The Cleveland Metropolitan School District is soliciting public feedback on a proposed tax-increment financing deal that would support a private real estate project in the downtown area, Cleveland.com reports. The district’s Board of Education is “considering the role the public school system will play in financing for nuCLEus, a $540 million development” in the Gateway District, according to the article. The project would replace older buildings and a parking lot with “hundreds of apartments and, possibly, some condos, plus offices, shops, restaurants, a hotel and structured parking.” School district representatives and the developer “have negotiated a proposal under which the district would forgo new property-tax revenues created by the project for 30 years, in exchange for receiving an up-front payment of $18 million.” Residents can attend meetings across the city to hear a presentation from a district official, or they can respond to a survey or email feedback. For more, read the full article.
Cleveland Metro School District leading meetings on proposed property tax deal
