Financial aid packages were approved Monday by Cleveland City Council for three redevelopment projects in the city.
Tax incentives were approved for two projects, each of which involves commercial space and apartments. In both cases, the tax breaks will help cover the financing for the projects – one in Hough and one on the edge of Tremont.
The third project, involving an old Masonic hall in Ohio City, will allow for a special tax assessment that will secure financing for green energy projects.
Mayor Frank Jackson will need to sign legislation for each of the projects before the aid packages take effect.
Here’s a look at the three projects:
Addis View apartments
The Inspirion Group plans to create more than 400 apartment units in a four-phase construction plan on East 90th Street at Chester Avenue in Hough.
The projected is expected to cost about $43 million. The developers hope to close on their financing package this month, Cleveland Economic Development Director David Ebersole told City Council.