Council to Vote on Sale of Land to Portage Crossing Developer for $3.7 Million

City Council will decide May 13 whether it agrees to changes to the terms of sale for the planned Portage Crossings development. 

The Falls News Press reports there are three major changes:

• Using admissions taxes generated by the Cinemark movie theater planned for Portage Crossing, Stark Enterprises will receive an economic development grant of no more than $129,600 annually for 10 years. If the admissions tax is higher than $129,600, the city will keep the surplus. In the 11th year, 100 percent of the admissions tax money will go to city coffers;
• The city will provide Stark Enterprises an electric reimbursement in an amount not to exceed $50,000 annually for 10 years for electric usage in areas such as parking lots and sidewalks. In November, it was originally proposed to provide a reimbursement of $70,000 annually for 15 years; and
• The date for closing on the property is now June 30.

Stark Enterprises wants to build a major retail development at the State Road location on 25.29 acres. Cuyahoga Falls wishes to sell the land that it purchased when it was blighted to Stark Enterprises for $3,793,500. 

The Falls News Press reported during the May 6 meeting when the developer presented its site plan, Councilwoman Carol Klinger (R-At Large), said the developer's "after" pictures are "prettier" than the "before" pictures, "but it's coming at a $20 million cost."

For more information, read the entire Falls News Press story.