CUYAHOGA FALLS: Mayor Don Robart is asking City Council to approve a modification of the Portage Crossing contract.
The exact modification to the deal that clears the way for the redevelopment of the area has not yet been released by the city’s development director, Sue Truby.
Under the contract approved by council and signed in 2010, Stark Enterprises would pay nearly $3.8 million to buy the State Road property from the city. Nearly $1 million of that would be used to pay down debt from the city’s $11 million purchase of the property. The city and Stark Enterprises split the nearly $900,000 cost of purchasing a BP gas station at State Road and Portage Trail.
Cuyahoga Falls plans to make about $2 million of Stark’s purchase price available for the developer to reinvest in the project. The money is to be placed into a fund that Stark Enterprises can draw from during the construction phase.
In addition to the purchase price, Stark Enterprises has pledged to invest nearly $3 million in retail improvements to the property. The named tenants for the project include Giant Eagle and Menards.
In an email, Truby said the modification of the contract is being finalized and would not be available for public review until Monday’s City Council finance committee meeting. The meeting is scheduled for 6:30 p.m. in the Natatorium.
It is open to the public.