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County authorizes $900,000 loan to speed Creekwood development, fund stormwater improvements
Summary
Lorain County authorized a $900,000 loan to Creekwood Development, LLC to accelerate land acquisition and related stormwater/ditch improvements that county officials say will support more than 700 housing units; the loan will be secured by guaranty and mortgage and may be repaid from REDD grant proceeds if awarded.
The Lorain County Board of Commissioners approved a $900,000 loan March 13 to Creekwood Development, LLC intended to accelerate land assembly and enable stormwater and ditch improvements on property tied to the Creekwood development. County staff said the loan will permit an earlier closing date and allow the county to go out to bid on dredging and drainage work that had been planned for years.
Don Romancak described the financing as a way to accelerate a project that the county expects to enable more than 700 housing units in the Creekwood and adjacent parcels. "This became possible when the state opened up their regional economic development district housing program," he said, and added the loan will be secured by guaranty and mortgage and expected to be repaid by August 2026 if grant funds materialize. The board adopted Resolution No. 26-161 to authorize the loan; the resolution notes Stormwater Utility fees are an alternative funding source if REDD funding is delayed or not provided.
Commissioners discussed sewer capacity and coordination with LORCO and the county sanitary engineer; the resolution authorizes the board president to sign loan documents and instructs the county administrator to complete closing activities.
