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Loan Balance Due

Perrysburg Township, OH: (Apr-16-08) Perrysburg Township brought charges against the city of Rossford, over claims that the city is owed $5 million it had loaned the Rossford Arena Amphitheater Authority in 1999. The money was given to allegedly spur construction of the planned complex near the Ohio Turnpike and I-75. The dispute centered around whether the $5 million promissory note was exempt from registration requirements under the Ohio Securities Act because it was not offered for sale to the public. The township argued that the security should have been registered, which would have made the authority liable for the loan. The authority did not repay the loan, as well as the project collapsed, due to the fact that it failed to secure long-term financing.

As part of a settlement reached in the long standing dispute, sources stated that Rossford's insurer, the Ohio Government Risk Management Plan, would pay the township $50,000 to release most claims against the city. Under the terms of the settlement agreement, the parties agreed that the $50,000 payment will not reduce the amount due and owing under the note, which is the $5 million the township loaned the city in 1999. [THE TOLEDO BLADE: INSURANCE CLAIM COULD PARTLY END ARENA SPAT BETWEEN PERRYSBURG TOWNSHIP, ROSSFORD]

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Published on Apr-21-08


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