TWINSBURG – With $6.14 million in outstanding notes maturing on Feb. 27, City Council on Tuesday, Jan. 28 voted to retire those notes and add $1 million in new notes to that amount for construction and equipping of the Gleneagles Golf Course clubhouse.
Thus the city will issue and sell notes not to exceed $7.14, in anticipation of the issuance of bonds. According to Councilman Bill Furey, the interest rate is anticipated to be 1.2 percent, with the new bonds dated Aug. 1 to be paid off in 25 years.
The city completed the clubhouse in the fall of 2018. It houses Aaron & Moses Restaurant, a catering/party center, pro shop and storage for electric golf carts. Since its completion, dozens of events such as parties, wedding receptions and special activities have taken place there.
Council passed legislation approving the issuance of the outstanding notes on Jan. 22, 2019. Council decided to add $1 million to the original $6.14 million, but officials say that the exact amount of the issuance will be determined when the bonds are dated in late summer.
In other business, Council endorsed the Summit County Metro Parks’ 2-mill replacement levy which will appear on the March 17 primary election ballot. It would generate an additional $6 million.
The levy includes 1.46 mills already being collected, plus 0.54 mills additional. Passage would cost the owner of property valued at $100,000 an additional $19 per year over the nearly $42 they pay now.
The current levy was first passed in 2006, and was renewed in 2013. It represents about 90 percent of the Metro Parks’ overall funding. The parks system includes 14 parks totaling 14,000 acres. Nearly 5 million visits to the parks are made each year, an increase of 1 million over the last 14 years.
Council also authorized the transfer of a Sig Sauer SRT service weapon to retired police Lt. James Scarl as an honorarium for his 23 years of service to the city. Scarl retired effective Jan. 3.
Council had no opposition to a new liquor permit being sought by Sam Pellino LLC for a new business to be located in the former Tail-Gator’s Grill & Pub at Ravenna Road and East Idlewood Drive.
Mary Kidd, executive director of Community Focus, gave Council a brief update about the community television station which used to be Cable 9. She noted longtime executive director Jeff Cole is now part-time pending his retirement in the fall. The station is Channel 1021 on Spectrum.
Furey said the city’s overall funds balance increased from $16 million to $17 million from Jan. 1, 2019 to Jan. 1, 2020. He called 2019 "a good year" financially. Finance Director Sarah Buccigross reported income tax revenue in January was $2.33 million, up from $1.97 million in 2019.
Furey said Buccigross is working to institute some changes in financial procedures that were recommended by Perry & Associates in the city’s 2018 state audit. Buccigross said some of the items cited in the report were due to a 50 percent turnover in the finance department.
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