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STREETSBORO -- More detailed artist renderings of the City Center proposed in Streetsboro, as well as a financial plan, will be among the new details of the project presented at a forum on Wednesday at Streetsboro High School.
City officials, along with representatives from GPD Group, will unveil new drawings of the project which would be, in part, funded by a levy that will appear on the Nov. 7 ballot. The forum will take place at 7 p.m Wednesday at Streetsboro High School, 8585 Route 14.
City Council's finance committee got a preview of the presentation Monday, with Greg Mytinger, parks and recreation director, and Rob Peters, economic development director, outlining how the city would pay for the more than $38 million building project.
"I realized that's a large, large number," Mytinger told council. However, he pointed out, the payments are split between private investment, levy dollars and the city's existing funding.
The recreation center, a new fire station and a new city hall along with a "medical office complex" all would be built on the Route 43 site that now houses the city's municipal complex. The project would be constructed in phases, with the fire station being built first, followed by the city hall and recreation center.
Issue 21, a 5-mill continuing levy to help pay for the recreation center portion of the project, will appear before voters on Nov. 7. If approved, the levy would generate $2.2 million annually for the parks department, which would be used for capital improvements, operations and programming, making the parks department, now funded by the city's general fund, a separately funded entity. The levy would cost $175 annually per $100,000 of residential property value.
By law, the levy dollars can't be used to build the new fire station planned on the property, nor can they be used to fund the city hall.
A funding plan estimates the entire project cost at $38.9 million, with annual debt payments of about $1.5 million per year. About $1 million of that would come from levy proceeds.
Remaining funds would come from current city funds, including $268,000 per year for the fire station. The city would re-allocate funds that are now being spent on bond payments for the police station building, which is expected to be paid off by 2020.
The city also expects to obtain $120,000 in income tax from the medical office building. Except for the ground level of the building, the structure would be funded by private investment.
The remaining $71,000 would come from capital improvements for the parks department. The city now spends about $80,000 in capital improvements from the city's general fund.
The city also is considering a number of funding sources to reduce the city's debt payments, officials said. They include Revolving Loan Funds, a Transportation Improvement District, funds from Jobs Ohio, money from the state capital budget, funding from the Ohio Public Works Commission, and income tax paid by construction workers during the three-year construction period.