Historic Cleveland building redevelopment awarded $1.5M tax incentive
Cleveland City Council and Mayor Frank Johnson approved “a tax incentive package valued at more than $1.5 million” for the $13 million redevelopment of the historic Western Reserve Building downtown, Cleveland.com reports. The project is expected to bring 85 new jobs into the building, preserve 90 existing jobs, and bring the occupancy rate up from about 50 percent to about 90 percent, according to the article. The tax incentives will not affect tax revenues for Cleveland schools; increases in property tax “are expected to generate about $76,600 a year for Cleveland schools,” while the city expects to collect “about $117,500 a year in new income taxes.” For more, read the full article.
