!"#$#%"$& "#()*+$,")# -./, )/&"0$,")#1 ()* !"*1,2#.*03 4,$5"6+ $#5 ,7. 8$,.9$3 !

$%"&",3

4:;;<=>?

@ABC +"&&")# DED<F -2GD .1,"+$,.5 )9.5 )# !"*1,2#.*03 4,$5"6+ $#5 8$,.9$3 !$%"&",".1H
@ICC +"&&")# oweu by uateway to Cuyahoga County (thiough 2u2S).
@JKL +"&&")# oweu by City of Clevelanu, Ceitificates of Paiticipation (thiough 2u28)


JCHMJHCLJCN 8$,.9$3 2%)#)+"% -.O.&)P+.#, Q)*P)*$,")# <:-RD
https:¡¡ohioauuitoi.gov¡auuitseaich¡Repoits¡2u1S¡uateway_Economic_Bevelopment_Coipoiation_of_uieatei_
Clevelanu_12-Cuyahoga.puf

S$0. K; The following note about long teim obligations can be founu at the bottom of the page
(emphasis auueu):

At the enu of 2u12, uateway hau F)#0 D.*+ E/&"0$,")#1 )6,1,$#5"#0 )( @CCKNALINKBJ.0f this
amount, uateway's cuiient loan with the County has a /$&$#%. )( @JBMNCCANBKB. uateway intenus to
fully comply with it's obligations unuei the ievolving loan agieement anu it's obligations to make "Net
Revenue" payments to the County. Bowevei, /$1.5 )# 7"1,)*"%$& ,*.#51N 8$,.9$3 +$3 $#5 P*)/$/&3
9"&& #), /. $/&. ,) P$3 /$%T ,7"1 $+)6#, ,) Q63$7)0$ Q)6#,3H

U),.? this financial note only iefeis to the long teims uebt piincipal balance anu uoes not incluue
piojecteu inteiest obligations.

S$0. JK; notes to financial statement yeai enuing 12.S1.2u12.

• @CCL +"&&")# F)#0 D.*+ 5./, #., /$&$#%. .1,"+$,.5 ()* CLJM
o $187.9 million of this balance is foi N0TES PAYABLE to Cuyahoga County.

S$0. JB; Long teim obligations aie explaineu anu summaiizeu as:

• @ICC +"&&")# DED<F (piincipal anu inteiest)
o $2SS.1 million piincipal oweu
o $186.4 million inteiest oweu

UED2? can assume fiom the scheuule on page 19 that these uebts aie uue thiough 2u2S.
Balances neeu to be ieconcileu to the County's auuit that only lists $88 million in uebt foi uateway.
http:¡¡fiscalofficei.cuyahogacounty.us¡puf_fiscalofficei¡en-0S¡Cuyahoga_County_12-Cuyahoga_1.puf

Q",3 )( Q&.O.&$#5N Q)+P*.7.#1"O. !"#$#%"$& <##6$& =.P)*, CLJC
http:¡¡webapp.clevelanu-oh.gov¡aspnet¡uocs¡get.aspx.iu=1261&file=2u12CAFR.puf

S$0. VMW shows the City's Ceitificates of Paiticipation foi the Stauium uebt. The estimateu balance is:

• @JKL +"&&")# DED<F (piincipal anu inteiest)
o $128 million piincipal oweu
o $42 million estimateu inteiest oweu (using an estimateu 4% aveiage inteiest iate)

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