Economic development, Real-Time News »
Cleveland loan program helping turn vacant property into productive space
By Michelle Jarboe, The Plain Dealer
March 17, 2010, 4:28PM
One example: The demolition of an abandoned funeral home and construction of new parking on Detroit Avenue, in the Gordon Square Arts District. Another: Transaction Realty’s recent move from Independence to the former Rysar Properties building on Chester Avenue. A $375,000 VPI loan made it possible to replace the roof and install a geothermal heating and cooling system beneath an adjacent parking lot. The company, which has five employees and 70 real estate agents, already has refinanced the property and repaid the non-forgivable portion of its city loan.
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