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“The goal is to put these properties back into productive use to complement the
many great businesses that have been on Lee for a number of years,” he says. “We
want to create momentum in the area. This is a focused way to do that. It’s based
on the SHDC’s track record of success. It also provides for a level of ownership and
engagement that is unique in our region with members who are able to help shape and
contribute to future real estate development in Chagrin-Lee.”
Plans call for the fund to have a nine-member board of directors which they
help elect.
Fedor says two directors of the board will be from the Chagrin-Lee community.
“Ideally, these community members will also be fund members, but that is not a
requirement,” he says.
Of the nine directors, seven will be voting directors. The two non-voting directors
will be the executive director of SHDC (in this case Nick Fedor) and a representative
from the City appointed by the mayor.
As of the date of this article, the fund is in the registration process with the Ohio
Division of Securities, and cannot offer investments until such time as the offering has
been registered. At that time, SHDC will make an announcement regarding the terms of
the fund and the manner of investing.
To learn more and for updates, visit shakerdevcorp.com. SL
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