The Port of Cleveland expects to issue $113 million in bonds to help fund construction of a Amazon fulfillment center in Euclid, Ohio.
The port's board signed off on the transaction to undergird a $166 million project. SunTrust bank will purchase the bonds, and Amazon will pay them off over 21 years.
The Port of Cleveland is acting as a middle man in the transaction as they are fostering maritime activity and supporting economic development. The agency will issue the bonds at no risk to its or the taxpayers.
The Euclid fulfillment center is anticipated to be completed during the first half of 2019. The building will house more than 1,000 full-time employees.
The new fulfillment center will be replacing the Euclid Square Mall. Crushed up concrete from the mall will be reused on the side. Steel and other scraps will be recycled. Vertical construction is likely to start in April.
To read the full original article, please click here.