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Committee advances amendment to PACE financing for Erieview Tower redevelopment

Committee on Finance, Diversity, Equity, and Inclusion · April 14, 2026

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Summary

A council committee advanced an amendment to a PACE financing ordinance that would let the Erieview Tower project increase its PACE loan, lengthen the loan term and begin assessments in 2027; the measure will be considered by the full council tonight.

Council committee leaders heard a presentation Monday on an emergency ordinance to expand a property-assessed clean energy (PACE) loan tied to the Erieview Tower redevelopment and referred the measure to the full council for consideration tonight.

An agency official representing the administration said the proposed amendment to Ordinance No. 747-2024 (introduced today as Ordinance No. 481-2026) would increase the maximum PACE financing available for the project, change the loan term from 25 to 27 years, and move the start of the special-assessment collection to 2027. "This PACE financing is specifically concerned with the 227 market rate apartment units," the agency official said, calling the Erieview project "a catalytic redevelopment of the Erieview Tower and Galleria" in downtown Cleveland.

A developer representative said construction on the residential portion is ready to move forward once recapitalization closes, that demolition for the residential component is "mostly completed, like, 99%," and estimated project completion in December 2027 if financing closes as planned. Hotel drawings are expected to be finished in June 2026, the representative said.

Committee members pressed presenters on how the change would affect city finances and downtown redevelopment. Councilman Michael Polizzi called the project "critical" to jump-starting downtown and said he supports the measure. Councilman Bridal Casey asked whether the change would cost the city; an administration presenter told the committee the city’s direct fiscal exposure for this piece of the project remains $0 and that the change permits the developer to levy additional, project-specific special assessments to repay private financing rather than drawing on city dollars.

The administration identified Nuveen Green Capital as the lender for the expanded PACE loan. The presenters said the PACE loan amount will increase; the administration read a figure of $16,000,005.36 as an incremental amount and cited a maximum aggregate special-assessment ceiling of $50,443,009.13. Committee members and presenters described the change as a different source of financing rather than a city subsidy.

The chair announced Ordinance No. 481-2026 will be heard for consideration by the full council this evening. No committee vote on final adoption took place during the meeting.