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Panel: Tower City Convention Center/Medical Mart site is cheaper

9:49 PM, Aug 4, 2008   |    comments
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That's what a panel evaluating and crunching the numbers is expected to tell Cuyahoga County Commissioners.

Forest City downsized and made over its proposal in recent weeks. The revised cost is about $460 million. The lower figure makes it the panel's recommended location.

The cost to put the project at the present Convention Center location is far in excess of $500 million, topping out at between $560 million and $610 million.

The site has special problems including groundwater that would soak up lots of money because of more costly, deeper digging.

Both figures are over the $400 million dollar maximum project cost set by Cuyahoga County Commissioners. That's the amount projected to be raised by the quarter percent sales tax already being collected.

Commissioners say any project costing more than that will need more money from the private sector or may require building at a different site.

Commissioners will make the final decision on location.

Both commissioners and the Chicago Merchandise team behind the project pledge it is going forward, despite the cloud cast over county government by last week's FBI raids and corruption probe.


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