Three Cleveland redevelopment projects approved for financial aid packages

Cleveland City Council approved tax incentives for two redevelopment projects in the city and approved a special assessment for a third project, Cleveland.com reports. Council approved tax increment financing (TIF) valued at $1.7 million over 30 years for the Inspirion Group’s “plans to create more than 400 apartment units” in a $43 million project that will include commercial space on the ground level, according to the article. Mavrek Development also received a tax increment financing package, valued at about $1.2 million over 30 years, for its plans to “build 171 new apartments”; neither TIF deal will affect tax revenues for Cleveland City Schools. Cleveland Rocks Holding, LLC “plans a multifaceted redevelopment of a former Masonic Temple” that will include a rock-climbing gym, other fitness facilities, office and commercial space. Council approved a special assessment “to support green energy installations” for plans to invest about $500,000 in LED lighting, energy efficient controls for heating and air conditioning, among other improvements. For more, read the full article.

Economic Development, Energy Efficiency, Financial Incentives, State Updates