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$140,000 grant boosts plaza's revitalization
(by Sue Reid - March 28, 2012)
$140,000 grant boosts plaza's revitalization
By SUE REID
Solon City Council approved an ordinance last week authorizing the mayor to enter into an agreement with Echo Solon to redevelop the Solar shopping center under the city's growth revitalization incentive program.
Known as GRIP, the program would provide a $140,000 for the project. It is the largest GRIP grant the city has given since the program began in 2006, said Peggy Weil-Dorfman, Solon's economic development director.
She said a recent amendment made to the GRIP program allows for higher incentives for large projects, specifically for redevelopment of a core shopping center. The Solar shopping center is at the southeast corner of SOM Center (Route 91) and Aurora (Route 43) roads, with a Giant Eagle supermarket as its anchor tenant.
Giant Eagle and Echo Development are associated companies, both headquartered in Pittsburgh.
"Typically, the maximum GRIP grant is $70,000, depending on the scope and nature of the improvements," Ms. Weil-Dorfman said. "For something as large as a redevelopment of a major shopping center, we knew it would require a higher level of incentives."
She said authorization of the grant has roots in the original development agreement. "It was something that was discussed early on with the previous shopping center owners going back a couple years," Ms. Weil-Dorfman said. "When Echo came forward to do the project, that number was simply carried over."
GRIP grants are given by the city for upgrades to older vacant buildings or for retail storefront renovations.
Other revisions were made to the program specifically to include in it the redevelopment of a core shopping center or major facade renovations.
"It's something we've been talking about for a few years as a way to encourage some of the goals of the master plan, including the redevelopment of the core shopping centers," Ms. Weil-Dorfman said. "We came up with this method for helping incentivize these kinds of projects a few years ago, but we didn't act on amending the GRIP program until we had a solid project."
With the overall projected investment for Echo in the plaza is about $16.8 million, the GRIP grant is a "very small piece of it, but it's meant to encourage those upgrades that the city is seeking as far as architectural elements, including keeping with Western Reserve architectural design," Ms. Weil-Dorfman said.
The grant is to be released in three phases to Echo, and benchmarks have been written into the agreement.
The first payment of $50,000 would be given upon completion of the construction of the 11,500-square-foot, multi-tenant retail building and the exterior renovation of the portion of the shopping center that will remain. "That would trigger the first payment," Ms. Weil-Dorfman said.
The second payment of $50,000 would come following demolition of the portion of the existing shopping center and the preparation of the construction pad for the new Giant Eagle store.
The final payment of $40,000 would come basically at the end of the project, after the remainder of the existing shopping center is demolished and landscape and parking lot improvements are completed.
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