BROADVIEW HEIGHTS, Ohio -- The city will borrow $2 million to pay for the extension of Treeworth Boulevard off the north side of Ohio 82 just west of Interstate 77.
On Sept. 15, City Council approved the borrowing through the issuance of bonds and notes.
The city is planning to repay the debt over 20 years or more, according to the ordinance council approved last month.
The interest rate on the bonds is estimated at 6 percent, while the interest rate on the notes will not exceed 5½ percent, according to the ordinance.
At a Sept. 8 council work session, city Finance Director David Pfaff said the city will repay the debt with money generated from a tax increment finance agreement (TIF) that council approved in 2022.
Under the TIF, new property taxes generated by development at the end of the extended Treeworth will go toward infrastructure work in that area for 30 years, except for amounts that will go to Brecksville-Broadview Heights City Schools and the Cuyahoga Valley Career Center in Brecksville.
Mayor Sam Alai and city Engineer Ethan Neff didn’t return emails asking when construction of the Treeworth extension will begin and how long the road will be lengthened.
In September, the city agreed to pay DiGioia-Suburban Excavating LLC in North Royalton $1.7 million for construction of the extended road.
The lengthening of Treeworth, which runs between Giant Eagle and GetGo, is part of a larger project involving 44½ acres the city purchased at the end of that street in 2022.
In 2023, the city sold 23 of the 44½ acres to West Creek Conservancy, a Parma-based land preservation group, for $185,000.
West Creek was planning to preserve the land.
Meanwhile, the city wants to develop the other 22 or so acres.
Of that land, council has approved a letter of intent to sell about 4 or 5 acres to T3 Performance, an Avon-based sports training business, according to T3 owner Michael D’Andrea.
In 2023, the city rejected proposals from two developers -- one who wanted to build two hotels and the other who wanted to build a sports complex -- for the 22 acres.
At the time, Eugene Esser, who was city engineer, said both developers were unwilling to meet the city’s minimum asking price of at least $700,000 for one parcel and $400,000 for a second parcel, or $1 million for both parcels making up the 22 acres.
The larger project also included the relocation of Fleet Team Inc., an Independence fleet-management company, to a building formerly occupied by Vatterott College, just east of Treeworth.
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