Page 3 - David Ebersole News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Tax incentive extended for the Flats East Bank project City Council to protect the investment already made and to ensure the project moves forward allows for the extension to allow the developer to restructure debt. Tax incentive extended for the Flats East Bank project By Brian Duffy | December 10, 2020 at 8:34 PM EST - Updated December 10 at 8:34 PM CLEVELAND, Ohio (WOIO) -At issue was should the city extend, for another 30 years, a tax incentive that would allow the Wolstein group to restructure their debt, owed by the developer, to the city, to keep the Flats East Bank project on tra...

Cleveland City Council approves rare 60-year TIF deal for the Flats East Bank Michelle Jarboe/Crain's Cleveland Business The Flats East Bank project, on downtown Cleveland's riverfront, is one of only a handful of existing developments in Ohio to take advantage of a narrow window for doubling the potential duration of a key tax incentive. Cleveland City Council agreed Wednesday, Dec. 9, to double the duration of a key tax incentive for the Flats East Bank project — in an about-face that came barely 24 hours after a council committee put the unusual proposal on hold. In a 14-2 vote, members ...

ideastream What once was a strip of bars and nightclubs has been turned into a mixed-use neighborhood, including the Flats East Bank apartments at the northernmost end of Old River Road. Cleveland City Council approved a 30-year extension to a deal with Flats East Bank developer the Wolstein Group, which had fallen behind on loan payments to the city. The move lengthens the tax-increment financing (TIF) deal’s lifespan to 60 years, enabling the developer to use the additional three decades of property tax payments to refinance debts on the project. The Cleveland Metropolitan School Distric...