Lorain Council approves Broadway Building tax incentive plan
In a boon for Lorain downtown redevelopmnet, the Lorain City Council has approved the financial incentive package for the Ariel on Broadway LLC, the Cleveland Development firm that is planning to create a 55-unit hotel and gathering space in the Broadway Building. The project, which will cost around $8 million, will receive two kinds of financial assistance from new city legislation. Firstly, the city will forgive 100% of the property taxes for improvements to the building for the next 12 years. Secondly, the council voted to create a Tax Increment Financing District (TIF) for the hotel which will forgive property taxes for improvements to the building for 30 years. Both measures were passed unanimously by the council. The project will bring new life to the historic Broadway Building and will aid in the revitalization of Lorain’s downtown area. Read more about the recently approved financial incentives in the Morning Journal article here.
In a separate article, Port Authority Executive Director, Tom Brown, says that projects like the Broadway Building can be part of a series of smaller successes that will lead to the overall revitalization of Lorain. Read more on Tom Brown’s comments on downtown revitalization, and on the Port Authority’s role in that revitalization, here.