Lorain Council Approves Purchase Of Pellet Terminal
May 21, 2002 at 4:36 PM EST - Updated July 30 at 4:30 AM
LORAIN, Ohio (AP) - The city council has approved the purchase of 19½ acres of waterfront land that has an iron-ore pellet terminal that will be taken apart and reassembled 26 miles away in Cleveland.
The council voted Monday night to approve the purchase of the Lake Erie waterfront site from International Steel Group. The council agreed to issue $3.2 million in temporary notes to pay for it.
Mayor Craig Foltin said the city must make interest payments of $80,000 per year and will use federal block grant funds.
The pellet terminal structure and equipment will be sold to the Cleveland-Cuyahoga County Port Authority and will be reassembled in Cleveland closer to ISG's steel mill, formerly operated by LTV Steel.
Foltin said cleaning up the site will take from three to five years. The city hopes to develop the land.
(Copyright 2002 by The Associated Press. All Rights Reserved.)