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Council approves $500,000 forgivable loan to Famicos Foundation for mixed-use rehab on East 105th Street
Summary
Cleveland City Council’s finance committee approved an emergency ordinance authorizing a $500,000 forgivable loan from the Neighborhood Transformation Initiative to Famicos Foundation to help restore a deteriorated, mixed‑use building at 1355 East 105th Street into ground-floor commercial space and apartments above.
Cleveland — The city’s finance committee on Aug. 5 approved an emergency ordinance authorizing a $500,000 forgivable loan to Famicos Foundation to help partly finance acquisition and rehabilitation of a mixed‑use building at 1355 East 105th Street.
The loan will come from Neighborhood Transformation Initiative funds and is intended to cover interior and exterior improvements and associated redevelopment costs so the center‑street storefront can be reactivated with commercial space and residential units above.
Why it matters: The property sits on the East 105th Street corridor near Glen Village, an area council members and city staff cited as a focus of neighborhood revitalization. Supporters said the project will catalyze nearby investment and provide space for local retail and services.
City…
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