Oakhill project ‘out of cash’ and substantially completed, officials say
Of $15,487,821 in funding for the Oakhill Renaissance Place renovation project, only $7,830 remains unspent or uncommitted, Carol McFall, chief deputy Mahoning County auditor, told the county building commission overseeing the project this morning.
“The project is out of cash ... There will be no other work unless we get some other form of revenue,” McFall said.
The bulk of the project has been paid for with $14,540,000 in borrowed money, on which $5,901,900 in interest will have to be paid over 20 years, for a grand total of $20,441,900 in combined principal and interest, McFall said.
“We cannot put our county in any more debt for anything,” said Carol Rimedio-Righetti, chairwoman of the county commissioners.
John Logue, building commission chairman, suggested that the six-member commission should be dissolved now that the project has reached “substantial completion.”
The county bought Oakhill, which is the former Forum Health Southside Medical Center, in 2006 in U.S. Bankruptcy Court.
Oakhill houses the county’s Department of Job and Family Services, including the child support enforcement agency; board of elections, veterans service commission, auto title department, recycling division, and coroner’s office.
Its occupants also include the city health department, the Mahoning-Youngstown Community Action Partnership and the Ursuline Sisters Comprehensive Care Clinic.