Negotiations with Merchandise Mart Properties Inc., or MMPI, have been going on since Cuyahoga County's Commissioners implemented a sales tax increase they said would pay for the convention center side of the project. Deal broker Fred Nance say they expected MMPI to put up at least a portion of the investment capital for the medical mart, and as of last week the company had failed to make that commitment. So they extended their deadline with the hope of keeping the proposal alive. After a four-hour meeting Tuesday with Merchandise Mart officials, Nance says negotiations are moving forward.
Fred Nance: We had constructive discussions. They put some things on the table for the very first time. I'll just say that they warrant our continuing the discussions. We're exchanging some things in writing. At least I'm expecting a proposal from them today.
Nance says other companies have expressed interest in picking up the project, and that may prove to be an effective bargaining chip. Even if they don't reach an agreement with MMPI, Nance says he's confident the project will still happen.
Tasha Flournoy, 90.3.