Renaissance Cleveland Hotel awarded $9.1M in TIF bonds from port authority
The Cleveland-Cuyahoga County Port Authority has approved “$9.1 million in tax increment financing [TIF] to help the owner of the Renaissance Cleveland Hotel-Marriott complete its years-long renovation,” the Cleveland Business Journal reports. The port authority approved the TIF bonds for the Toronto-based developer Skyline International Development that acquired the historic hotel in 2015 for almost $20 million, according to the article. Selling TIF bonds to investors “provides up-front money for developers who ‘repay’ investors over time by paying higher taxes in their improved property.” The $9.1 million in TIF bonds was “in addition to up to $20 million in TIF bonds” the port authority approved “almost a year ago.” Renovation costs have increased to $74 million on the project “as new features have been added, including new windows.” The hotel is expected to be rebranded as Hotel Cleveland when it reopens, in a return to its former name “that once was marked by an iconic sign on top of the building.” For more, read the full article (subscription may be required).
