Western Reserve Building owners request tax incentives for $13M renovation

The owners of the historic Western Reserve Building in Cleveland’s Warehouse District are asking for tax incentives for the $13-million renovation of “more than 40,000 square feet of space used by a marketing firm,” Cleveland.com reports. The proposed 30-year tax increment financing district would allow the building’s owners “to put money toward paying down debt and renovations instead of property taxes” without affecting revenue for Cleveland schools, according to the article. The plans include upgrading ductwork and elevators as well as renovating the large space. For more, read the full article.

Financial Incentives, State Updates