Authority approves $49M in bond financing for redevelopment of shuttered hotel

The Lake County Ohio Port and Economic Development Authority recently announced approval for a “$49 million bond financing package for Tapestry Wickliffe LLC” to convert a former hotel to senior citizen housing, Crain’s Cleveland reports. Minneapolis-based LaSalle Development Group Ltd. will turn the shuttered hotel at 28500 Euclid Ave. into “a 167-unit assisted living center for senior citizens with a memory care center,” according to the article. The port’s director of public finance, Tim Cahill, “said the bond package consists of taxable and tax exempt bonds that the port board and Lake County commissioners approved.” According to a news release from the port, the project will create more than 100 new jobs. For more, read the full article.

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