Mayor Justin Bibb and Dan Gilbert's real estate company plans to create a framework to guide re-development of the eastern bank of the Cuyahoga River and Tower City.
Cleveland intends to strike a development agreement with Bedrock for its plan to remake Tower City and the eastern bank of the Cuyahoga River.CLEVELAND, Ohio – The city of Cleveland andredevelop Tower City and much of the eastern bank of the Cuyahoga River in downtown Cleveland.
The plan could require an estimated $400 million to $500 million in public infrastructure improvements, and Bibb is considering how city taxpayers might chip in, on top of possible state or federal contributions.Cleveland eyes broad funding plan to help remake waterfront along Cuyahoga River, Lake Erie
-Which infrastructure improvements are necessary, and how much they would cost. This would include improvements to the bulkheads along the river.The planning process is also expected to inform the kinds of community benefits Bedrock will be asked to deliver in exchange for taxpayer incentives, such as publicly accessible amenities on the river, and construction jobs for Clevelanders and minority- or women-owned businesses.
A large portion of the TIF district money would be used downtown, to facilitate Bedrock’s plans, and plans to remake the Lake Erie waterfront near Cleveland Browns Stadium. But some of the money captured by the TIF process would also go to neighborhoods across the city, for upgrades to parks and recreation centers or other similar needs, Bibb’s development chief, Jeff Epstein, told council last week.
Council President Blaine Griffin on Monday wanted assurances that some of the district TIF money would also benefit neighborhoods outside of downtown. If it doesn’t, Griffin said, it would amount to a “self-licking ice cream cone.” “Developers are like sharks in our neighborhood,” Santana said. She asked city officials to come up with a plan to boost homeownership and guard against such outcomes.
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