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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 of the building's transfer or February 2025 and would not exceed $175,967. A staff presenter said the DFA and the land bank had stepped in earlier this year to prevent the building from going into receivership, take possession, stabilize the property and position it for sale. Rachel Breidenstein of the Development Finance Authority was in the meeting for questions.
Committee leadership said the legislation previously was presented in September and is now past its third reading, so the committee could pass a favorable recommendation without suspending the rules. The committee chair moved for a favorable recommendation; a second was recorded and members signified their approval by saying "aye." The committee's favorable recommendation will be reported out to the full council at this evening's meeting.
No dollar offsets, financing sources beyond the DFA's involvement, or implementation timeline beyond the dates noted in committee were specified in the meeting record. The staff presentation described only the maximum rent-forgiveness figure and the covered period.
