Canton Council Restructures Village Loans for Water Park, DoubleTree

CANTON, Ohio (News Talk 1480 WHBC) – Canton City Council agreed Monday night to restructure two loans made to the Hall of Fame Village.

The loans total $8.5 million.

One was to renovate the DoubleTree hotel downtown.

The other one to build the Village water park and for other infrastructure projects.

Now the loans have been extended out to the year 2046, with the interest rate for both set at five-percent.

Mayor Bill Sherer says it will help the Village and their financial resources in the short-term.

But he says the city will make an additional $3 million by the end of the loan terms.

The interest rate for the hotel loan had been 0.5-percent.