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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. MetroWest Executive Director Emily Lee and Ward 14 Councilwoman Santana spoke in support.
City staff described using a deposit account control (DAC) agreement: the funds will be placed in an account controlled by MetroWest, but the city will retain sign‑off authority on property offers and due diligence. The city said this approach should speed acquisitions by allowing staff and MetroWest to close deals quickly without separate council approvals for each parcel, while still requiring oversight through the Cleveland Citywide Development Corporation loan committee.
Council members and staff emphasized neighborhood master planning and community engagement. Councilwoman Santana said the timing aligned with a resident‑driven master plan for Ward 14 and that the corridor has many vacant lots and demolition history. Several council members thanked MetroWest and the mayor for setting funds aside and praised the community‑led plan that directed spending.
The committee approved ordinance 1000‑2025; staff said the measure will be heard by the full council for passage. MetroWest said the funds will enable rapid acquisition and stabilization of properties before full redevelopment plans are brought back for project‑level approvals.
What wasn’t decided: Specific acquisition targets and tenant plans were not finalized in the committee; MetroWest and city staff said acquisitions will be reviewed by the loan committee and presented for approvals as projects move forward.
Provenance: The committee transcript includes the department presentation, remarks by Emily Lee and Councilwoman Santana, and votes advancing ordinance 1000‑2025.
