The week: 6 key stories from December 13 to 17, 2021

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To their credit: A $ 5 million state tax credit will help Texas-based developers turn an empty downtown office tower into 367 apartments. The planned conversion of 45 Erieview Plaza won the biggest possible prize on Tuesday, December 14, thanks to the Ohio State Historic Preservation Tax Credit program. The 16-story building, at East Ninth Street and Lakeside Avenue, was one of Northeast Ohio’s six winners in a fierce competition. At 45 Erieview, developers Ike Bams, John Williams and Kenny Wolfe are planning a $ 102 million investment in a building that only recently became eligible for preservation aid. Statewide, the Ohio Department of Development announced nearly $ 36.2 million in awards in a round in which applicants asked for $ 86 million to revive 49 historic properties. Other local winners were the Philadelphia Rubber Works Co. Building, Akron; McKinley Park Apartments, Canton; the Consolidated Fruit Auction Co. Building, Cleveland; Iconic tavern, Canton; and the Agora Complex, Cleveland. Read the full story

Housing boost: Long-haul plans to redo part of Cleveland’s Fairfax neighborhood with mixed-income housing received a boost on Thursday, December 16, when the latest funding came through for a four-story apartment building on East 105th Street. The Cleveland-Cuyahoga County Port Authority Board of Directors has approved a bond issue proposal for the 82-unit project, the product of a joint venture between Fairfax Renaissance Development Corp. and McCormack Baron Salazar, a developer based in Saint-Louis. The partners aim to inaugurate the land in January, anticipating that the apartments will open in mid-2023. The $ 25.1 million project is the first apartment building in Fairfax Renaissance’s vision for Innovation Square, a radical transformation of the vacant land between East 105th and East 95th streets and Cedar and Quincy avenues. Over the next five years, private and non-profit neighborhood developers expect to bring hundreds of new homes – from single-family homes for sale to apartments that will allow long-time residents to age in place – into a neighborhood. immediately south of the main Cleveland clinic. Campus. Read the full story

Back to life: A new operator is preparing to reopen Westlake’s LaCentre conference and banquet hall, a 22,000 square foot venue that closed last year. Levoy Hospitality Group LLC said it has signed a multi-year lease on the space and is accepting reservations for events starting in January. Company records show the Westlake-based company formed in late September. The facility could employ 50 to 100 people when fully operational. LaCentre closed in early 2020, when the former manager bowed out. At the time, reports said the shutdown was unrelated to COVID-19, despite the pandemic’s brutal impact on the hotel sector. Read the full story

Organic development: Orrville’s JM Smucker Co. said it agreed to sell its natural and organic drinks and grain businesses to investment firm Nexus Capital Management LP for $ 110 million in cash. Sale includes the assets and trademarks of RW Knudsen and TruRoots, a licensing agreement for Santa Cruz organic beverages, and manufacturing and distribution facilities in Chico, Calif., And Havre de Grace, Md. , Smucker said Wednesday (Dec. 15). Smucker noted that the deal does not include Santa Cruz organic nut butters, fruit spreads, syrups, or applesauce. In what Smucker called a “related move” to “further optimize the operations of the Consumer Foods business,” the company said it plans to close and continue the sale of its production facility in Ripon, in the United States. Wisconsin in 2022 and consolidate production at its Orrville plant. . The sale of the natural and organic beverage and grain business is expected to close in the third quarter of the company’s fiscal 2022. Read the full story

Place your Bettor: Global investment firm KKR completed its acquisition of Bettcher Industries and has installed a new president at the Erie County-based food processing equipment manufacturer and supplier. On Wednesday December 15, KKR announced that it had reached the deal with Bettcher, which was originally announced on November 3. Terms of the purchase from MPE Partners were not disclosed. Bettcher, based in Birmingham, Ohio, near Sandusky, has approximately 500 employees. KKR said Dan Daniel, the company’s executive advisor, assumed the role of chairman of Bettcher upon closing of the deal. Daniel “will help Tim Swanson, CEO of Bettcher, set the strategic direction of the company and oversee the operational performance of Bettcher,” said KKR. In a statement, Daniel called Bettcher a “great company and iconic brand and added,” Through continued growth and accretive acquisitions, together we can make Bettcher a large-scale leader in automotive equipment. automation of food processing. »Read the full story

Report card: TransDigm Group Inc., one of the Pentagon’s largest parts suppliers, received at least $ 20.8 million in excess profits on 105 parts between early 2017 and mid-2019, according to a two-year survey of the business model of the Cleveland-based company. by the Inspector General of the Pentagon. “We determined that 150 of the 152 contracts” that the Inspector General reviewed “were not obtained at fair and reasonable prices” and “we found that the excess profit levels ranged from 2.8% to 3 850.6% ”against the“ maximum profit percentage standard for this audit of 15%, ”according to the report released Monday, Dec. 13, first obtained by Bloomberg News. Roxanne Banks, deputy director of acquisitions at Defense Logistics Agency, wrote in the report that the agency would seek to recover the excess funds from the company. TransDigm responded by saying that the report “makes it clear that there has been no wrongdoing on the part of TransDigm, its companies or the DoD. ”The company said the report“ presents the profit percentages in a misleading and provocative manner. This includes calculating profits as a percentage of costs rather than a percentage of revenue – the internationally recognized method and business standard. “Read the full story

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