The Port of Cleveland has approved the issuance of over $171 million in bonds and notes to fund four transformative projects, showcasing the agency's ability to add value to a diverse range of initiatives during challenging times. These projects aim to revitalize the city's riverfront, support non-profit organizations, provide financing for energy-efficient upgrades, and rehabilitate a low-income property in downtown Cleveland.

Unlocking Cleveland's Potential, One Project at a Time

Riverfront Revitalization: Bringing Cleveland Closer to an 18-Hour Neighborhood

The Port of Cleveland's approval of funding for a riverfront development project marks a significant step towards transforming the city's urban landscape. This initiative aims to bring Cleveland closer to becoming an 18-hour neighborhood, a concept that emphasizes the creation of vibrant, mixed-use communities where residents can live, work, and play within a compact, walkable area.By investing in this riverfront development, the Port of Cleveland is poised to enhance the city's livability and connectivity. The project will likely include a mix of residential, commercial, and recreational spaces, fostering a more dynamic and engaging urban environment. This investment aligns with the growing trend of urban revitalization, where cities are prioritizing the creation of walkable, amenity-rich neighborhoods that cater to the needs and preferences of modern residents.

Empowering Non-Profits: Expanding Access to Tax-Exempt Bonds

The Port of Cleveland's approval of bonds and notes also includes provisions to provide non-profit organizations with access to the tax-exempt bond market. This move is a testament to the agency's commitment to supporting the local community and its diverse range of stakeholders.By facilitating access to tax-exempt financing, the Port of Cleveland is enabling non-profit entities to undertake critical projects and initiatives that might otherwise be out of reach. This could include the construction or renovation of facilities, the acquisition of essential equipment, or the implementation of innovative programs and services. This strategic approach aligns with the growing recognition of the vital role that non-profit organizations play in addressing societal challenges and enhancing the overall well-being of communities.

Sustainable Financing: Collaborating on PACE Financing for Energy-Efficient Upgrades

Another key component of the Port of Cleveland's approved projects is the provision of PACE (Property Assessed Clean Energy) financing. This collaborative effort with another port authority aims to facilitate energy-efficient upgrades and improvements for local properties.PACE financing is a innovative financing mechanism that allows property owners to access low-interest loans for energy-efficient retrofits, renewable energy installations, and other sustainability-focused projects. By partnering with another port authority, the Port of Cleveland is demonstrating its commitment to promoting sustainable development and reducing the environmental impact of the built environment.This initiative not only supports property owners in their efforts to improve energy efficiency and reduce their carbon footprint but also contributes to the broader goal of creating a more sustainable and resilient community. As cities and regions strive to address the challenges of climate change, the Port of Cleveland's involvement in PACE financing represents a proactive and collaborative approach to driving positive environmental outcomes.

Revitalizing Downtown: Rehabilitating a Low-Income Property

The final project approved by the Port of Cleveland involves the rehabilitation of a low-income property located in downtown Cleveland. This investment underscores the agency's dedication to addressing issues of affordable housing and community development within the city.By revitalizing this property, the Port of Cleveland is not only improving the living conditions for its residents but also contributing to the overall revitalization of the downtown area. This project aligns with the growing emphasis on inclusive urban development, where the needs of all community members, including those from lower-income backgrounds, are prioritized.The rehabilitation of this low-income property is likely to involve a range of improvements, such as upgrades to the building's infrastructure, the incorporation of energy-efficient features, and the enhancement of common spaces and amenities. These efforts can have a ripple effect, improving the quality of life for residents while also contributing to the broader economic and social development of the surrounding neighborhood.