Cleveland is pursuing a tax-increment district financing plan to help pay for Bedrock's plans and separate plans for the Lake Erie waterfront.
around Cleveland Browns stadium, Jeff Epstein, the city’s chief of integrated development, told a City Council committee on Tuesday.
the near West Side would be included, Epstein said. Regardless of the territory, future increases in property taxes within those boundaries would go into a public improvement fund, which would then be used to pay for public infrastructure upgrades, including those needed to see through plans for the riverfront and lakefront.
While TIFs for individual projects are nothing new in Cleveland, the district approach is. But Epstein said it’s been used to great success elsewhere in Ohio, including in Columbus, which enacted a TIF district for its downtown in 2008, generating $11 million to date. Another example is the Easton shopping center in Columbus, and Rockside Road in Independence, he said.
Bedrock’s plans for Tower City and the riverfront below it along Canal Road amount to what developers envision as a long-term, $3.5 billion, 35-acre project that offers connections to Public Square, 12 acres of public access to the riverfront in the form of parks and other amenities, housing, office buildings and entertainment space.
City officials on Tuesday said they don’t have estimates for whatever additional funding will be needed to complete the separate matter of redeveloping the lakefront near the stadium, and they weren’t ready to provide estimates for how much a district-wide TIF in downtown and the near West Side would generate.
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