First Church of Christ Scientist Lakewood.jpg

Roundstone Management insurance company has applied for a $50,000 economic development loan from the city of Lakewood. The company plans to use the money to rehab the old First Church of Christ Scientist building on Detroit Avenue, pictured above, where it wants to relocate its headquarters from Westlake.

(Chanda Neely, cleveland.com)

LAKEWOOD, Ohio -- Roundstone Management, a Westlake insurance agency, has applied for a $50,000 forgivable economic development loan from Lakewood to renovate the old First Church of Christ Scientist building as a new headquarters.

Roundstone wants to move 50 employees from Clemens Road in Westlake to the historic building at the corner of Detroit and Arthur avenues. The old church, most recently Maxxum Group offices, has been vacant since 2009.

The company plans to use the four-year loan, and invest another estimated $500,000, for improvements to the building. The loan is tied to job development, Lakewood Mayor Michael Summers said.

Roundstone representatives declined to talk about details of the sale or the purchase price, because the deal is still pending. The company is set to close on the property Jan. 15.

"We are under contract for the purchase of the building and still evaluating the property for suitability," company President Michael A. Schroeder said.

The property at 15422 Detroit Ave. is valued at $1.3 million, according to Cuyahoga County records.

Roundstone chose the location "because of the character of the neighborhood, the unique building architecture and space, and the technology infrastructure offered by the city of Lakewood," Schroeder said.

The city offers high-speed fiber optic Internet and communications system for businesses, schools, and Lakewood Public Library.

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California Phone Inc. owns the property. It bought the building from the church in 2002 for $1.5 million.

To be final, City Council must approve the loan.

City Economic Development Director Dru Siley wrote in a letter to City Council members: "This is an opportunity to help protect the property, and secure the future stability of the former church site currently designated as a historic property."

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