Council Meeting Highlights (4/11/22)

Apr 11, 2022

Cleveland (April 11, 2022) – City Council held its regular Monday meeting tonight, both in person in Council Chambers and through live streaming. The next council meeting is April 18.

Here are highlights:

Financial Aid to Save Shaker Square Shopping Center: Council adopted legislation authorizing the city to loan a public-private partnership up to $12 million to help it acquire and redevelop the Shaker Square Shopping Center, which has fallen on hard times.

The shopping center, the oldest shopping district in Ohio and the second oldest in the nation, is a long-time economic engine, vital to the southeast side of Cleveland, especially the Buckeye-Woodland corridor, one of the poorest areas of the city.

The center, which is listed in the National Register of Historic Places, is anchored by a grocery store, drug store and movie theater.

A potential reinvestment financing proposed by the owner for March 2020 fell through when the COVID-19 crisis hit. The square at that time was appraised at $14.9 million. The owner, the Coral Company, let the square fall into default and receivership. The center is currently in bank foreclosure and is managed by a court appointed receiver. The square is suffering from accumulating deferred maintenance.

Two non-profits – Cleveland Neighborhood Progress and Burten, Bell, Carr Development -- have partnered with New Village Corporation to acquire and stabilize Shaker Square, with two loans from the city. The two loans of $6 million each, one repaid in five years and the other a ten-year loan that is forgivable under certain conditions, including excess proceeds when the square is sold.

About $4 million is being raised from foundations and other organizations to pay for the deferred maintenance, including roof and window leaks. The organizations also plan to recruit new tenants in the small number of vacancies at the square.

Once stabilized, the non-profits plan market the property to an experienced local developer to purchase the square. Ord. No. 1038-2021

City Donates to Rescue Efforts in Ukraine: Council authorized the city’s Department of Public Safety to donate 200 ballistic vests and various non-controlled medications for humanitarian and rescue efforts in Ukraine where innocent citizens are being killed by Russian invaders.

The vests and medications -  no longer needed here – will be donated through the Ohio National Guard. The vests are from the police department. The medications are from EMS. Ord. No. 354-2022