While 2023 was “a year of economic uncertainty,” Team NEO’s CEO Bill Koehler said it “was one of the strongest years in terms of projects, with 96 companies expanding or moving,” although the average size of projects was smaller, Cleveland.com reports. Team NEO’s annual report for 2023 shows those 96 projects are expected to create 2,100 jobs when completed. A big focus for the organization has been finding sites, as having “ready-to-build sites with lots of acreage — like what you’d need to attract an Intel-like investment landed by the Columbus area — has been a challenge for Cleveland,” the article reports.
In 2024, “between state and city of Cleveland programs, there will be about $1 billion in site development funding available to combat the region’s dearth of commercially viable space for businesses to build on,” Crain’s Cleveland reports. Team NEO is “very focused on strengthening our region’s overall competitiveness through major strategic initiatives related to proactive site development,” Koehler said in the Crain’s article. Bethia Burke, president of the Fund for Our Economic Future, explained state programs “such as the All Ohio Future Fund’s historic $750 million investment targeted for site-readiness and preparation and $350 million in Brownfield and Remediation funding, coupled with a massive $50 million set aside for sites by the city of Cleveland” demonstrate “a commitment to providing these shovel-ready properties to the market,” Crain’s reports. Koehler believes “more readily marketable sites across the region” are key for “more robust business growth.” For more, read the full Cleveland.com and Crain’s Cleveland articles (subscription may be required).
