CANTON, Ohio (News Talk 1480 WHBC) – Canton City Council has unanimously agreed to provide a $3.5 million loan to Johnson Controls Hall of Fame Village, the new owners of the McKinley Grand Hotel in downtown Canton.

The .5% interest loan will not involve monies from the city’s income tax.

Instead, the 7- to 10-year bond will be funded by fees from the city’s coffers.

The company is buying and remodeling the Market Avenue S hotel, hoping to have it open for Hall of Fame Enshrinement Festival activities next summer.