Fri. Sep 29th, 2023
DoubleTree by Hilton Canton Downtown
  • The Cleveland-Cuyahoga County Port Authority on Sept. 7 approved issuing $3.56 million in bonds.
  • The bonds will be repaid from tourism development district revenues.
  • The village used the Cleveland-Cuyahoga County Port Authority because its credit rating is expected to result in a lower interest rate.

CANTON − Hall of Fame Resort & Entertainment Company, which operates Hall of Fame Village, will reduce its debt by refinancing the DoubleTree by Hilton Canton Downtown.

The overall refinancing package is expected to reduce the principal amount on the outstanding construction loan from $15.3 million to $11 million.

The Cleveland-Cuyahoga County Port Authority agreed Sept. 7 to issue $3.56 million in bonds that will be repaid by tourist development district taxes collected on the hotel. The village has so far not disclosed the revenue collected from the district.

The money will go toward issuance costs, the village’s 10% primary debt service reserve fund and a portion of the principal of the hotel’s Erie Bank construction loan.

By Admin