Canton to loan $3 million to Millennium Building and Lehman projects

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.

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