Developers of Cleveland’s Flats East Bank propose new community authority

Cleveland City Council is currently considering a developer’s petition to establish a new community authority in the city’s Flats East Bank waterfront project, reports Among other things, the new community authority could impose community development charges on the property in the project “to pay for future improvements and maintenance.” The Wolstein Group and Fairmount Properties, as developers of the project, have proposed a 1.5 percent sales tax, a 2 percent parking tax, and a 2 percent bed tax in addition to the city’s existing tax rates; they would expect to raise about $30 million over the 30-year term of the new community authority. While a draft of their petition “provides a broad outline of possible uses for the money” that includes advertising, festivals and community events, security, and operating costs, among others, some council members “were concerned that the legislation did not adequately specify how the developers could spend the money.” The request was sent back to the council’s Finance Committee for further review. For more, read the full article.

Regional Updates