Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
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. Calvert said the developer proposes PACE financing for about $1.5 million of the project.
Calvert described the project as a $12.5 million historic renovation. She said the developer anticipates about 20 full‑time equivalent jobs in year one and 40 by year three, and an annual payroll for the project of about $1.8 million.
Law Director Dery explained the legislative steps and confirmed the city and staff had been engaged with the developer and counsel. Stephanie Mercado, project consultant for the developer, updated committees on construction and historic‑preservation work: she said structural work on the rear wall and a new roof already were completed, selective interior demolition and asbestos abatement had been done as part of preparing construction drawings, and that the team had resubmitted drawings to the city and to historic preservation reviewers.
Mercado told the committees the Robinson Building portion will include about 16 one‑bed and studio market units (a change from earlier plans) to improve underwriting for the financing package; she said exterior historic restoration will preserve the Dixon Building facade and that the rear lot will be used as a temporary construction staging area and later converted to parking, sidewalk and landscaping.
Council members pressed for a visible sign of progress for downtown and asked that the developer consider signage to indicate "coming soon" or the project phase so residents see activity while longer approvals and financing continue. Director Calvert and Mercado said they would work with the developer on public‑facing updates.
The committees voted to recommend drafting legislation authorizing the CRA exemption and related measures, and to move the package toward a special council meeting scheduled for July 22 to accommodate the project closing timeline.
