Reporter at News 5 Cleveland
CLEVELAND — Cleveland is forging ahead on a new way to pay for major investments Downtown, hoping to kickstart long-awaited development on the lakefront and riverfront.
And taxing entities will keep getting payments based on what those properties are worth now. That means the county, Cleveland Metroparks, libraries and other organizations won’t lose any money. But they will miss out on the upside for more than 30 years. Officials expect to spend $400 million along the river, $706 million on the lakefront and $140 million in between. Much of that spending would happen over 10 to 15 years.
That vote came despite criticisms from Zach Schiller, the research director at Policy Matters Ohio, a Cleveland-based policy research organization. He questioned the city's financial and economic-impact projections and urged caution during Monday's committee meeting. Administration officials committed to regular reporting back to council, both on the TIF revenues and community benefits tied to development projects. But they stressed that one funding tool won’t solve the city’s complicated problems.
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