In a unanimous vote, North Olmsted City Council approved a 50-percent, 10-year tax abatement for a proposed new Aloft Hotel to be built on now-vacant land south of the Great Northern Mall (for more on this, see our November 6, 2015 blog post), Cleveland.com reports. The abatement “would be on new construction, estimated at $10.5 million of the $14.4 million project,” according to the article. The deal is expected to save the owner about $220,000 per year, while generating “about $4 of new taxes for every dollar of city tax abated” for North Olmsted, according to city officials. Increased property tax collections for the school system over 10 years “would be an estimated $1.6 million.” The city also expects to collect total new taxes of $1.14 million over that time period. Plans submitted to the city indicate construction could be complete in June 2017.
North Olmsted approves tax deal for $14.4 million Aloft hotel project
