A committee of the Cleveland-Cuyahoga County Port Authority last week recommended selling $30 million of tax-exempt bonds to jump-start a privately run $278 million development project along the Cuyahoga River.
The Flats East Bank project would create an office building, 150-room hotel, parking garage, retail space, public park and a river walk. Originally estimated to cost $500 million, the developers have since scaled back the project and are seeking public financing to continue.
The development — along with a proposed medical mart convention center, hotel, and casino — is part of a larger effort to revitalize downtown Cleveland.
In addition to the tax-exempt bonds, the developers said they expect to secure federal housing financing.
