Studio West’s LGBTQ+ entertainment complex development agreement includes TIF

Lakewood City Council is expected to approve a development agreement that includes tax increment financing (TIF) incentives for Studio West’s LGBTQ+ entertainment complex, including the “adaptive reuse of the former Mack Products and Phantasy nightclub buildings,” Cleveland.com reports. The city’s Director of Planning, Shawn Leininger, introduced the agreement for West 117 Development LLC’s plans to repurpose the properties “into a mixed-use restaurant, recreation, retail and entertainment hub that will preserve historic buildings,” according to the article. Leininger said when completed, the complex will generate $543,000 in annual property taxes compared to the current $33,279. The first phase of the project represents a $13 million investment “boasting three restaurants, an outdoor dining patio, a rooftop deck and an indoor and outdoor sports complex.” For more, read the full article

Economic Development, Financial Incentives, State Updates