*#Pfrftil1$$l*YLX?

#
Jirnrn-vuimora
Tirnothy F. Hagan
Peler Lalvson Jones

FU
C O M M E R C I ARLE D E V E L O P M E N TND
PUBLICENTITY APPLICATION
P l e a s e n o t e : T h e D e p a r t m e n to f D e v e l o p m e n tu t l l i z e st h e a p p l i c a t i o ns c o ! " es h e e t t o
e v a l u a t ee a c h p r o j e c t "A p r o j e c tm u s t s c o r ea m i n i m u mo f 5 0 p o i n t sa n d m e e t a l l e l i g i b i l i t y
forfunding.
r e q u i r e m e n tisn o r d e rt o b e c o n s i d e r e d

I.
REQUIRED INFORMATION - SITE IDENTIFICATION/GENERAL PROJECT
INFORMATION

HISTORY
L Pleaseattacha detailedsynopsison the history and generalbackgroundof this site and
project(limit to 3 pages).

GENERAL INF-ORMATION

2. The Citv of SouthEucli

Applicant:

OwnersLesal Name:

Lesal Name Of Developer.if differentfrom Owner:

ProjectContactPerson Keith A. Benjamin,

Address 1349SouthGreenRoad

City So u thE u cl i d State Ohio Zio Code 44121

Phone216 I 381- 0400 Fax---216-l 381 - 0364

E - m a iI l i h e r ira m i n ' i t: e L r ci l, . l . e t r u l

Amount of Funding AssistanceRequested$800.000.00

Note: A Municipal Resolutionin support of the Project is required for funding consideration.
Pleaseattach a copy to the completedapplication.

Departmentof Development,112 HamiltonCourt,Cleveland,Ohio 44114

FAX (216) 443-12s8,
(216) 443-7260, TDD (216)443-8080
5. Name TelephoneNumber

KeithBenjamin,Dir.of Comm. Services

ProjectRepresentatives: 216.381.0400

Personin Chargeof Project:GeorgineWelo, Mayor 216.381.0400

MichaelLograsso,Law Director
City'sCounsel: 216.381.0400

ProjectFiscalAgent:Key Bank,Jeff Rink 216.689.0885

Joe Filippo,FinanceDirector
Director:
Finance 216.381.0400

RegularBankfor Business:Key Bank 216.689.0885

Lender:TBD M Cle-CuyPort Authority

Construction

Calfee,Halter& Griswold
LegalCounsel: 216.622.8200

PauI Kowalczyk
Building/HousinglZoning: 216.381.0400

Cal Caminati
Planning/Development: 216.381.0400

Director:Ed Gallagher
Service .0402
216.381

Andy Blackley,Hovancek& Associates

Engineer: 216.731.6255

SITE INFORMATION

6. Nameof Site: CedarCenterNofih

(Bldg.N.r., L*rrl"" R.i.**.*til

SiteAddress: MultipleAddresses- See Address& PPN List- Attached

Cify (or T ownship)___Se_UIh_E_UCI

d StatejQhiq_Zip Code 44121

ParcelNumber(s)MultiplePPNs- See
Permanent

7. Site ContactPerson(if different than project contact)

Address

City State Zio Code

Phone
8. Legal descriptionof site:
Attach to Application- See ALTA Suruey
9. Attach an accurateand legible site map showing locationsof prominentand relevantsite features
such asbuildings, retainingwalls, etc. (NOTE: site map shall include propertyboundaries,a north
arrow and bar scale)

10. Acresof site 12. 1002 BuildingSquareFootage______.524Q83

11. ZoninglLandUse:

A. Current: Industrial Commercial RetailXX

Warehouse Mixed-use XX
Other (Specify)

B. After Renovation: Industrial- Commercial- Retail

Warehouse Mixed-use XX
Other(Specify)
12. Economiccondition:
Squarefootagevacant9}o/o Squatefootageoccupied10%
Lengthofvacancy:
40% vacantfor 2 years
20% vacantfor 10 years
30% vacantfor 1-24 months

