(Cleveland) – Cuyahoga County Council has approved two proposals that will receive funding from the Casino Revenue Development Fund to assist with downtown projects.
To date, Cuyahoga County has collected $4.9 million in fund proceeds, and expects to collect a similar amount before the end of the year.
The first investment, a $1.5 million loan, will assist with the conversion of the East Ohio Gas Building. This $65 million project will include 200 market rate apartments and address pent-up demand for downtown living.
Additionally, Flats East Bank will receive another $1.5 million loan to complete Phase II of the Flats Residential Tower. With a total project costs nearing $130 million, the completed project will include over 200 market rate apartments, and new retail and dining options along Cleveland’s lakefront.
“It’s essential that we invest this money back into downtown Cleveland and keep the momentum going for future projects.” said Ed FitzGerald, Cuyahoga County Executive.
“Downtown is the county’s number one job center. 75% of downtown workers bring a paycheck home to a residence outside the City of Cleveland; concentrating strategic investments downtown reinforces downtown’s growth and strengthens the entire county.”
“Cuyahoga County is supporting our long and highly-focused effort to make all of Greater Cleveland proud of the Flats East Bank,” says Adam Fishman of Flats East Bank. “This unique project will result in a new waterfront neighborhood that will be eclectic, fun, and visually stimulating,” says Fishman.
Cuyahoga County is the only recipient of gross casino revenue funds to dedicate 100% of those funds to support economic development.
Cuyahoga County developed the Casino Revenue Development Fund to have a flexible funding source dedicated exclusively for enhancing Downtown Cleveland development. The fund – unique in Ohio—complements other efforts to attract residents, businesses and nightlife to downtown.
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(Copyright © 2013 by Clear Channel, all rights reserved. Photo by Ken Robinson/WTAM 1100.)