The Star Beacon; Ashtabula, Ohio

Local News

February 9, 2013

Ashtabula County receives more than $700,000 to go toward paying off lodge debt

GENEVA-ON-THE-LAKE — Commissioners and county taxpayers got an early Valentine’s Day gift on Friday — more than $700,000 to pay toward the county’s debt on the Lodge and Conference Center at Geneva State Park.

The presentation was made during a meeting of the Convention Facilities Authority (CFA) Friday morning at the lodge. The total of $727,346 is coming from four sources:

• $50,000 from the Ashtabula County Convention and Visitors Bureau, which is funded by a portion of the county’s bed tax;

• $176,273 from the Ashtabula County Auditor’s 2012 real estate transfer tax/economic development fund;

• $201,073 from Delaway North Companies, which manages the lodge for the county. That money is the 2012 operating profit on the lodge; and

• $300,000 from the CFA, which is funded by a portion of the county bed tax. The CFA’s money came from an allocation toward debt reduction.

The county owes approximately $18 million on the lodge. The construction loan, originally $14.2 million, has a balance of $11.7 million, prior to 2013 payments. The loan costs the county about $1 million in payments annually. The primary source of paying the bonded debt is the county’s portion of the inside millage of the real estate tax.

Additionally, commissioners allocate $2 of every real estate transfer fee toward an economic development fund, which is periodically tapped for debt reduction payments. County Administrator Janet Discher said that money also goes toward the construction bond, as do lodge operating profits and the money from the Convention and Visitor’s Bureau.

The CFA’s $300,000 will be used to reduce the principal on the county’s second lodge bond, which started out at $7.5 million. Commissioners have chosen to “roll over” this debt annually, at which time they pay the interest on the loan and reduce the principal by the amount of the CFA’s contribution. Discher said that if that practice is followed this year, the $300,000 would go toward that second bond, which has a balance of $6.4 million.

Text Only
Local News
Ashtabula County Alive
July 4 Celebrations 2014
Summer off to Big Start
Ashtabula County Flag Day 2014
Northeast Ohio Soap Box Derby 2014
Tour de State Line and Boating Season
Ashtabula County Memorial Day 2014
Sam Magill Sr. Memorial
Armed Forces Echo Taps 2014
Lakeside Loop Color Run
Keeping Ashtabula County Clean and Healthy
Canoe Race and Ashtabula Easter Events
The Taping of the Teacher: A sticky Sitation
18th Annual Polar Bear Plunge at Geneva State Park
House Ads
AP Video
NDN Video
Justin Bieber In Calvin Klein Underwear Shoot Samsung Pre-Trolls The IPhone 6 With New Ad Jimmy Kimmel Introduces His Baby Girl Swim Daily, Nina Agdal in the Cook Islands Guilty Dog Apologizes to Baby for Stealing Her Toy Prince George Turns 1 and is Already a Trendsetter Train Collides With Semi Truck Carrying Lighter Fluid Kanye West Tells-All on Wedding in "GQ" Interview Tony Dungy Weighs in on Michael Sam Scarlett Johansson Set To Marry In August New Star Wars Episode XII X-Wing Revealed Obama: Putin must push separatists to aid MH17 probe Michigan inmates no longer allowed to wear orange due to 'OITNB' Adam Levine Ties the Knot Sebastian The Ibis Walks Beautiful Bride Down The Aisle | ACC Must See Moment NASA Ceremony Honors Moon Walker Neil Armstrong Faces of Souls Lost in Malaysian Plane Crash 105-year-old woman throws first pitch Man Creates Spreadsheet of Wife's Reasons for Turning Down Sex 'Weird Al' Is Wowed by Album's Success