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Visitors Bureau board votes to accelerate payoff of SR58 building debt
Summary
The Lorain County Visitors Bureau board approved two resolutions to rescind a prior $16,000 monthly payment plan and begin $100,000 monthly payments starting March 1, 2026, aiming to eliminate roughly $525,000 in remaining principal within six months.
The Lorain County Visitors Bureau Board voted Feb. 19 to change its repayment schedule for the SR58 building in Amherst, approving a plan to accelerate principal payments.
Budget Director K.C. Saunders told the board there is "around $525,000 left to pay off the building," and that she "spoke with US Bank about the $16,000 monthly payment towards principal," adding that US Bank "indicated that anything $100,000 or over will contribute faster to the debt." Following that briefing, the board approved RESOLUTION NO. VB-26-8 to rescind the previous authorization for $16,000 monthly payments and then approved RESOLUTION NO. VB-26-9 to authorize $100,000 monthly payments starting March 1, 2026. Both motions were made by Commissioner David J. Moore and seconded by Brad Mullins; recorded votes were Ayes: Moore, Mullins and Phillips; Nays: none; Absent: Billings and Duncan.
The VB-26-9 resolution instructs staff to make the $100,000 payments monthly and to obtain a payoff figure after the sixth and final payment, effectively compressing the remaining debt schedule. The board recorded the motions and outcomes in its minutes; no dissenting votes were recorded.
What happens next: staff will execute the increased monthly payments beginning March 1 and obtain payoff documentation after the sixth payment, per the board's instruction. The minutes do not specify whether the county will refinance or otherwise alter loan terms prior to payoff.
