Cleveland – Dec. 14, 2023— The Port of Cleveland Board of Directors has approved the issuance of up to $6 million of bonds to help finance the more than $33 million Grand River Walk, a project which will transform and revitalize downtown Painesville.

The project is expected to include a five-story mixed-use building with 120 residential units, 18,760 square feet of ground floor retail space and 69 covered parking spaces. On December 4, Painesville City Council voted on the finalization of a Cooperative Agreement to facilitate the urban redevelopment tax incremental financing (TIF), which has already been approved by the local school district. The Port of Cleveland will enter into a Cooperative Agreement with the Lake County Ohio Port and Economic Development Authority to use its bond fund to facilitate the project financing.

“We are thankful for the help from the Port, Painesville City Council and the Painesville City Local Schools Board” said Michael Vidmar, Director of Acquisitions for Marous Development Group. “This is a critical piece of the financial package needed to make this large development happen. Lake County is home for our company, so this transformational project is particularly important for us.”

“The Port is happy to use our bond fund to monetize the TIF and help with the financing for Grand River Walk,’’ said Rhonda Winslow, Vice President of Development Finance for the Port of Cleveland. “We believe this project will help spur further investment in downtown Painesville.”

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