Workers remove trees and brush from the hill between Main Street and Latimore Street in Painesville on Oct. 24. According to a city news release, the clearing work is being completed during Oct. 23-27 to prepare for utility work for the planned Grand River Walk mixed-use development and city amphitheater. (Bryson Durst — The News-Herald file)

The Port of Cleveland Board of Directors recently authorized a bond issuance for the Grand River Walk development in downtown Painesville.

A Dec. 14 news release stated that the approval allows the port agency, also known as the Cleveland-Cuyahoga County Port Authority, to issue up to $6 million in bonds for Marous Development GroupÔÇÖs $33 million project.

The decision came after Painesville City Council unanimously approved a cooperative agreement between the city, port agency and Grand River Walk LLC on Dec. 4. City Manager Doug Lewis said at the time that funds raised from the projectÔÇÖs tax increment financing district will be used to pay the project bond.

ÔÇ£TIF districts allow taxes associated with any increased value in property to be used for public improvements like new roads and infrastructure upgrades,ÔÇØ stated the city website.

A modified TIF compensation agreement was approved by council and the Painesville City School Board earlier in 2023. To incentivize development, the agreement exempts the developer from TIF service payments for 15 years and returns a portion of the payments to the developer in the following 15 years.

ÔÇ£We are thankful for the help from the port, Painesville City Council and the Painesville City Local Schools Board,ÔÇØ Marous Director of Acquisitions Michael Vidmar stated in the news release. ÔÇ£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.ÔÇØ

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

In a related measure, the Port of Cleveland also announced a cooperative agreement with the Lake Development Authority. LDA Public Finance Director and Chief Financial Officer Patrick Mohorcic said that the agreement allows Port of Cleveland to lend to a project in Lake County.

ÔÇ£We are happy to help partner with other port authorities to provide additional incentives to our local businesses and communities,ÔÇØ Mohorcic said. ÔÇ£This is a great partnership with Cleveland-Cuyahoga County Port Authority and Marous Brothers to bring a new investment into the heart of downtown Painesville.ÔÇØ

Grand River Walk is expected to include 18,759 square feet of commercial retail space on the ground floor and 30 units each on the second through fifth floors, developers said in April.

The ground floor was expected to include an approximately 5,000-square-foot lobby for residents that will provide a fitness center, mail room, meeting space, kitchenette and pool table, explained Marous Development Group Director of Development Jon Sines at the time. An elevated outdoor terrace will provide residents with a pool and barbeque space.

Other proposed architectural features include a retaining wall facing the river, a public terrace space that may be used by restaurants and retail establishments, an attention sign on the ground facing East Main Street and a parking lot with ÔÇ£heavy landscaping,ÔÇØ added Vocon principal Denver Brooker.

Grand River Walk is being developed at 257 Main St. The site is located on a hill near the Grand River and the entrance to Kiwanis Recreation Park.