Banking Crisis Affects Cleveland's Ameritrust Tower Project


	Banking Crisis Affects Cleveland's Ameritrust Tower Project

presohio

10-23-2008 11:40 AM

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tags:

downtown, revitalization, preservation, cleveland, marcel breuer

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/ea7e7b21-177c-4d8e-8457-632be4874068/059B5352-1E3B-4FF7-BE98-DE17191073DA/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://blog.cleveland.com/metro/2008/10/cuyahoga_to_waive_500000_for_k.html" href="http://blog.cleveland.com/metro/2008/10/cuyahoga_to_waive_500000_for_k.html" style="font-size: 11px;">blog.cleveland.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/metro/2008/10/cuyahoga_to_waive_500000_for_k.html"><div align="center"><img src="http://content7.clipmarks.com/blog_cache/blog.cleveland.com/img/D7126BA4-673D-4A3B-9A9E-7D2BD2552655" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/metro/2008/10/cuyahoga_to_waive_500000_for_k.html"><P>Cuyahoga County commissioners are expected to cut a half-million-dollar break for a private developer despite the county's own financial woes that could result in layoffs of workers. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/metro/2008/10/cuyahoga_to_waive_500000_for_k.html"><P>The deal would waive a $500,000 fee that K&D Group had agreed to pay if the company could not close a deal on the county-owned Ameritrust Tower by Oct. 31. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/metro/2008/10/cuyahoga_to_waive_500000_for_k.html"><P>County Administrator James McCafferty said Wednesday that commissioners will approve the waiver Oct. 28 rather than risk losing a buyer for the downtown Cleveland property. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/metro/2008/10/cuyahoga_to_waive_500000_for_k.html"><P>K&D had asked for the waiver and an extension of the deadline because the company has been unable to obtain $200 million to convert the property into a hotel and offices. The company said no lenders will finance the deal because of the nation's banking crisis. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://blog.cleveland.com/metro/2008/10/cuyahoga_to_waive_500000_for_k.html"><P>The vote will come as federal agents investigating public corruption look into Commissioner Jimmy Dimora's role in a now-defunct plan to convert the tower into a county administration complex. </P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/059B5352-1E3B-4FF7-BE98-DE17191073DA/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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