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Cleveland City Council approves rare 60-year TIF deal for the Flats East Bank
Michelle Jarboe/Crain s Cleveland Business
The Flats East Bank project, on downtown Cleveland s riverfront, is one of only a handful of existing developments in Ohio to take advantage of a narrow window for doubling the potential duration of a key tax incentive.
Cleveland City Council agreed Wednesday, Dec. 9, to double the duration of a key tax incentive for the Flats East Bank project in an about-face that came barely 24 hours after a council committee put the unusual proposal on hold.
In a 14-2 vote, members opted to add 30 years to an existing tax-increment financing arrangement on the 23-acre waterfront development. The decision lays the groundwork for developer Scott Wolstein to refinance the project and catch up on millions of dollars in debt payments to the city and other public and civic lenders.