tax increment financing

Downtown Lakewood megaproject gets final OK

Two panels of elected officials voted simultaneously last night to approve agreements authorizing the Downtown Lakewood development to start as early as Aug. 30, 2025. The $119 million mixed-use project will finally repurpose the former site of the city-owned Lakewood Hospital that closed in 2016 and has sat largely devoid of structures for five years.

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Shoreway Tower has construction in view for 2025

There’s been lots of progress lately on the development of a proposed 13-story Shoreway Tower overlooking Edgewater Park in Cleveland’s Gordon Square neighborhood. Revising easements for a sewer right of way, transferring properties for a tax-increment financing (TIF) district, and advancing legislation to authorize that TIF could allow construction to start sometime in 2025.

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Cleveland seeks urban core tax-increment financing district

Cleveland’s biggest source of tax base is its downtown which supports services and infrastructure in the rest of the city. City officials are seeking to leverage investments in its urban core to create a feedback loop to support downtown and other neighborhoods. But not everyone is convinced this is a good thing for the rest of the city and cynics are seeking more information and research before deciding.

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