Cleveland, Cuyahoga County To Help Finance Ohio City Apartments
The city of Cleveland and Cuyahoga County plan to help finance a new apartment and retail project in the Ohio City neighborhood.
The plan is to build two apartment buildings on what’s now a pair of parking lots between West 28th and West 29th streets along Detroit Avenue.
There are plans for a pharmacy, hardware store or other retail on the ground level. The buildings will house about 160 units total in what’s been dubbed the city’s Hingetown area.
Among the partners of the project are Graham Veysey and Marika Shioiri-Clark, the developers of Hingetown, according to a summary prepared for Cuyahoga County Council. Developer Fred Geis is also involved.
A 25-year, $2 million loan for the project has been introduced in county council. The economic development and planning committee is discussing the proposal on Monday.
Cleveland City Council this week is taking the first steps in offering a 30-year tax increment financing proposal. The so-called TIF would exempt improvements to the real estate from non-school property taxes. Council's finance committee on Monday will discuss a land transfer ordinance that precedes the awarding of a TIF.
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