Canton City Council taking measures to fund Hercules loan

Council members have accepted a $2 million loan and can vote next on issuing bonds for growth on the former Hercules Engine website.

By Kelly Byer ?Repository staff author
CANTON Canton City Council's upcoming phase for any $2 million loan to Hercules improvement is a vote to difficulty and sell bonds.

The council on Monday heard the second of three readings with regards to the bonds, as well as vote regardless of whether to issue bonds to support the loan should really happen in the council's subsequent regular meeting.
Council members on Oct. 31 unanamously accredited a $2 million loan to the firm, refered to in city paperwork as Historic Hercules or Broadview Development, in search of to renovate the former Hercules Engine web site. Robert Timken, of Cormony Growth, and investors have attempted to develop the property due to the fact 2005.

Construction totalling about $28 million is underway on 90 market-rate apartments, and future programs may perhaps involve retail, workplace along with other business area.

The city's $2 million loan is contingent on repayment of Canton's loan on the Historic Onesto Lofts, which may be returned as early as the end of this month. City officials have explained they intend the $2 million to become a revolving loan for economic improvement during the city.

Hercules developers agreed to ensure the loan.

Council members final week also waived city needs that were overlooked just before the project began. In the City Arranging Commission meeting in October, a problem was raised with regards to the Certificate of Appropriateness - Canton's requirement prior to demolishing or altering a historic landmark.

City documents state that the Setting up Commission reccomended City Council waive the requirement, which could have temporarily halted perform, since the Setting up Division has issued more than $130,000 in permits and Hercules developers will adhere to stringent rehabilitaiton requirements for state and federal historic tax credits.


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