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University Heights mayor signs sale documents as council approves $500,000 ARPA transfer for University Square closing
Summary
Mayor Michael Brennan said he signed closing documents for the University Square sale and council passed an emergency appropriation to transfer $500,000 in ARPA funds into escrow so the deal can close Sept. 19; the city said major construction will be delayed until January 2025 to avoid holiday disruptions.
Mayor Michael Brennan said he signed the documents needed to close the sale of University Square and that the city will transfer $500,000 in American Rescue Plan Act funds into escrow to complete the transaction. The administration and outside counsel met earlier the same day, Brennan said, and the closing is scheduled for Thursday, Sept. 19.
Brennan told council the developers plan to begin preparatory work immediately after closing, but major construction — specifically a planned “peel back” of the parking garage — will not start until late January 2025 so the department stores and Target can operate through the holiday season.
The council approved Ordinance 2024‑74 on an emergency basis to appropriate the ARPA funds received from Cuyahoga County, a vote Finance Director Dennis Kennedy said was needed to allow the city to transfer money into escrow for the closing and satisfy the sale’s payment requirements. On roll call, council voted unanimously to pass the appropriation.
The mayor framed the deal as expected to allow developers to repave surface lots and continue planning work on the property; he said a final statement of costs will be signed by the mayor or finance director later in the week. The administration also plans an amended appropriation to cover closing costs.
City officials emphasized sequencing and community disruption as priorities: Brennan said interior and site work that would affect retail operations will be scheduled after the winter holidays to avoid interrupting Macy’s and Target shoppers.
The council’s passage of the emergency appropriation allows the administration to complete the escrow transfer; a special meeting schedule and follow‑up items remain planned as the owners’ representative and specialty architect roles are finalized.
