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Planning committee backs rent forgiveness to enable sale of 1 Cascade Plaza
Summary
The Akron City Council Planning Committee recommended approval of a measure allowing the Development Finance Authority to modify the ground lease and forgive past-due rent tied to 1 Cascade Plaza, up to $175,967, to facilitate the building's sale.
The Akron City Council Planning Committee recommended a favorable motion to allow the Development Finance Authority (DFA) or its designee to modify the ground lease for 1 Cascade Plaza and forgive past-due rent so the building can be sold.
City staff told the committee the rent forgiveness would cover amounts accruing from Jan. 1, 2023, through the earlier…
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