Cleveland, OH
Cleveland City Council calls for equal distribution of downtown tax district
CLEVELAND, Ohio (WOIO) – Cleveland City Council is calling for an equal distribution of the proposed Tax Increment Finance (TIF) district that is currently being discussed for downtown Cleveland.
The TIF would cover the “Shore-Core-Shore” area as outlined by the city last month. The city believes this TIF could create between $3.5B and $7.5B in new revenue over the next 42 years.
The announcement of the TIF came with an idea for a percentage of the money to be put back into downtown. City Council, however, is asking that more guarantees are put in place to ensure that funding is spread around. Council is asking that at least 50% of the proceeds are used for “middle, edge, and distressed neighborhoods”.
The TIF is going to be discussed by City Council in the Development, Planning, and Sustainability Committee. This will happen once the annual budget hearings are completed in February.
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