The Lake County Land Reutilization Corp., also known as the Lake County Land Bank, recently said that it had learned that the Ohio Department of Development had approved the entirety of their application for funding under Gov. Mike DeWine’s Demolition and Site Revitalization Program.
The project was designed to aid local communities in demolishing outdated office and residential structures and revitalizing neighboring properties to draw in investments, companies, and employment.
DeWine said in a news release that there are sites all around Ohio that are ideal for rehabilitation, but the expense of demolishing the dilapidated buildings in these locations is impeding the creation of new economic prospects. “We are investing in the future of our residents and our communities by helping to remove this blight,”
Additionally, the joint venture helps the affected regions to draw in new business. The funding for projects will come from set-aside awards that were already announced for each county this year, according to officials.
In addition, fifteen counties will receive $22.6 million in additional program funds to cover demolition costs that exceed the sum of the initial set-aside payments. The initiative will give out roughly $150 million in subsidies overall for redevelopment and demolition projects all over the state.
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Land Bank Executive Director John Rogers stated, “Upon evaluation of the 30 land banks around Ohio mentioned in the department of development’s allocations, we are set to earn a total of $1,214,663, ranking it fourth overall among the award recipients issued statewide.
“These monies, along with the $178,667 matching contribution we are obligated to provide, will result in a total project expenditure of $1,393,330.” With one each in Leroy Township and Wickliffe, there are sites in Eastlake, Mentor, Mentor-on-the-Lake, and Painesville.
Another building, situated on Waldmer Drive in Eastlake, had previously been listed in the program application, but Rogers said that it has since been deleted since the city and the home’s owner have agreed to the house’s upcoming renovation. Furthermore, he continued, six buildings have been demolished, the most recent being the Provo House on Euclid Avenue in Wickliffe.
According to Rogers, “two additional buildings are soon to be demolished, and the Land Bank continues its successful practice of leveraging existing resources to obtain a high return on investment, in efforts to support the many towns in Lake County with the removal of dilapidated buildings.
“This funding was special because it allowed me to work with a for-profit organization to assist in the regeneration or redevelopment planned along Mentor Avenue, which was undoubtedly a first during my time here.”