CDA invests in two major projects in Cleveland
Financing has closed on the first two projects to receive allocation from the $30 million federal New Markets Tax Credit (NMTC) award that Cleveland Development Advisors (CDA), the Greater Cleveland Partnership’s real estate and business development finance affiliate, received earlier this year.
They are the learning center at the St. Luke’s campus and the redevelopment of the East Ohio Gas Building. The combined $12 million of NMTC allocation leveraged total development of $81 million.
St. Luke’s Campus: The $16 million east wing of St. Luke’s Manor opened this month, marking the completed $78 million transformation of the vacant 300,000 square foot building and surrounding neighborhood into a community campus.
The renovated space is the new home of Breakthrough Schools’ award-winning The Intergenerational Schools, the Boys and Girls Club of Cleveland, two early childhood classrooms from the Centers for Families and Children, Cleveland Neighborhood Progress, and the Saint Luke’s Foundation.
The first two phases of the project included 137 affordable housing units for seniors, Harvey Rice School and Rice Branch Library, as well as extensive streetscape and public improvements to the Buckeye neighborhood.
East Ohio Gas Building: The vacant 327,000 square foot East Ohio Gas office building, located in the Nine Twelve District at 1717 East Ninth Street, is being converted into 167 market-rate and 56 affordable apartments as well as more than 16,000 square feet of retail space.
The $65 million project utilized various sources of financing including conventional bank debt, New Markets Tax Credits, City and County financing and state and federal Historic Preservation Tax Credits.
In addition to the Cleveland New Markets Investment Fund II’s $7 million allocation, affiliates of PNC and the National Development Council contributed allocations of $4 million and $8 million respectively.
Both projects encompass the investment goals of CDA, as well as the mission of the NMTC program, and provide economic and community development impacts to the residents of Cleveland. It is indisputable that these projects would not be possible without the NMTCs.
GCP to help review requests for state capital bill
Several signs indicate there will be a state capital bill in early 2014. Governor Kasich’s office asked the Greater Cleveland Partnership (GCP) to assist in the review process by serving as the local point of contact for organizations that wish to request funds for eligible economic development projects.
In this role, GCP will be reviewing requests and making recommendations to the Governor and the General Assembly based on economic development criteria.
More information and a short questionnaire can be found here.
Responses to the questionnaire are due by Friday, November 1.
Chambers’ coalition applauds U.S. House action that assists economies of Great Lakes states
The Great Lakes Metro Chambers Coalition, chaired by Greater Cleveland Partnership President and CEO Joe Roman, applauds action taken by the US House of Representatives last week in passing the Water Resources Reform and Development Act (WRRDA).
The bill’s passage is a welcome step that will assist the economies of Great Lakes states.
The bill authorizes key missions of the U.S. Army Corps of Engineers (USACE) toward developing, maintaining and supporting the nation’s waterways. Additionally, WRRDA allows Congress to update the nation’s infrastructure policies to meet the demands of a dynamic maritime economy.
Great Lakes designated as a single navigation system
Critically important to the Great Lakes was a provision drafted by Rep. Candice Miller (R, MI-10) and championed by the bill’s author Rep. Bob Gibbs (R, OH-7) and Transportation and Infrastructure Committee Chairman Rep. Bill Shuster (R, PA-9) that designates all ports and harbors on the Great Lakes as a single, comprehensive navigation system for budgeting purposes – the Great Lakes Navigation System – essentially allowing the Great Lakes ports and harbors to create a unified front when it comes to federal funding.
“The Great Lakes are now on equal footing with other in-land waterways and coastal ports,” said Roman. “Without the hard work and understanding of the issue by Chairman Shuster, subcommittee Chairman Gibbs and Congresswoman Miller, passage of today’s legislation and the inclusion of the Great Lakes provision would not have been possible.
“Gone are the days when Great Lake legislators had to fight against each other to fund projects in their states. The mission of the Great Lakes Metro Chambers Coalition is to unify this mega-region. This legislation is the embodiment of that effort.”
The House legislation will now move to a Conference Committee of the House and Senate that will meet to reconcile differences between the House-passed version and Senate-passed version.
The Great Lakes Metro Chambers Coalition consists of nearly 40 chambers of commerce representing more than 150,000 businesses.
GCP supports four levies
The Greater Cleveland Partnership is urging a “yes” vote on four levies on the November ballot. We’ve created employer resource pages to provide the business community with quick access to vital information about each of the levies, as well as direct links to each of the levies’ web pages. To view, click the links below.
Learn more about…
Issue 79: Cleveland Public Library Levy
Cleveland Public Library is “The People’s University,” providing needed programs and services throughout Cleveland.
Voters are asked to approve Issue 79, a 5.8 mill renewal levy. Issue 79 is not a tax increase. It provides nearly half of Cleveland Public Library’s annual operating budget and is the Library’s only local operating support.
The public support generated by Issue 79 will be dedicated to:
- Providing up-to-date books, research sources, magazines, technology, CDs, DVDs and other needed materials
- Preserving activities for children, teens, seniors and families
- Keeping CLEVNET for material sharing and efficiencies throughout Ohio
- Keeping materials for people who are blind, housebound or have disabilities
- Maintaining computers for research and help for job seekers
- Keeping reading programs and homework help for children and youth
Click to learn more.
Issue 82: Cleveland-Cuyahoga County Port Authority Levy
Issue 82 will not raise taxes. It is a renewal of the current tax levy for the Port Authority and property owners will continue to pay the same property tax they are paying now if Issue 82 passes. Did you know that:
- The millage of the Port Authority levy has not changed in 45 years and is the smallest countywide property tax in Cuyahoga County.
