Irishtown Bend Project Receiving Cuyahoga County Support
Miranda Pomiecko: (216) 698-2546; email@example.com
CUYAHOGA COUNTY, OH – Cuyahoga County is confirming its commitment to the Irishtown Bend Project with a request to County Council for approval of a lease-purchase agreement with West Creek Conservancy for County owned parcels of land. The County-owned parcels of land, which are remnants from the construction of the Veteran’s Memorial Bridge, would be leased by Ohio City Incorporated for the Irishtown Bend initiative.
“The Irishtown Bend initiative will shore up the riverbank to protect navigation and commerce,” said Cuyahoga County Executive Armond Budish. “This project opens up our riverfront to the public and becomes the first waterfront park in the country directly connected to affordable housing.”
Transferring the parcels of County-owned land will allow Ohio City Incorporated to use the appraised value of the land towards a local match in future grant applications, as well as increase the tax values and economic development potential of the parcels surrounding the site.
The initial term of the lease is for twenty-five years with a renewal option of two twenty-five year terms with a rental rate of one dollar per year. There is an option to purchase the land for one dollar anytime during the initial term or any renewable term if the Irishtown Bend Project has been substantially completed.