CLEVELAND, Ohio — Cuyahoga County’s board of control on Monday voted to grant a $500,000 low-interest loan to abate asbestos and petroleum-soaked soil at the former Margaret Ireland School in Cleveland’s Midtown neighborhood, which a nonprofit plans to use as a manufacturing startup and training hub.
The Brownfield Clean-up Loan will come from money the county’s development department obtained from the U.S. Environmental Protection Agency and go to the Manufacturing Advocacy and Growth Network, also known as MAGNET, for its work on the East 63rd Street building. MAGNET will be required to pay back the loan over the next decade, with an interest rate of 1%.
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Story excerpt provided by Cleveland.com.
Written by Eric Heisig.
Originally published June 28, 2021.