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Council committee approves PACE financing for Erieview hotel after CPP conversion questions
Summary
The committee approved an emergency ordinance to add 1301 E. 9th St. to the Northeast Ohio Advanced Energy District and authorize up to $43.08 million in PACE financing for the Erieview Tower hotel; councilmembers pressed the developer to finalize a Cleveland Public Power agreement required by the project—s community benefits agreement.
Council committee members on Monday approved an emergency ordinance authorizing the addition of 1301 East 9th Street to the Northeast Ohio Advanced Energy District and the use of property‑assessed clean energy (PACE) financing for the hotel component of the Erieview Tower redevelopment.
Project presenters told the committee that Greenworks Lending would provide up to $43,081,864 in PACE financing amortized over 28 years to fund energy upgrades such as HVAC controls, building envelope improvements, lighting and water‑heating systems.…
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