News
Auditor reveals $11 million debt for Oak Hill Renaissance Center
The current occupancy of the center is at 52% and it has attempted to lease additional space but have been unable to do so because of high renovation costs that would make the space usable.
Tuesday, November 30th 2021, 4:39 PM EST
Updated:
YOUNGSTOWN, Ohio - The Oak Hill Renaissance Center's total debt from bond issues is $11 million an audit finds.
The Mahoning County Auditor's Office looked into the financials of the center "to provide a clear, accurate, and objective picture of the impact of Oak Hill Renaissance Center on County finances."
The current occupancy of the center is at 52% and it has attempted to lease additional space but have been unable to do so because of high renovation costs that would make the space usable.
The audit also found the net expenditures over revenues has been approximately $1 million dollars per year.
From 2006-2020 the audit showed a operating revenue of $21,811,301 and operating expenses of $27,409.424.
