How Much Will It Cost to Keep Dealer Tire in Cleveland?
Dealer Tire LLC is looking to relocate and expand its home base in Cleveland, Ohio, and the city council is considering financial incentives worth $6.5 million in an effort to keep the tire dealer in the city.
The loans and grants will allow Dealer Tire to move into a four-story building at 7012 Euclid Ave. Known as Victory Center, the site was built in 1917 and includes just under 166,000 square feet.
City council committees are considering multiple ordinances as part of the project. Here’s a breakdown of the funding options:
- Dealer Tire would receive a $1 million grant to partially offset the business’ relocation expenses.
- Victory Midtown LLC, the building owner, would receive a $500,000 loan to partially offset demolition and asbestos removal costs, as well as a $1 million grant to help with site improvements.
- The city’s economic development office would apply for a $4 million loan from the U.S. Housing and Urban Development to partially finance the construction of a parking garage on the site.
Dealer Tire is a national distributor of tires to franchised new car dealers. For more information, visit www.dealertire.com.