mixed-use development

Bedrock Riverfront Wins Greater Cleveland’s only TMUD

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It seems $100 million doesn’t go as far as it used to. At least it didn’t today when the Ohio Tax Credit Authority awarded $100 million in Transformational Mixed Use Development (TMUD) tax credits to just nine projects statewide. Northeast Ohio won two — Greater Cleveland got just one of those. And that was the last of four rounds of TMUDs authorized by the Ohio General Assembly unless some previous awards aren’t used and are made available.

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Taking steps toward a more walkable Cudell

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Unfortunately, there are many places in Cleveland where crossing a wide, busy street is like being the frog in the video game Frogger. But having that be the case at the front door to a rapid transit station reduces the usage of that station. And it reduces the potential for that station to spur the development of housing, jobs and services within a short walk.

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McCafferty Center site to be senior housing

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Affordable housing developer Pennrose, LLC. is looking to build on the success of its other Cleveland-area projects with its next venture, this time on the city’s west side. The national developer is partnering with Ohio City Incorporated (OCI) to construct a 72-unit apartment building geared towards seniors and charging rents between 30 percent and 70 percent of the area’s median income.

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City seeks future TIF funds for Riverfront work now

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Mayor Justin Bibb’s administration is requesting an important amendment to the city’s riverfront tax increment financing (TIF) district that would do three things. One spells out exactly what infrastructure work would be done. A second would extend the 30-year TIF to 42 years. And the third and perhaps most controversial is that it would pledge undefined future TIF revenues to start infrastructure work now.

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