As the saying goes, "you've got to spend money to make money." With a new $35 million award in tax credits from the U.S. Department of Treasury, Cleveland Development Advisors (CDA
) plans to spur economic development in the city by financing projects that lead to more business opportunities.
CDA, an affiliate of the Greater Cleveland Partnership
, was one of six entities in Ohio to be awarded this latest round of federal tax credits. CDA plans to use the award to focus on economic development in the areas of technology, business and industrial expansion and retail, residential and hospitality projects.
In a statement released by CDA, Mayor Frank Jackson called the federal tax credits another sign that Cleveland's economy is growing. "Tax credit financing, afforded by the allocation, together with local bank commitments and city investments, will make high-profile job-producing developments feasible in our neighborhoods and downtown," Mayor Jackson said.
Past awards from the Treasury Department resulted in the financing of 20
projects that, according to CDA, generated 2,800 jobs, 390,000 square feet of office space, and 450,000 square feet of industrial space in Cleveland. The East 4th Street neighborhood, Capitol Theatre in the Detroit Shoreway neighborhood, Arbor Park Plaza in the Central Neighborhood and the UpTown project in University Circle all have benefited from CDA's investment in federal tax credits.
WRITER: Diane DiPiero