Cleveland will offer an incentive package worth more than a billion dollars to a developer promising to build up the Cuyahoga Riverfront.
The city is creating a 45-year plan to funnel more than a billion dollars from property tax increases within a Downtown district to Bedrock. The developer has a multi-billion dollar plan to redevelop the riverfront by providing recreational access, housing and a new Cavaliers training facility.
City Council President Blaine Griffin said it's an opportunity to upgrade Downtown and attract more residents to the city, which continues to suffer from population decline.
"Every exciting city that's attracting people to a central core has access to the riverfront," Griffin said. "People know that those are things that attract the type of young professionals and working families that we want in our city."
But before its passage Wednesday, council members wanted to make sure Downtown wasn't the only part of town seeing benefits from the deal. They were largely supportive of the proposal in a committee meeting last week, but many doubled down that city neighborhoods must see some of the money being generated.
"The one thing that I considered a deal breaker that I would not allow to happen is for us to have something that was just relegated to the central business district and the neighborhoods and the adjacent districts and middle and edge communities didn't benefit from," Griffin told Ideastream Public Media.
Part of the deal ensures a slew of community benefits, including jobs and affordable housing opportunities. Bedrock estimated the project would generate about 7,000 annual jobs for Cleveland residents over the 45 years.
Bedrock also agreed to spend $25 million toward city projects and initiatives, such as workforce development, as well as $15 million for neighborhoods outside of Downtown.
The deal stipulates that at least 30% of contractors are women or minority-owned, with a hiring goal of 40%.
