The city will provide up to $12 million in loans toward an effort to usher the historic East Side shopping center into new hands. Nonprofits New Village Corp. and Burten, Bell, Carr Development Inc. hope to avert a foreclosure and take possession of the property.
A public-private plan to wrest Shaker Square from the brink of foreclosure is regaining momentum after five months in limbo. Cleveland City Council plans to dust off legislation to provide up to $12 million in loans toward the unusual rescue effort.
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