Wednesday, May 18, 2011

Cleveland Flats and UCI to Get Port Funding

From WKYC:

Port Authority to help finance University Circle, Flats East Bank project

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CLEVELAND -- The Cleveland-Cuyahoga County Port Authority has approved Port Authority OKs two financing agreements to help develop a new hotel in University Circle and advance the Flats East Bank project.

The Port Authority's bond fund will provide $2.5 million in taxable tax increment financing revenue bonds for a 153-room Courtyard by Marriott Hotel to be constructed in University Circle.

The bonds will help pay for costs associated with public improvements at the site.

The board also agreed to issue an additional $5 million in taxable first-mortgage revenue bonds for The Flats East Bank project. Proceeds will be used to fund additional project costs. The Port Authority has previously issued more than $130 million in bonds associated with the project.