Tuesday, November 06, 2007
Joe GuillenPlain Dealer Reporter
The downtown site Cuyahoga County bought two years ago for a new administration building is officially up for sale.
Bidding for the old Ameritrust complex at East Ninth Street and Euclid Avenue will open at $35 million, equal to the amount spent on the project so far, officials said Monday.
Previous estimates of the county's financial commitment to the project exceeded $35 million because appropriations were included with actual expenditures, officials said.
Commissioner Tim Hagan was adamant the county will not lose money if the property is sold to a private developer.
"We're not going to give the site away without getting what we've got in it - period," Hagan said.
Some who criticized the project as wasteful said breaking even would be the best outcome for a previous bad decision.
"It's embarrassing," said Bay Village Mayor Deborah Sutherland. "I see no reason to throw good money after bad, so if they need to cut their losses, so be it."
County officials said Monday they are preparing documents to accept bids for the property, which they originally bought for about $22 million. The county's other costs include contracts to remove asbestos and to manage the project.
The request for proposals should be finished in the coming weeks. The for-sale property will include the Ameritrust Tower, which had been slated for demolition to make room for the county headquarters.
The commissioners opened the door to selling the property weeks ago, bringing into question their initial decision to embark on such a vast and expensive plan despite the county's ongoing financial struggles.
Tuesday, November 6, 2007
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