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Council clears sale of city parcel to Rust Belt Riders after ground‑lease plan shifted to sale
Summary
Council approved repeal and replacement ordinances to switch a previously authorized ground lease with composting firm Rust Belt Riders into a sale at appraised fair market value of $790,000, with reductions for environmental remediation costs.
Cleveland — The finance committee voted to repeal previous ground‑lease legislation and approve an emergency ordinance authorizing sale of a city parcel on East 70th Street to Rust Belt Riders Composting LLC at the appraised fair market value, adjusted for any environmental remediation costs.
The committee heard a recap of a project first legislated in March: Rust Belt Riders intended a long‑term ground lease on city property to construct a new composting facility and a retail operation, and projected an estimated $3.5 million investment, retention of roughly 30 jobs and creation of about 15 additional jobs. As the deal progressed, the company’s lenders requested…
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