Cleveland City Council Holds Joint Committee Meeting to Discuss Neighborhood Investment and Proposed Development in Downtown Cleveland

Jul 30, 2024

Cleveland City Council held a joint meeting of the Development, Planning & Sustainability and Finance, Diversity, Equity, & Inclusion Committees earlier today to gather additional information about and discuss the proposed “Shore-to-Core-to-Shore” tax increment finance district. The proposed district, which Council approved in May 2024, has the potential to be a catalytic development project for our City’s riverfront and lakefront – while also providing immediate funding for neighborhoods throughout the City. 

The ordinance will be discussed in more detail and voted upon during the August 7 Committee of the Whole meeting, and the Council meeting scheduled immediately after the Committee of the Whole meeting. 

City Council, led by Council President Blaine A. Griffin, led the fight to ensure all neighborhoods can see immediate returns on the tax increment finance district through committee hearings and meetings with developers and the administration. As a result of the Council’s work, the City of Cleveland will receive an immediate $5 million infusion from Bedrock – one of the first participants in the Shore-to-Core-to-Shore tax increment finance district. This $5 million will be housed in a $15 million “Neighborhood Investment Fund,” which Council members will use to support and fund projects in their neighborhoods. 

Council expects that other developers receiving financial support will contribute tangible benefits for Clevelanders through investment in the Neighborhood Investment Fund, public infrastructure improvements, job training and placement for Cleveland residents, and more. 

The expected return from this long-term tax increment finance district is a direct result of the Community Benefits Ordinance championed and led by Cleveland City Council. The ordinance, passed in June 2023, sets specific requirements for Developers receiving financial benefits and support from the City of Cleveland. The Community Benefits Ordinance works to ensure that tangible benefits are provided to Cleveland residents and neighborhoods in exchange for financial support from the City. 

In addition to investments in our neighborhoods, today’s legislation, if passed will support remaking the riverfront below Tower City into housing, public space including a river walk, and the Cleveland Cavaliers/Cleveland Clinic Peak Performance Center. The Peak Performance Center will include the Cavs training facility – which will be relocating to Cleveland - as well as the Cleveland Clinic’s training, treatment, nutrition, and recovery center with medical specialists open to all levels of athletes. The $3 billion project is expected to be completed in phases, with the Cavs/Clinic center scheduled to be completed by 2027 and includes immense community benefits. The benefits include $25 million in contributions at specific project milestones for: 

• $15 million to a Neighborhood Investment Fund 

• $1 million to a City Resident Job Training Pipeline 

• $1 million towards a Mentorship and Training Program 

• $3 million towards Workforce Development Contribution 

• $5 million for investment in Minority Business Credit Fund 

Bedrock also commits to 40% of the workforce comprising small, minority, and female-based businesses, contractors, and other workers. They’ve also committed to having 20% of the workforce be residents of Cleveland and 4% be low-income Cleveland residents. They are committed to establishing mentor-protégé participation, which helps train the next generation of contractors and skilled workforce. 

Bedrock will participate in other workforce development services during this project, including registered apprenticeship participation, pre-apprenticeship and internship opportunities, and job fairs in collaboration with local workforce organizations. 

City Council will hear more about the TIF at its August 7 Committee of the Whole meeting and vote on the legislation immediately after it.