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Posted On: 7/11/2013
Cuyahoga Makes First Casino Revenue Awards for Downtown
Conversion of East Ohio Gas Building, and Flats East Bank Phase II Awarded Casino Revenue Funds
FOR IMMEDIATE RELEASE
Emily Lundgard: (216) 348-4395 or email@example.com
CLEVELAND – On Tuesday, July 9, 2013, the Cuyahoga County Council approved two proposals that will receive funding from the Casino Revenue Development Fund to assist with downtown projects. Cuyahoga County is the only recipient of gross casino revenue funds to dedicate 100% of those funds to support economic development.
Cuyahoga County developed the Casino Revenue Development Fund to have a flexible funding source dedicated exclusively for enhancing Downtown Cleveland development. The fund – unique in Ohio—complements other efforts to attract residents, businesses and nightlife to downtown.
To date, Cuyahoga County has collected $4.9 million in fund proceeds, and expects to collect a similar amount before the end of the year. “It’s essential that we invest this money back into downtown Cleveland and keep the momentum going for future projects.” said Ed FitzGerald, Cuyahoga County Executive.
“Downtown is the county’s number one job center. 75% of downtown workers bring a paycheck home to a residence outside the City of Cleveland; concentrating strategic investments downtown reinforces downtown’s growth and strengthens the entire county.”
The first investment, a $1.5 million loan, will assist with the conversion of the East Ohio Gas Building. This $65 million project will include 200 market rate apartments and address pent-up demand for downtown living.
Additionally, Flats East Bank will receive another $1.5 million loan to complete Phase II of the Flats Residential Tower. With a total project costs nearing $130 million, the completed project will include over 200 market rate apartments, and new retail and dining options along Cleveland’s lakefront.
“Cuyahoga County is supporting our long and highly-focused effort to make all of Greater Cleveland proud of the Flats East Bank,” says Adam Fishman of Flats East Bank. “This unique project will result in a new waterfront neighborhood that will be eclectic, fun, and visually stimulating,” says Fishman.