Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Council committee approves forgivable loans and TIF to advance Warner Swayze adaptive-reuse project
Summary
A Cleveland committee approved emergency ordinances to allow two forgivable loans (up to $400,000 each) and a tax-increment financing agreement to Penrose Holding LLC to support a $64M adaptive-reuse of the Warner Swayze complex into 112 affordable units, backed by a newly signed community benefits agreement.
A Cleveland City Council committee on Nov. 10 approved emergency ordinances that authorize the director of economic development to enter forgivable loan agreements and a tax-increment financing (TIF) agreement with Penrose Holding LLC to finance the Warner Swayze adaptive-reuse project at 5701 Carnegie Avenue.
Edward Peppers, vice president of economic development at Midtown and a Penrose project partner, said the development is "a little over $64,000,000 in total project cost," with a targeted mid-December 2025 closing and a 24-month construction schedule. The first phase would…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
