Tax incentives for new housing and MLK library branch get approval from Cleveland City Council committee

A Cleveland City Council committee recently “backed a plan to provide $4.5 million in tax incentives to help redevelop a library in University Circle and neighboring property” known as the Circle Square Development, reports. The tax-increment financing plan would allow the developer “to use money that would have been paid in property taxes to help finance construction and pay for some infrastructure upgrades,” according to the article. Main Block North, a 24-floor building with 14,000 square feet of commercial space and nearly 300 residential units and parking, “would involve investment of about $125 million.” The $61.5 million, 11-story Main Block South would house the new MLK Jr. Library branch on its first two floors and more than 200 residences on the floors above. For more, read the full article.

Economic Development, Financial Incentives, State Updates