West Side Real Estate News & Notes
6/24/2010 - West Side Leader
UDS celebrates retirement of mortgage
SOUTH AKRON — United Disability Services (UDS) will host a mortgage burning event June 30 at the agency’s main office, 701 S. Main St.
The brief ceremony will take place at 12:30 p.m., with tours and refreshments to follow. Akron Mayor Don Plusquellic and Summit County Executive Russ Pry will be among the guests making remarks.
Fourteen years ago UDS kicked off a capital campaign to raise funds to purchase and renovate its current facility, the former Metzger Photo Supply building.
About $900,000 was raised from the campaign through contributions by corporations, foundations and private donations. The money was placed into a restricted fund, and a mortgage was obtained to make the necessary improvements to accommodate children and adults with disabilities. The agency made mortgage payments with monthly allocations from the budget, and the capital funds remained in the restricted fund to collect interest.
“It made financial sense to pay off the mortgage at this point because the cost of fees, interest and maintaining the loans far exceeds the interest gained on our investments,” said Gary Knuth, UDS executive director.
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