13. How many buildingson site?

Commercial 4 Industrial Residential

14. Is demolitionrequired? Yes

15. werebuilt: 1948-1958.1967

Yearbuilding(s)

16. Datepropertiestransferredto currentowner:(SeveralOwners) Januarl,t-December2007

17. : 16.4 million
P u r c h a sPer i c e $

III.
REQUIRED INFORMATION _ REDEVELOPMENT PLAN

18.Whataretheredevelopment projects
plansfor the site? Pleasespecifydevelopment
(business
name,siteusage,etc.).Site will be redevelopedas a mixed-useretail,office,
commercialand civic center.

currentMasterPlan? Pleaseattachrelevant
fit into theCommunities
19. How doesthis redevelopment
of theplan.Projectmeetsall recommendations
sections of the 1999 MasterPlanand the 2005
MasterPlanUodate.
18. What is the proposedend-useof the site?Mixed-UseRetail, Commerical,Office & Civic Center
(manufacturing,office, rentalhousing,mixed use,researchlab, warehouse,retail etc.)

20. What is the estimatedcost of the redevelopment? S 68,848,724

2L Whatgreen/sustainable
buildinginitiativeswill be implemented in theproject,if applicable?
(seeAttachmentC of theprogramdescription) Both Demolitionand Constructionof project
will meet a minimumof at leasttwo green/sustainable initiativesper ProgramDescription.

IV.
REQUIRED INFORMATION - COST ANALYSIS

COSTS

21. The following are requiredto evaluatecostsof redevelopment.Pleaseattachthe following. Label

eachattachmentwith the titles listed in lettersA - C below.

A. A detailedline item projectbudget.

B. An appraisalof the currentmarket (as-is)value of the property.

C. Forthcoming with Auditor Valuation

An appraisalof the valueof the site afterredevelopment.

TAXES

22. What are the properrytaxeson this property for the current year? S 460,526.22

23. What is the projectedpropertytax on the site afterredevelopment?

$ 1 .210.526.22

A. How was this fisure determined? ROICalculation

B. Who determinedit? Keith Benjamin & Je

24 What is the Annual tax impactof the projectto the community?$ 1.210.526.00
Use the Cuyahoga Counfy benefit calculator1r,.v1\,
dq-\5j11ptnell f.ctty'i
Pleaseprint and attachto application.

FINANCING
26. Are there any commitmentsfrom the municipalify or other local resourcesto contributeto
redevelopment costs?Yes.

If yes, what are they?

Sourceof Commitment DollarAmount

Tax lncrement
Financino $ 1 3 m i l l i o n( m i n )

\
V.
REQUIRED - ADDITIONAL INFORMATION

Job Creation

30. Pleaseproject the number of private sectorjobs (not constructionjobs) potentially createdby the
redevelopment of site and explainhow you derivedthe number.An estimated minimum of 218 jobs
will be created. See attached Job Creation Sheet.

APPLICATION PACKAGE ATTACHMENT CHECKLIST

I. Siteldentification/GeneralProjectlnformation
Attachments:
1. Site History/BackgroundNamative t/
2. Site Map r'
DevelopmentAgreement
6. Last three (3) years of auditedfinancialsof the generalpartnersor
controllingentity for the applicant
1. Detailedfive (5) yearproformawhich must includeall sources,ratesand term.TBD
8. Detailedprojectoperatingcostitems,depreciationandprojecteddebt service. TBD
9. Explanationof green/sustainable building initiatives(if applicable) r'
10. MasterPlan sections(if applicable) r'
I CostAnalysis r'
Attachments:
l. Line item projectbudget t/
2. Appraisal(as-is) r'
3. Appraisal(subjectto) TBD
4. CuyahogaCounfybenefitcalculation r'
ru. Job Creation r'
IV. A Municipal Resolutionin supportof the Project r'
VI. $ I 50 nonrefundableapplicationfee.
(Check or money order payableto CuyahogaCounty Treasurer.) r'

