Steelyard
Secrets Reader's Note
After the completion of Steelyard
Secrets, the Cleveland-Cuyahoga County Port Authority said that it
had included incorrect information in an internal e-mail that it had
supplied to Policy Matters Ohio regarding the fees and proceeds from the
Steelyard Commons financing. While the information on the Port Authority
itself is correct, much of the information on Ariel's fees and proceeds on
page 10 of the report (see
full report) is not. Some of those shown in fact went or will go to
other parties. Port Authority President Gary Failor provided a correction to
that information. NEODF President and Ariel partner Annette Stevenson asked
that it be included in the report.
The following numbers, which show a different division of these monies, are
based on Failor’s correction:
a) The $500,000 in fees was not paid to Ariel Ventures, LLC. It was paid to
the two owners of NEODF, Cohen & Company Investment Partners (CCIP) and
Economic Development Fund (EDF). CCIP, which received $370,000, is owned by
some partners at Cohen & Co. EDF received $130,000 (EDF is owned by the
three partners at Ariel, Annette Stevenson, Radhika Reddy and Irene
Zawadiwsky, Stevenson said).
b) Of prepaid annual compliance fees of $723,404 to be paid over the next 8
years, 70 percent will go to Ariel Ventures and 30 percent to Cohen &
Company Ltd.
c) As stated in the report, the Port Authority will be paid 45 percent of
the estimated total of $1.78 million to be received on the NEODF loan
between now and 2013. However, Cohen & Company Investment Partners will get
40.7 percent and Economic Development Fund, 14.3 percent.
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9/28/2005
