CANTON The council on Monday authorized two loans, totaling $three million, to supply “hole financing” for initiatives on the Millenium Constructing and the previous Lehman faculty.
The Millenium mortgage would retainjobs downtown,and the Lehman mortgage would assist fund senior housing, in accordanceto memos from Deputy Mayor Fonda Williams.
TheMillenium Constructing at 200 Market Ave. N presently is owned by Millennium I LTD, in accordance with Stark County property information. Town will mortgage $2 million to builders Steve Coon and Dan Mix, who personal200 Market North LLC, to assist them purchase and renovate the buidling.
In keeping with Williams’memo, half the cash will go towards the acquisition and half will go towards renovations. The mortgage may have a 0.5% rate of interest for 10 years and a compensation interval of 20 years.
The historic Day Ketterer regulation agency, which dissolved in late 2019,resided within the workplace complicated that after displayed its identify. The Schauer Group Inc. and REM Business are among the many constructing’s remaining tenants.
Williams mentioned that Tzangas, Plakas, Mannos plans to fill the area vacated by Day Ketterer with fewer however higher-paid workers.
“That is bigger,” he mentioned.
The council additionally authorized parking and tax incentives for Tzangas, Plakas, Mannos LTD, which might transfer its regulation places of work from the Huntington Financial institution constructing toabout 21,000 sq. ft on the Millenium Constructing. A10-year lease withthe possible homeownerscould be contingent on upgrades to the constructing’s electrical energy, plumbing, air flow, safety techniques, lighting and different options, in accordance with the deputy mayor.
The agency employs 30 individuals in downtown Canton. In 2019, the agency’s payroll amounted to roughly $7.eight million and accounted for $197,101 of town’s earnings tax.
The job retention and internet income settlement between town and Tzangas, Plakas, Mannos will credit score the regulation agency 1.25% of the two.5% annual earnings tax collected for 10 years. It requires the agency to retain 30 workers on the Millenium Constructing for 10 years.
“These two specific incentives we want to provide to retain Tzangas, Plakas, Mannos regulation agency inside our downtown,” Williams informed the council.
The parking settlement offers Tzangas, Plakas, Mannos with 30 common areas and 10 most popular areas on the Millennium Parking Storage at a decreased fee of $15 a month for a most of 15 years. The agency should stay downtown with a minimum of 5 full-time workers to keep away from paying the complete value of $45 a month for common parking and $50 a month for most popular parking.
Councilwoman Christine Schulman, D-at giant, was absent for Monday’s assembly, and councilmen Frank Morris, D-9, and John Mariol II, D-7, abstained from the votes associated to Tzangas, Plakas, Mannos.
Lehman faculty mortgage
The council additionally authorized a $1 million mortgage to Lehman Housing Companions LP, a enterprise registered to the Akron company workplace of a.m. Rodriguez Associates Inc., which is redeveloping the previous Lehman faculty into senior housing.
Just like the Millenium Constructing mortgage, the Lehman mortgage comes from Difficulty 13 complete plan funds. The rate of interest might be 0.5% for a most of 30 years.
The full value to transform the long-vacant faculty constructing right into a 62-unit senior housing complicated is estimated at $17.9 million, in accordance with the deputy mayor’s memo. The developer has obtained some funding from different sources, reminiscent of historic tax credit. A challenge description and finances abstract have been shared with the council.
The developer has a purchase order possibility settlementfor the property at 1120 15th St. NW, which is owned by the Canton Neighborhood Enchancment Corp.
Council members made no remarks earlier than votingon both mortgage.
- Earlier than the common assembly, council members heard a quarterly replace from Neighborhood Constructing Partnership in regards to the citywide exterior grant program.
- Earlier within the night, council members toured theDoubleTree resort beneath building downtown.
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On Twitter: @kbyerREP
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