City of Lakewood, Ohio

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FOR OFFICIAL INFORMATION CONTACT:
City of Lakewood, OH
Community Relations Office
(216) 529-6650

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The Cliffs Development Project

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Project Facts
Developer:	Foran Montlack Development LLC - a limited liability company that has Patrick Foran, Rick Foran, Michael Montlack and George Zamecnik as members.
Use:	Residential Development and a 50 boat dock marina. Plans call for at least 40 high-end new residential homes terraced into the Rocky River Valley off Sloane Avenue totaling 110,000 square feet.
Value:	Current Estimated Market Value - $530,800 Projected Estimated Value upon completion - $19 Million
Project Site:	Former seasonal marina and two private residences located near the west of Sloane Avenue descending into the Cuyahoga River Valley bordered on the south.
Size:	Approximately 1.6 acres
Timeline:	Projected 4 Year build-out period

Project Financials
Public Financing:	Approximately 9% of completed project value
	Proposed Tax Increment Financing for Public Improvements:$2.00 million in net proceeds generated by a bond issuance. (land acquisition and site preparation)
Private Financing:	Approximately 91% of completed project value
	Developer secures private financing for remainder of project, which will have an estimated market value upon the completion of all phases of approximately $19 million.