LORAIN — A $7.1 million borrowing plan is a price worth paying for waterfront development, Lorain and FirstEnergy Corp. officials said at Monday’s City Council meeting.
Council unanimously approved the 25-year plan to purchase a 1.73-mile parcel from FirstEnergy at and around the Edgewater substation at 200 Oberlin Ave. The money will help pay FirstEnergy for removal of electrical lines that city officials said have hampered development.
The cost of the loan will be paid for with expected revenue from 450 new jobs at Republic Steel tied to a new electric arc furnace Republic is building. FirstEnergy will power the furnace and provide electricity for Lorain residents with a new substation at Clifton Avenue and West 30th Street.
“We can keep doing what we’ve done or give the waterfront a true chance for development,” Mayor Chase Ritenauer said prior to the approval. “The cost for progress doesn’t come cheap. The cost is high, but I would say the alternative is worse.” - See Tuesday’s Chronicle-Telegram for the full story.
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