Council Meeting Highlights
Oct 04, 2021
Cleveland (October 4, 2021) -– City Council held its regular weekly meeting tonight. The next council meeting will be held October 11.
Here are tonight’s highlights: *
Took a preliminary step toward approving a Tax Increment Finance agreement to assist a developer in renovating the Renaissance Cleveland Hotel at 24 Public Square.
Under the future TIF agreement, the city will declare certain improvements exempt from real property taxes.
The hotel is owned by Skyline Investments, a Toronto, Canada-based company that specializes in real estate investments with a focus on hotels and resorts.
Skyline purchased the Renaissance Cleveland Hotel in 2015 and plans to fully renovate it and rename it Hotel Cleveland. The 15-story building, built in 1918, has been awarded federal historic tax credits.
The project is expected to exceed $56 million. It will create 166 full-time jobs and retain 69 existing jobs. It is estimated the project will generate $150,000 in new annual tax revenue for the city. Ord. No. 759-2021.
*Initiated the first of several committee discussions on a proposal to fund repairs, upkeep and operations of Progressive Field over 15 years, ending in 2036.
The cost would be $19 million a year, funded by the city, the county and the state. Cleveland would annually pay $8 million; Cuyahoga County $9 million; Ohio $2 million. Under the proposal, the city’s portion will come from a variety of sources, including parking garage revenue and the sports facility reserve the city holds.
Cleveland City Council President Kevin Kelley, who chairs council’s Finance Committee where the first discussion was held, stressed that much has to be discussed before legislation comes before the full council for a vote. “This was a good discussion to get started,” he said. “We will be having more, including hearing from the Guardians.” Ord. No. 844-2021.