After failing for decades to build a strong connection between downtown and Lake Erie, the City of Cleveland could soon have a powerful new tool to get the job done: a lakefront development authority.
Images from the Browns' downtown Cleveland lakefront plan.Steven Litt, cleveland.com
A view of the downtown Cleveland Lakefront circa 2015 shows how the Mall and North Coast Harbor are separated by railroad tracks and the Shoreway.Massive public investment in those facilities has leveraged scant private development since the early 1990s and the lakefront remains separated from downtown by the Ohio 2 Shoreway, lakefront rail lines, and a 70-foot change in elevation.
The Bibb administration is seeking $3 million to fund the city’s share of the development authority budget for three years, using federal money granted to the city through the American Rescue Plan Act, ARPA. The authority could also issue tax-exempt bonds that could be backed by revenue sources including tax-increment financing — taxes based on the increased value of real estate facilitated by new public infrastructure built by the authority.
The partnership engaged HR&A Advisors, a national real estate development consultancy, to study waterfront development authorities and their performance on projects in Seattle, Louisville, New York, and Cincinnati.
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