RENEWAL PASSED
The renewal amounts to less than $3 per $100,000 in assessed home value — in order to maintain funding for capital expenses and general operations at the Port of Cleveland, which provides 20,000 jobs across the region, officials said.
First passed by voters in 1968, the Port Authority levy, which generated $3 million last year, remains a critical funding source because of the matching state and federal grant money it helps bring. Although the Port of Cleveland is commonly associated with shipping, logistics, heavy industry and cargo, the Port Authority has been an integral part of multiple economic development initiatives in recent years, notably the East Bank Flats and the upcoming Irishtown Bend stabilization project. The financing arm of the Port Authority has provided the needed underwriting.
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