Historically, the small Tremont neighborhood of Cleveland was an ethnically diverse area with many immigrants and over a dozen churches representing a variety of denominations including Roman Catholic, Greek Orthodox, Baptist, Congregational, and Russian Orthodox just to name a few. Tremont is known as a neighborhood of churches, all of which supported the immigrants who lived in this neighborhood and worked in Cleveland.
Olympic Forest Products purchased St. Vladimir Church in 2018 to relocate its Cleveland headquarters. Located in the Tremont Historic District, the $7 million project received $250,000 in Ohio historic tax credits and $1.2 million in federal tax credits.
The project also received a $2 million Federal New Market tax credit allocation due to its location in a qualified census tract. Additional project financing included $2.75 million in senior debt, $180,000 forgivable vacant property loan from the City of Cleveland, $1.125 million in Imminent Domain proceeds and 1.325 million in developer equity. The project created 70 construction jobs and 20 new permanent jobs. The property, previously on the property tax role, generates approximately $70,000 in new property taxes annually. The project was completed in December 2020.
As Development Consultant, MCM managed the development process including the following specific requirements and tasks: creation of development schedule for tax credit and financing submission planning, ownership restructuring; financing proforma, management of required entitlements and government approvals, oversite of design and construction to ensure that it meets tax credit and financing requirements, preservation consulting in partnership with HP Group, LLC., solicitation, negotiation, and securing senior financing and tax credit bridge financing, solicitation, negotiation and commitment for tax credit equity investment, and project close-out.
$7,000,000TOTAL PROJECT COST
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