- For every $100,000 in property value, property owners will continue to pay $3.50 per year—a little less than a penny a day.
- Issue 82 has a major impact on economic activity and jobs and delivers a huge return on investment.
- Since 1993, the Port has secured almost $2 billion in private investment for more than 70 projects such as the Rock and Roll Hall of Fame and Museum, new buildings at the Cleveland Clinic, and Eaton’s new headquarters. These projects have created an additional 16,000 jobs.
- In return for every $3.50 it receives in tax payments, the Port’s maritime support nearly $2,000 in economic activity—a 56,000 percent return on investment.
Click to learn more.
Former state legislators among special guests
at Public Officials Reception
The Greater Cleveland Partnership’s 50th annual Public Officials Reception and Reunion on Friday, November 22 will honor several former public officials who have contributed to the progress, economic growth and future of Greater Cleveland.
Special guests include two former Ohio Assembly members from Cincinnati, Stanley Aronoff and Richard Finan, whose support helped make a significant positive impact on Northeast Ohio’s economy.
Click here to RSVP for the event.
Stanley Aronoff: Ohio Senate 1967-1996
The former president of the Ohio Senate is from Cincinnati, but his many contributions to furthering the arts have touched all parts of the state – including Cleveland.
Mr. Aronoff sponsored legislation that created the Ohio Arts Council, which promotes the arts throughout the state. He was a supporter of the revitalization of PlayhouseSquare and the refurbishment of Severance Hall.
Richard Finan: Ohio Senate – 1978 – 2002; Ohio House of Representatives – 1973-1978
Former Ohio Senate President Dick Finan is from Cincinnati, but he stepped up to help Cleveland with an economic development concept that today is helping diversify and energize the Northeast Ohio economy.
Mr. Finan supported state investment in the creation of Cleveland-based BioEnterprise, which helps grow local biomedical companies. BioEnterprise has become a significant part of the growth of Greater Cleveland’s biomedical industry. Since 2002, the organization has assisted companies that have attracted $1.5 billion in new funding.
Cleveland’s biomedical industry
at more than 700 companies
With access to world-class research, clinical facilities and personnel, Cleveland’s biomedical industry has grown from 300 companies in 2002 to more than 700 companies this year, according to BioEnterprise’s 2013 Biomedical Innovation Destination Report.
The report also notes that:
- The strength of Cleveland’s biomedical industry can be seen not only in its breadth but also in its clusters. Strengths in imaging, orthopedic, neurostimulation, and cardiovascular are most prominent. Newer sectors--biomaterials, health IT, biosensors, and regenerative medicine - have also attracted the attention of investors and industry observers.
- Cleveland is a global leader in medical imaging, the largest and fastest growing cluster within the region’s biomedical industry. The cluster is comprised of over 55 companies developing new frontiers in imaging.
Click here to view or download the report.
GCP, economic development partners honored
for marketing excellence
The Greater Cleveland Partnership and its Northeast Ohio regional economic development partners the Greater Akron Chamber, Stark Development Board, Team Lorain County, and the Youngstown/Warren Regional Chamber received top honors for excellence in economic development marketing from the Ohio Economic Development Association (ODEA). The group was honored for "COLLABOR18," a strategic marketing communication booklet representing local economic development organizations in 18 counties of Northeast Ohio for advancement of business retention and expansion efforts.
The project was a collaboration of the region’s local economic development groups, with financial support from JobsOhio, to promote positive images of quality of life, culture, education, and business opportunities in Northeast Ohio. GCP created and produced the multi-faceted marketing piece that all of the partners could use to highlight their communities.
The award was presented at the OEDA summit held last week in Columbus. The ODEA’s annual excellence awards program recognizes the achievements of individuals and organizations throughout Ohio in the areas of economic and workforce development. Vince Adamus, GCP’s vice president, real estate and business development, (right in photo) with ODEA President Ellen Heinz, accepted the award on the group’s behalf.
United launches double miles promotion
Last week, United announced a month-long special offer giving MileagePlus members the opportunity to earn unlimited double-award miles on United and United Express flight segments.
Members may earn double miles for certain fare classes when they book between now and November 21, 2013, for travel within the U.S., excluding Alaska and Hawaii.
The offer includes domestic segments within international itineraries. To earn double miles, MileagePlus members must also register for the promotion and complete their travel between October 21 and November 21, 2013.
To register for the double-miles offer and find terms and conditions, customers can click here and enter promotion code TB2M06 and their MileagePlus account number.
United introducing redesign of check-in kiosks
Over the next several months, United will introduce a redesign of its digital channels including check-in kiosks, mobile app and website, for a simplified and improved customer experience.
The airport check-in kiosk screens are the first step with the launch last week of updated kiosks, system wide. The updated kiosks feature:
- A new, refreshed design with more intuitive navigation offered in 12 languages;
- Combined pages to make the check-in process faster;
- Customized graphics and instructions explain how to perform actions such as swiping or scanning a passport that correspond with the specific kiosk type.
Along with check-in and printing boarding passes, United airport kiosks can also help travelers:
- Upgrade or stand by for United Global FirstSM, United BusinessFirst®, United First® or United Business®;
- Change a flight for same-day travel;
- Re-book flights impacted by a travel disruption;
- Verify or input a MileagePlus number.
The kiosk refresh creates an experience that is customer friendly, simplified, and consistent with United's ongoing digital channels redesign. The planned next step is the introduction of an updated design for the Apple iOS version of the United mobile app.