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Cuyahoga County staff seek council reapproval of $2 million loan to Famous Supply after underwriting change
Summary
County development staff presented a revised underwriting arrangement for a $2,000,000 economic development loan to Famous Supply and said protections were added after a senior lender requested extra borrowing authority for the company's parent. Council did not vote in committee; the item was scheduled for council consideration later that night.
Cuyahoga County Department of Development staff on Tuesday asked the Committee of the Whole to reapprove a previously authorized $2,000,000 economic development loan to Famous Distribution Inc., doing business as Famous Supply, saying the county's protections remain in place despite a change in the parent company's credit arrangements.
The loan was originally authorized by resolution 2024-0368 on Nov. 12, 2024. Paul Hertig, speaking for the Department of Development, told the committee the amount, term, interest rate and security of the loan to Famous Supply are unchanged; the county sought reapproval because a senior lender to Famous Enterprises, the parent company, asked for additional borrowing authority on the parent's existing line of credit.
Hertig said county attorneys and the lender negotiated guardrails that…
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