LRC Realty’s current $8.5 million transformation of Parma’s Midtown Plaza into the modern-looking Quarry Square is expected to be completed by the end of the year.
The Akron-based company is hoping to use tax increment financing (TIF) — new property taxes generated from a land development on infrastructure improvements — to borrow money and pay it back to the lender via a property tax assessment.
he first of three TIF-related ordinances were read Monday (Aug. 5) by Parma City Council. Passage of all three is expected in October.
“Projects like the redevelopment of Midtown Plaza require a significant investment to transform the space into a modern place to work, shop and eat,” LRC Realty’s Vice President of Development Robert T. Abramovich said.
“The redirection of funds back into the project will help complete the improvements and renovations necessary to attract more jobs and tenants to the city and the new West Creek Quarry District.”
Read more at Cleveland.com.