Ed Fitzgerald, executive of Cuyahoga County, Ohio, has recommend to county council that it pledge .8 million in local casino revenues to help underwrite residential developments in downtown Cleveland.
If the plan is approved, Landmark-May LLC would get a $4 million loan toward the $100 million-plus conversion of the May Company building to apartments; Stark Enterprises would get a $3.3 million loan for the first phase of a development near the Quicken Loans Arena; and the Historic Gateway Neighborhood Corp. and the Downtown Cleveland Alliance would get $1.5 million toward a $7 million renovation of the Gateway district.
“Over the last four years, the Casino Revenue Fund has played a critical role in reinvigorating Downtown Cleveland and strengthening all of Cuyahoga County,” FitzGerald said in a statement to Crain’s Cleveland Business. “The three projects we’re announcing will allow us to build on our success and continue attracting new businesses and expanding our local economy for years to come.”
The loans are contingent on the developers completing full funding for the projects, Crain’s reported.
