Cleveland Flats East Bank project could be first to secure rare TIF extension

Developer Scott Wolstein is hoping his downtown Cleveland Flats East Bank project could be one of the first to take advantage of a recent change in Ohio law that lengthened the potential lifespan of tax increment financing (TIF) incentives, Crain’s Cleveland reports. The Flats project “is 11 years into an existing, 30-year TIF agreement with the city and the Cleveland Metropolitan School District,” according to the article. Under the extension, the current terms would remain in place until 2040, at which time the school district would stop participating and would receive “payments based on the full value of the $500-million-plus project.” The extension would enable Wolstein to “refinance existing bond debt on the project in order to catch up on payments to public and civic lenders.” For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates