Cleveland City Council Oks Financial Packages for Property Redevelopment
Robert Higgs, cleveland.com
Financial aid packages were approved Monday by Cleveland City Council for three redevelopment projects in the city.
Tax incentives were approved for two projects, each of which involves commercial space and apartments. In both cases, the tax breaks will help cover the financing for the projects – one in Hough and one on the edge of Tremont.
The third project, involving an old Masonic hall in Ohio City, will allow for a special tax assessment that will secure financing for green energy projects.
Mayor Frank Jackson will need to sign legislation for each of the projects before the aid packages take effect.