Shaker Heights City Council gave unanimous approval to legislation calling for the city to enter into an agreement with Vintage Development Group to build up to 27 townhomes on a two-acre site in Transit Village, Cleveland.com reports. The city-owned Crescent site on the southwest corner of the intersection of Van Aken, Onaway and Sutton has always been vacant, according to the article. Under the agreement, “the city will sell the eight parcels to Vintage for just $1.” The city’s Principal Planner, Ann Klavora, said the price “was made low to ensure that the developer uses money to make significant improvements to the neighborhood.” Shaker Heights Mayor Earl Leiken said, “[w]e’re giving vacant land to the developer so that we’ll be able to collect income tax immediately after people move in. And, after 10 years we’ll receive property tax on the development of the land, and we’ll immediately receive property taxes on the value of the land.” In addition to the tax revenues the project will generate, Klavora said the project “will strengthen and re-energize the neighborhood and set the stage for future property improvements and new construction.” For more, read the full article.
Townhome project part of plan to re-energize Shaker Heights neighborhood
