City officials in North Olmsted are proposing “altering a legal judgment in order to provide a 10-year tax abatement” to bring a hotel and restaurant to now-vacant land south of Interstate 480 on State Route 252 near the Moen headquarters, Westlife reports. The property had previously been designated for office use only in a judgment that was part of a settlement between the city and Developers Diversified; the proposed alteration would allow for the construction of “a $14.4 million Aloft hotel and restaurant project,” according to the article. The city council’s Building Zoning and Development committee “unanimously recommended the proposal to the full City Council.” North Olmsted Planning and Development Director Kim Wenger said the city “has reviewed the application and associated project documents and determined that a CRA exemption is warranted” for the project. Greg Myers, North Olmsted economic development consultant, said the city “is expected to receive near $4 of net new taxes for every dollar of City property tax abated” through the proposed CRA.
North Olmsted City Council expected to approve CRA for Aloft hotel
