CANTON (News Talk 1480 WHBC) – A week ago the city of Canton agreed to lend Johnson Controls Hall of Fame Village $3.5 million to assist in the purchase of the McKinley Grand Hotel. It was said that tax payer money would not be used to pay this loan.
That has now changed. Mayor Tom Bernabei explained why earlier today on Canton’s morning news with Pam Cook.
“The concept that was approved last week was to go out on the open market and borrow money to fund the loan,” Bernabei. “This would have cost the city tens of thousands, depending on how long that loan was outstanding, to hundreds of thousands of interest and fees over the course of the loan.”
The new plan will avoid all of that. However, it will require the use of tax money. The money will come from last year’s Issue 13 tax increase.The Village has 7-10 years to pay it off with 0.5% interest.