Cleveland’s Steelyard Commons is expected to generate significant economic benefits to support job creation and local neighborhood services. The project will capture some of the estimated $600 Million that Cleveland residents spend on general merchandise annually outside the city’s borders. Economic benefits include:
  • More than a $90 Million private capital investment
  • 1,800 F.T.E. (Full Time Employee) jobs providing $36-$45 Million annually in payroll
  • $700,000-$900,000 annually in payroll taxes to the City of Cleveland’s General Fund
  • More than $3 Million annually in real estate taxes to support neighborhoods
  • $1.6 Million annually to the Cleveland Municipal School District
  • No Public Subsidy from the City of Cleveland
In addition, the City of Cleveland and Steelyard Commons are in dialogue regarding creating a T.I.F (Tax Increment Financing) bond issuance devoting the City’s share of the incremental tax revenue to generate an approximately $15 Million Fund to be used by the City for a variety of purposes including:
  • $4-$5 Million towards the extension of the Towpath Trail to Canal Basin Park
  • Land acquisitions for land banking and public use
  • Assisting the revitalization already underway in the Industrial Valley and neighboring areas including Tremont, Ohio City, Old Brooklyn, Flats Oxbow and Clark-Metro neighborhoods
  • No money generated will subsidize any project costs for Steelyard Commons

- Mayor Jane Campbell
 
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