2012 a record year for Covelli Centre

2012 a record year for Covelli Centre

YOUNGSTOWN

For the city-owned Covelli Centre, 2012 was a record year.

In 2012, the center more than doubled its best annual operating profit.

The center finished last year with a $320,787 operating surplus, easily surpassing its previous best year of $153,950 in 2009.

The city also received $163,398 last year from a 5.5 percent admission tax on tickets sold at the arena.

Between the operating surplus and the admission tax, the center made $484,185 in 2012.

The city paid $325,000 last year toward the principal of an $11.9 million loan it borrowed in 2005 as its share of the $45 million facility. It also borrowed $113,250 last year for a interest payment on that money. The 1-percent interest rate is the lowest in the center’s history.

The operating surplus and admission tax for 2012 was $45,935 more than the principal and interest on the city’s loan. It was the first year since the center opened in October 2005 that the surplus and tax exceeded the loan’s principal and interest.

For the complete story, read Wednesday’s Vindicator or Vindy.com