Public/private partnerships fueling economic development surge in Painesville

Painesville is experiencing a “surge in economic development” largely due to public/private partnerships, according to City Manager Doug Lewis, Cleveland Magazine reports. Lewis said “the city is laying the groundwork to attract developers” by “creating concept plans for available properties, passing more business-friendly legislation, making infrastructure improvements and establishing an economic development fund,” according to the article. The city has also used tax increment financing (TIFs) in strategic districts. “Working together benefits everyone. . . .[i]n the 13 years I have been with the city, I have not seen as much interest in development as we have seen recently,” Lewis said. One of the biggest projects is the redevelopment of a former Chase Bank property into dormitories for Lake Erie College, “funded through a $14.5 million investment from the developer, along with several outside grants.” For more, read the full article.

Economic Development, Financial Incentives, State Updates