The Cleveland Heights-University Heights School Board will meet today, Monday, Nov. 5 at the Board of Education building instead of Tuesday due to the elections.
The board is expected to consider a resolution for a tax abatement for developers who want to build a mix of retail or commercial and residential space on the now vacant Meadowbrook and Lee property.
Superintendent Doug Heuer and Chief Financial Officer Scott Gainer are recommending that the board approve the resolution for a tax abatement for the Meadowbrook and Lee property.
Vice Mayor Dennis Wilcox said in October that he will provide the board with more information tonight before they vote.
"We're just crunching numbers and making sure we explain to the board why this would be necessary to complete the project," he said.
Cleveland Heights City Council and developer The Orlean Company are requesting an 11-year, 80 percent tax abatement for modern apartments and retail or commercial space.
The more than $11.4 million project would bring in about $300,000 annually in property taxes abatement-free. If the school board approves the abatement, that number would go down to an average of $70,000 per year.
Orlean Company president David Orlean said he hopes to start the project in the spring of 2013.
"We’re just really hoping that the abatement is approved because we need it in order to make this feasible, and I think it would be a great enhancement to the Cedar Lee neighborhood," Orlean said.
After the 11 years is up, the building would bring in an average of $440,000 in property taxes each year. The developer also said more residents would help the local economy and presented figures about how much revenue they'd bring in through income taxes, parking fees and other means.
Mayor Ed Kelley, Vice Mayor Dennis Wilcox and Orlean first presented the idea to the school board in July.
For more details about the development, browse related articles and blogs below:
CH-UH School Board Will Likely Review Meadowbrook and Lee Tax Abatement Request at November Meeting
Updated: Council Will Request Tax Abatement For Lee and Meadowbrook
Developer Proposes Modern Apartments At Meadowbrook and Lee
A Plan For Meadowbrook And Lee Could Be Finalized By Summer
Cleveland Heights Seeks Ideas From Developers for Lee Road Lot
Why "Yes" On The Tax Abatement & Unappraised Land Give-Away?