Cleveland Mayor Frank Jackson announced this week that on Monday, December 8th,
his administration will be "introducing to Cleveland City Council an ordinance for a $100 million bond as an investment in the future of the City of Cleveland."
The bond, the city stated in a press release, will be used to invest in four areas: roads and bridges, the city’s emergency response fleet, city-owned facilities and new neighborhood projects.
According to the release, the Jackson administration believes it can stimulate investment in neighborhoods beyond those usually cited as examples of success -- such as Ohio City and University Circle -- and especially areas that have not alrady seen recent private development.
"The final $25 million will go towards new city neighborhood projects and investments outside of the city’s central business district," the press release states. "Previous public investments in city neighborhoods have resulted in positive private investment occurring; however, some neighborhoods, in spite of public investments, have not seen equal private investment."
"The City of Cleveland believes that, through focused neighborhood planning and continued investment in the city infrastructure and facilities, the $100 million bond issue will provide essential public capital intended to leverage private investment in neighborhoods where it has been lacking," the press release continues.
Mayor Jackson is quoted as saying: “With this investment, we will not only have better roads, bridges, facilities, vehicles, and recreation centers, but it will also stimulate economic growth, and promote more private investments in the city’s neighborhoods that have the greatest challenges to private investments."
To read the complete press release, click here