Place here before we Start Talking about 50s, 60s, going in to next week. On the way. Need to give the weather a little bit of time. A chilly one across northeast ohio. A live look outside. See the clouds are floating, when i was coming in, odot getting prepared as this system starts to turn its way in here, see its coming from the northwest, already making its way across Cuyahoga County in to 71, out towards eerie, huron, dealing with light snowfall. See from the radar, it looks like a big band of moisture, i want to show you the heavy radar detector. Its in the darker purple and its not a lot of accumulation we are seeing towards stark county. Dover, new philly, seeing darker purples in to north flurries throughout your morning, eerie, huron, heart land, seeing a little bit of eye cumulation, on grassy areas a little bit of accumulation on grassy areas. A half an inch of accumulation. Temperatures now, we are still on the cool side. Airport 28 degrees. Youngs town in to ashtabula cou
Tax incentive extended for the Flats East Bank project
City Council to protect the investment already made and to ensure the project moves forward allows for the extension to allow the developer to restructure debt.
Tax incentive extended for the Flats East Bank project By Brian Duffy | December 10, 2020 at 8:34 PM EST - Updated December 10 at 8:34 PM
CLEVELAND, Ohio (WOIO) -At issue was should the city extend, for another 30 years, a tax incentive that would allow the Wolstein group to restructure their debt, owed by the developer, to the city, to keep the Flats East Bank project on track.
Councilmember Jenny Spencer felt the decision was being rushed and pushed back.
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What once was a strip of bars and nightclubs has been turned into a mixed-use neighborhood, including the Flats East Bank apartments at the northernmost end of Old River Road.
Cleveland City Council approved a 30-year extension to a deal with Flats East Bank developer the Wolstein Group, which had fallen behind on loan payments to the city.
The move lengthens the tax-increment financing (TIF) deal’s lifespan to 60 years, enabling the developer to use the additional three decades of property tax payments to refinance debts on the project.
The Cleveland Metropolitan School District will receive its portion of property taxes during the 2040 to 2070 segment of the TIF.