(Cleveland) - The developer of a major project in the Flats will have a long, long time ti pay off money borrowed through the city of Cleveland to make the project a reality. Cleveland City Council voted Wednesday to give the Wolstein Group an unprecendented 60 years to pay back the loans from the federal government, arranged through the city.
This means that the Tax Increment Financing plan for the Flats East Bank project will go an extra 30 years.
The loans were used to help build the project that has, as its primary focus, a building that has offices, retail, apartments, and the Aloft hotel. Currently, Wolstein Group is behind on its loan payments.
Extension of the TIF for the project gives Wolstein Group the ability to use what it would pay in property taxes, to instead pay off the loan.
(Photo by Ken Robinson, WTAM)
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