NuCLEus Project Could get $12 Million loan from Cleveland City Council
Post date
May 06, 2019
Body
By Jordyn Grzelewski, The Plain Dealer
City council will consider giving a $12 million loan to the nuCLEus project. The money would bring the developer one step closer to shoring up financing for the ambitious, $350 million plan that would add two towers to downtown’s skyline.
Legislation laying out the proposed financing package was introduced to city council at its Monday night meeting. The proposal is for a $12 million loan, with a condition that developer Stark Enterprises pay back 110 percent of the original amount using new income-tax and parking revenue generated by the project. The length of the loan term was not specified."