Cleveland City Council grants 30-year TIF extension to $500M Flats East Bank project

Cleveland City Council granted the Flats East Bank project a rare 30-year extension of tax deferments, which will now last until 2070, “to help relieve some of its debt burden and open the door to more growth,” Cleveland.com reports. The $500-million development on about 25 acres along the Cuyahoga River’s east bank includes a hotel, the Ernst & Young office tower, apartments and retail and entertainment sites, according to the article. David Ebersole, the city’s economic development director, said the move is important “because it should stabilize the project and clear the way for its next phase,” noting, “the income taxes for the project are more substantial than whatever the forgone property taxes are.” For more, read the full article.

Economic Development, Financial Incentives, State Updates