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Committee advances amendment to county loan for Playhouse Square's Lumen project
Summary
The Cuyahoga County Economic Development and Planning Committee advanced a resolution to amend a development loan to Playhouse Square Foundation, extending the maturity date if a principal payment is made by Sept. 30, 2025. County staff said the loan is secured by a $17 million endowment and the project is performing at roughly 90% occupancy.
The Cuyahoga County Economic Development and Planning Committee voted to send to the full council a resolution that would amend a county development loan to Playhouse Square Foundation for the Lumen project, extending the loan maturity to Sept. 13, 2028 if the foundation pays $3.5 million by Sept. 30, 2025.
County staff told the committee the measure would not add new county funds but would change the repayment schedule for existing debt. "The modification is simply no additional funds, just 3 more years after the payment of 3 and a half million dollars," Brian Edwards, portfolio manager in the Cuyahoga County Department of Development, said. He said the remaining $1.5 million would be amortized over three years at 8.5 percent.
The amendment applies to contract No. 4663, part of an original $10 million…
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