SYRACUSE — The city’s redevelopment agency has approved a new agreement to help finance a community pool.
RDA members have ratified a new agreement with developer Ed Gertge to provide funding for the expansion of the Syracuse Fun Center at 1806 South and 2000 West, which will include 24, 000 square feet for an aquatic center.
The 57-page agreement calls for the city to provide up to $2.1 million in incentives to the developer over a 20-year period. Short-term, the RDA will front $100, 000 immediately to help Gertge move ahead with engineering costs and then retain another $200, 000 in funds to be used as payment toward an anticipated building permit and connection fees.
Delayed by Gertge’s difficulty in getting construction financing, the $5 million project faces some key deadlines.
City Attorney Will Carlson pointed out that if the project isn’t completed by Nov. 30, its tax valuation would limit the ability of the city to extend funding in 2014 for the project. The RDA’s existing agreement not only calls for $300, 000 up front for the project, but also projects a yearly subsidy from $30, 000 to $168, 000 over the next 19 years.
The new agreement calls for the RDA to provide Gertge with $96, 000 for fiscal year 2014, if the project is completed by the end of the year. The RDA has met twice this month, already, in an effort to move the project forward.
Mayor Jamie Nagle admitted earlier this month that she is nervous about how many delays the project has encountered.
“I want to make sure we are going into this with our eyes wide open, ” Nagle said. “It sounds like we’re willing to gamble everything on this big project. I’ve been so cautious. I’m nervous because there have been so many delays
Real Estate Blind Pools: Raising $500,000 to $5,000,000 with an Exempt Offering
Book (CreateSpace Independent Publishing Platform)
Financing a Pool before filing for Bankruptcy2009-08-24 21:28:05 by Bigkern
I was thinking about trying to finance a pool but my wife and I are going to be filing BK in the next 6-12 months.
I am afraid I would never get a loan after BK or at least for 10 years while it shows on my credit report, my credit is still really good at the moment I am not late on anything but the credit card payments are just wasted money
My wife has all of our credit card debt in her name and I only have a few thousand in my name. I was not sure if I could buy it and not file BK on it or I am not sure if you could file on a pool loan or not.
You might also like:
Pool financing moves forward — hngnews.com
Despite raising interest rates, the city of Lodi is moving forward on refunding debt for savings.
Securitization: Structured Financing, Financial Assets Pools, and Asset-Backed Securities
Book (Fathom Pub. Co.)
Earthquake Insurance in Turkey: History of the Turkish Catastrophe Insurance Pool
Book (World Bank Publications)
Bill includes funding for states to start, continue high-risk pools.(Insurance & Employee Benefits): An article from: Mississippi Business Journal
Book (Thomson Gale)
International Cash Pooling: Cross-border Cash Management Systems and Intra-group Financing
Book (sellier. european law publishers)