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Committees back 15‑year CRA abatement, PACE financing advance for downtown Forge 417 renovation
Summary
The joint committees recommended approval of a 100% 15‑year Community Reinvestment Area tax abatement and related PACE financing for the Forge 417 renovation at 417 Broad Street, a $12.5 million historic project that includes an esports/technology ground floor and market‑rate apartments above.
The Community Development and Finance committees on July 14 recommended that council approve a Community Reinvestment Area (CRA) tax exemption and related legislation for the Forge 417 renovation at 417 Broad Street.
Assistant Director Calvert told the committees that the request covers only the esports arena phase (not the multifamily component) and seeks a 100% CRA abatement for 15 years. Calvert said the Elyria City Schools and the joint vocational school have been notified; both boards were expected to consider waivers of the usual 45‑day notice so the city could meet an accelerated timetable.…
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