Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee backs moving Beacon Project loan amendment to full council after developer and staff outline revised repayment
Summary
Committee reviewed a material modification to the county's $2 million loan for the Beacon Project (515 Euclid Ave). Staff said the borrower will prepay roughly half, the county would finance about $858,000 at an 8.5% market rate amortized over three years with a personal guarantee; the amendment was moved to full council for further readings.
Cuyahoga County's Economic Development Committee reviewed a request to amend the county's place-based mixed-use loan for the Beacon Project at 515 Euclid Avenue in Cleveland and voted to forward the item to the full council for the required readings.
Anthony Stella of the Department of Development described the Beacon as a 2017 transit-oriented project that delivered 187 residential units and sits on the RTA HealthLine corridor. The county originally closed a $2 million loan on the project; Stella said the May 2 principal balance was just over $1.7 million. Under the developer's proposal, the borrower would prepay…
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
