CITY OF AKRON, OHIO 2009 ANNUAL INFORMATIONAL STATEMENT The City of Akron intends that this Annual Informational Statement will be used (1) together with information to be specifically provided by the City for that purpose, in connection with the original offering and issuance by the City of its bonds, notes and other obligations and (2) to provide information concerning the City on a continuing annual basis. Questions regarding information contained in this Annual Informational Statement should be directed to Diane L. Miller-Dawson, Director of Finance, City of Akron, Municipal Building, 166 South High Street, Akron, Ohio 44308; telephone 330-375-2316; telecopy 330-375- 2291; email [email protected]. The date of this Annual Informational Statement is June 1, 2009, as supplemented as of June 26, 2009. REGARDING THIS ANNUAL INFORMATIONAL STATEMENT The information and expressions of opinion herein are subject to change without notice. Neither the delivery of this Annual Informational Statement nor any sale made in connection therewith shall, under any circumstances, give rise to any implication that there has been no change in the affairs of the City since the date of this Annual Informational Statement. TABLE OF CONTENTS Page Cover Page............................................................................................................................... 1 REGARDING THIS ANNUAL INFORMATIONAL STATEMENT......................... 2 TABLE OF CONTENTS..................................................................................................... 2 INTRODUCTORY STATEMENT.................................................................................... 6 THE CITY.............................................................................................................................. 7 General ........................................................................................................................ 7 City Government ........................................................................................................ 7 Employees................................................................................................................... 10 Facilities ...................................................................................................................... 11 Capital Investment Program....................................................................................... 12 Community and Economic Development Programs ................................................ 13 Industrial Development Program.................................................................. 13 Grant Washington Renewal Project................................................. 13 Opportunity Park Renewal Project................................................... 13 Selected Updates ............................................................................... 14 Map 1. Industrial Development Program........................................ 15 Canal Place ........................................................................................ 16 Sweitzer Avenue Industrial Development Project .......................... 17 Bridgestone/Firestone Project........................................................... 18 Bridgestone/Firestone Technical Center.......................................... 18 Goodyear Tire & Rubber Company Project .................................... 18 Akron Global Business Accelerator................................................. 19 Ascot Industrial Park......................................................................... 20 Ghent Road Office Park.................................................................... 22 West Akron........................................................................................ 22 South Akron Redevelopment; Akron Square .................................. 23 Airport Development Area ............................................................... 23 Lockheed Martin Corp...................................................................... 24 Massillon Road Industrial Park ........................................................ 24 North Turkeyfoot Industrial Park..................................................... 24 University Technology Park............................................................. 25 South Munroe Road Industrial Park................................................. 25 Former Brown/Graves Lumber Mill Property................................. 25 Morgan Urban Renewal Area........................................................... 25 Polymer Research and Development ............................................... 25 Polymer Industrial Projects............................................................... 26 Central Business District (CBD) Development Program ............................ 26 Cascade Renewal Project.................................................................. 26 Convention Center ............................................................................ 27 Quaker Square Development Project............................................... 27 University Area Expansion and Development ................................ 27 - 2 - CL1030715.8 UniversityPark Area Redevelopment............... 28 Nationallnventors Hall of Fame................ 28 CanalPark Stadium............... 28 Lock III RedevelopmentArea 29 Akron Civic Theatre................. 29 O'Neil's Building.... 29 Map 2. CentralBusiness District 30 Main PlaceProject 31 Akton's Historic District at Main and Market 31 Akron-Summit County Library System 31 Akron Art Museum 31 FormerFire StationOne ........... 32 SummaHealth Systems [nc. ............ 32 CanalSquare (YMCA Project)..... 32 State,County and City Projects 32 Main StreetTransitway 32 Downtown StrategicPlan; Downtown Akron Partnership 32 Akron BiomedicalCorridor.... 33 Other CBD Developments 33 City-WidePrograms and Projects ................ 34 All-AmericaCity......... 34 Knight Centerof Digital Excellence 34 Imagine.Akron2025 34 Auto DealershipRetention............. 34 HighlandSquare Redevelopment ............. 34 Akron Community Learning Centers 34 Map 3. Akron BiomedicalCorridor.... 35 NeighborhoodDevelopment Program ............. 36 NeighborhoodBusiness District (NBD) Projects..... 36 NeighborhoodHousing DevelopmentProj ects ..... 36 a- New ResidentialConstruction JI Joint 37 4l Historical JEDD Revenues 42 Land Use/Annexation.......... 43 Economicand Demographic Information ............ 43 Population 43 Employrnent............... 44 Income 46 Housing and Building Permits 46 SewerSystem...... 47 General..... 47 CapitalImprovements ............. 48 Employees 49 ServiceArea and Users 50 SewerRates 52 B illing; DelinquentSewer S ystem B ills........... 54 HistoricalOperating Results...... 55 Water System 55 General..... 55 Water Supply,Treatment and Distribution ......... 56 CapitalImprovements ................ 57 Employees 58 ServiceArea and Users 59 WaterRates......... 60 B illing; DelinquentWater S ystem B ills ........... 6I HistoricalOperating Results...... 62 OtherUtilities..... 62 Solid WasteCollection and Disposal System.. 62 Heatingand Cooling................ 63 NaturalGas: Electricitv ........... 63 Transportation........................ -...... 63 Education.. 64 Akron City SchoolDistrict.... 64 The Universityof Akron ............... 65 Other Schools 66 HealthCare........... 66 Recreationand Entertainment....... 67 FINANCIAL MATTERS 69 Introduction 69 Budgeting,Tax kvy and AppropriationsProcedures 70 FinancialReoorts and Examinations of Accounts................. 7T CashBalances and Investments................. l2 FinancialOutlook..... 74 AD VALOREM PROPERTYTA)GS AI\D SPECIAL ASSESSMENTS 75 AssessedValuation 75 OverlappingGovemmental Entities .............. 78 Tax Rates.. 78 Tax Table A: OverlappingTax Rates 79 Tax TableB: City Tax Rates......... 80 Collections 80 SpecialAssessments ................ 82 Delinquencies.............. 83 MI-INICIPAL INCOME TAX.......... 84 OTIIER GENERAL FT]I\D REVENUE SOURCBS 85 Nontax Revenues 85 Historical Collectionsof Nontax Revenues 86 Licensesand Permits 86 Chargesfor Services................ 86 Fines and Forfeitures. 86 lnterestEarnings.... 86 ExpenditureRecoveries 87 Other......... 87 Local GovernmentAssistance Funds 87 CITY DEBT AI\D OTIIER LONG.TERM OBLIGATIONS........ 87 Securityfor GeneralObligation Debt.......... 88 Bondsand Bond AnticipationNotes...... 88 UnvotedBonds........ 88 VotedBonds........ 88 BANs........ 88 StatutoryDirect Debt Limitations......... 89 LrdirectDebt andUnvoted Property Tax Limitations........... 89 Debt Outstanding 9I Debt Table A: Principal Amounts of OutstandingGeneral Obligation Debt; Capacityfor Additional Debt Within Direct Debt Limitations ...... 9l Debt Table B: Various City and OverlappingGeneral Obligation (GO) Debt Allocations (Principal Amounts) 94 Debt Table C: Projected Debt Service Requirements on Unvoted General Obligation Bonds ........................................................................... 95 Payment of Debt Service............................................................................................ 96 Debt Table D: Principal Amount of General Obligation Debt, the Debt Service on Which Was (or Will Be) Retired from these Sources .... 97 Bond Anticipation Notes............................................................................................ 98 Debt Table E: Outstanding General Obligation Bond Anticipation Notes ...........................................................................................................