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Council advances $2.3M forgivable loan to MetroWest CDC to acquire and stabilize mixed commercial buildings in Ward 14
Summary
The committee approved an emergency ordinance authorizing a $2.3 million forgivable loan from Neighborhood Transformation Initiative funds to MetroWest Community Development Corporation to acquire and stabilize mixed commercial buildings across Ward 14, enabling faster acquisition through a deposit account control mechanism.
Cleveland — The committee approved an emergency ordinance to authorize a $2.3 million forgivable loan to MetroWest Community Development Corporation to support acquisition and predevelopment costs for mixed‑use commercial buildings in Ward 14 (Clark‑Fulton, West 20th and Stockyard Corridor).
The loan comes from Neighborhood Transformation Initiative funds that the director said had been sitting unspent; roughly $10.8 million was available across three hard‑hit neighborhoods, with around $4.4 million previously earmarked for Clark‑Fulton.…
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