Economic incentives approved for development
Mary Kilpatrick firstname.lastname@example.org
Economic incentives to aid a lakefront apartment building east of downtown was green-lighted by a Cleveland council committee Tuesday, and is potentially on its way to the Council Committee of the Whole.
Landmark Companies are seeking a tax-increment financing that would allow them to apply property taxes generated by Landmark of the Lake, the 214-unit project along North Marginal Road, to help cover debt.
The building would be next to the Landmark-owned Shoreline apartments, formerly known as Quay 55. Residents would have access to the lakefront.
If also approved, the 30-year package would not affect taxes for the Cleveland Metropolitan School District.
Council's Development, Planning and Sustainability Committee signed off on the proposal on Tuesday. It could be heard next by the Committee of the Whole on Monday.
The cost and the timeline of the project has not been determined.
The city estimates that the project will generate about $238,500 in city residency taxes, and nearly $534,000 in annual property taxes for the Cleveland schools.