Lakewood considers TIF for $43M “watershed” redevelopment projects

An estimated $43 million redevelopment of two now-vacant car dealerships in the heart of Lakewood would create 280 apartment units, commercial retail space and parking, in what would be a “watershed project” according to City Council president Daniel J. O’Malley, Cleveland.com reports. Lakewood City Council is expected to approve tax increment financing (TIF) incentives “as a catalyst to bring the large mixed-use projects to fruition,” according to the article. Shawn Leininger, Lakewood Director of Planning, estimated the redevelopment of the sites would result in $1.6 million in annual property taxes and “residents of these developments will generate “$70,000 to $100,000 in new income taxes annually per year for each development.” Bricker & Eckler LLP serves as counsel to the City in connection with these projects. For more, read the full article.

Economic Development, Financial Incentives, State Updates