CHAGRIN FALLS -- Success is brewing in Chagrin Falls and three high school buddies couldn't be happier about their dream project coming to fruition.
On Friday, more than 120 people gathered to watch as construction equipment took the first whack at one of the buildings. Now, know that what is being saved and renovated is all historic but one or two non-historic buildings are being removed to create a parking area.
Spillway LLC is a development group led by three Chagrin Falls residents -- developer Bob Darden of The Darden Group; Darren Wyville; and Chagrin Falls firefighter Bill Phillips.
The trio will preserve and renovate as many of the existing 28 buildings in the complex as they can.
"There's going to be two restaurants, very family friendly, a microbrewery with a tap room to sample the beers. We're going to have a small theater for small concerts and movies, plus office space," Darden said.
Redeveloping a part of history has its advantages. The property was placed on the National Historic Registry and recently received a $1.65 million tax credit. The demolition and reconstruction work is under way.
They anticipate, with all the businesses coming in, about 100 jobs to start, permanent jobs, and, during the construction, they will probably have 75 construction jobs over the 12-month schedule.
Spillway is also hoping to get what is known as a "gap loan" from the Cuyahoga County Economic Development Department.
A "gap loan" is an amount that a company creating jobs can request when creating jobs. It is called the "gap loan" because it fills the gap if financing needed to complete projects.
An Economic Development Loan provides businesses with financial assistance to support the retention and creation of jobs for Cuyahoga County residents. The fund provides long-term, fixed-rate financing at interest rates lower than conventional financing. The interest rate is typically 4.25 percent.
The fund is intended to fill a financing gap beyond the amount of private participation and equity investment that can be raised.
Loans generally range from a minimum of $35,000 to a maximum of $350,000, up to forty percent (40 percent) of total project cost. Loan terms are up to seven years on equipment and up to 15 years on land and building.
Loans can be used to finance the acquisition of land, buildings, machinery and equipment as well as for new construction, renovation, expansion and/or conversion of facilities. Loans cannot be used to refinance debt, purchase inventory, pay other non-capital costs or on speculative projects.
The aim is to keep the historic feeling throughout the complex.
The paper mill began its life back in 1858 and was most recently occupied by Ivex.
Chagrin Falls is a destination place. The developers just want to make that star a little bit bigger and include this project.
The Spillway Plan calls for renovation of the existing structure to create the following:
- Mill Pond Lounge
- Outdoor Plaza
- Boardwalk and Art Area Multi Purpose Room
- 16,000 square feet of Office Space
- Venue for visual and performing arts in its theatre and open spaces.
- Educational source by providing the history of the last standing example of industrial Chagrin Falls.
Spillway developers are hometown boys raised in Chagrin Falls, but at the same time, they are successful business leaders that have statistics to back their belief in this project.