H:\COMM DE'V\CommercialRedevelopmentFund\APPLICATIONS\CM PrivateApplication.doc

 CedarCenterNofth
City of South Euclid
Cuyahoga County
Brownfield
RedevelopmentFund
WorkingProforma

Uses
SiteAcquisition $17,438,375
SiteDevelopment $ 4,830,000
Environmental
Assessment/Clean-up
$ 774,00A
Demolition $ 1,026,000
Parking
Garage $ 2,929,920
HardCosts ,113
$26,541
SoftCosts $11,324,378
Construction
Interest $ 3,834,938
Working
Capital $ 150,000
TotalUses $69,949,724

Sources PSF
Equity
Third-Party
lnvestor $10,345,137 $ 51.74
lnterim
NOI $ 2,419,858 $ 12.10
Subtotal
Equity $12,764,994 $ 63.84
DebtFinancing
CountyBRF $ 1,000,000 $ 5.00
County
CRF $ 800,000 $ 4,00
Constuction
Loan $41,283,729 $ 206.49
TIFFinancing $13,000,000 $ 65.02
Subtotal
DebtFinancing$56,083,729 $ 280.51
TotalSources $68,848,724 $ 344.35
v.
REQUIRED- ADDITIONAL TNFORMATION

Job Creation

)7 If the annlir-antintendsto developthe site aftercleanup,pleaseprojectthe numberof private

sectorjobs createdafter cleanupand developmentof site (attachadditionalpagesif necessary).

Position Title Total Number Annual Salary Per Job ExpectedHiring Date
of Jobs
Retail 116 - $30,000
$2o,ooo Summ er /Fa2010
ll
Office 72 - $40,000
$30,000 Summ er /Fa2010
ll
Retail/Office 30 - $55,000
$4o,ooo Summ er /Fa2010
ll
Manaqers

Total Number of All 218 Summer/Fall2010

Jobs Created
VI.
PROJECTSCHEDULE

Asbestos
Survey

Selective
lnterior
Equipmen
t Removal

VAP
Phase ll
Assessm
ent
VAP
Phase I
Property
Assessm
ent
Submit
NFA
Demolitio
nof
Existing
Buildings
Auditor
Valuation
TIF
lmplemen
tation
Site
Acquisitio
nby
Develope
f
Site
Preparati
on
Construct
ion
Project
Completi
on
Grand
Opening
 CedarCenterNofth
City of South Euclid
Owned PermanentParcelNumbers
for the
Cuyahoga County
Commercial Redevelopment Fund
PublicEntityApplication
(remainingPPN?are part of CC-BRF
Applicatron)

PPNs Street
Address
70423003 1386'l-13862CedarRoad
70423004 13861-13862 CedarRoad
70423005 00000CedarRoad
70424027 00000CedarRoad
70424062 '13905
CedarRoad
70424026 '13905
CedarRoad
70424029 Okalona
Road
70424028 Okalona
Road
70423006 Okalona
Road
70423007 Okalona
Road
70424024 13917-13933
Cedar
Road
70424032 13917-'1
3933CedarRoad
70424023 13917-13933
CedarRoad
70424033 13917- 13933
Cedar
Road
70424022 13917-13933
CedarRoad
70424021 13917-13933
CedarRoad
70424035 13917-13933
CedarRoad
70424034 13917-13933
CedarRoad
70424020 1r v?vOv ,? 7 O arlcr D
vvwqt
nad
t\vqu

70424036 / d 6 - A

rJYJ/UeoarKoao
70424019 13947-13949
CedarRoad
70424018 13947-13949
CedarRoad
70424037 13947-13949
CedarRoad
70424017 13947-13949
CedarRoad
70424016 13947-13949
CedarRoad
70424015 '13961
Stanhooe
Road
70424041 13961
Stanhooe
Road
70424040 1396'1
Stanhope
Road
70424039 13961
Stanhope
Road
70424038 13961
Stanhope
Road
70424014 13967CedarRoad
70424043 13967CedarRoad
70424042 13967CedarRoad