With loan on Riverview land repaid, CIC?breathes easier
EAST LIVERPOOL – The final step in purchase of the former Riverview Florist property has been made, with repayment of a loan to 1st National Community Bank by the city’s Community Improvement Corporation.
According to CIC President Sam Scafide in a press release Thursday, the $455,000 borrowed from the bank and subsequently loaned to the city for finalizing the purchase of the property has been repaid.
The CIC also loaned an additional $95,000 from its funds to the city for the purchase.
Both amounts have now been repaid by the city to the CIC, which, in turn, was able to repay its obligation to the bank nearly 13 months before it was due, which Scafide said saved the CIC $30,000 in interest costs.
“The loan obligation was clearly the largest financial endeavor the CIC has undertaken to date,” Scafide admitted, adding, “(I) would like to extend (my) thanks and gratitude to 1st National Community Bank and the CIC Board of Trustees.”
Offering the short-term loan to the city allowed for the final payment to be made for the property which has been annexed into the city for future development. The city repaid the loans with money it was recently repaid by the water department for a water line project the city paid for.
In turn, the water department was able to repay the city with part of the $6.2 million settlement received in a successful breach of contract lawsuit against Buckeye Water District.
Scafide issued a reminder that the CIC exists, in part, to assist small businesses located in the city. Loans can be acquired through the CIC for start-up costs, purchase of business-related equipment or building renovation expenses.
“The CIC has maintained active small business loans since its inception in 1981 and continues to do so today,” Scafide said in the release.
Anyone interested in a small business loan can contact city planning Director and CIC Director William Cowan at 330-385-5394.