have known. That's a million right there. That will be offset starting next year by the Highland Park/Zorn Lane special assessments which he is estimating at $38,000 in 2009. That will not offset the entire 902,000 because we subsidized that program heavily and it does not count for the roadwork or the $600,000 in broken storm sewers that we found in the project. With regard to the Ohio Public Works Commission, Mr. Brett explained that Worton Park is the interest free loan on Worton Park. SOM Center Road is the interest free loan on SOM Center Road. Mr. Saponaro said that that one was not on the last one so that also makes a difference. Mr. Brett said that just came on this year. The $800,000 is the WPCLF one, for Highland, Metropark and Zorn. $902,000 is because SOM started to become due. The Progressive Parkview Loan is paid of£ The SIB loans are for North Commons Boulevard and SOM Center Road. The police station and refinancing of the fire station is going down. We have $800,000 from the Zorn Lane. You have additions on the short term loan on the notes. That is all covered here specific to the property or for the particular project. Council President Buckholtz said that what we are doing now is breaking out and showing everything together in this document. Mr. Brett stated that is correct. Mr. Marquardt asked if last year's was wrong. Mr. Brett said it may have been incomplete. He will check to see if we had the SIB loan at that point. We did not know we