TOLEDO, OH (Toledo News Now) - Lucas County is making progress towards paying off the debt associated with construction of the Huntington Center.
The county owes $94 million, and on Tuesday the Lucas County Commissioners will approve re-issuing short term notes for roughly one quarter of that debt load. As it stands the county has $67 million in arena debt tied into long term bonds which carry a 2 percent interest rate. Nearly $27 million will be kept in short term notes, paying 1 percent interest.
Commissioner Tina Skeldon Wozniak says the county can always decide at a later time to put that amount into long term bonds, but because the notes have such low interest, it's helping the county save money in the long run.
"The good news is we've paid down some of the notes to the tune of about $1.9 million. We're really proud of that, the arena is doing so well on so many fronts," said Skeldon Wozniak.
The county currently anticipates completely paying off the arena debt in 24 years.