The Cuyahoga County Economic Development Commission last week approved a five-year fiscal proposal that features the sale of $100 million of bonds.
The plan was introduced by new County Executive Ed FitzGerald, who last month proposed the county — Ohio’s most populous — sell $100 million of bonds backed by Cuyahoga’s sales tax and use the proceeds to create a fund aimed at attracting new businesses.
FitzGerald’s plan calls for the county to divert 10% of the sales tax revenue, about $17 million annually, to finance a series of projects designed to spur economic development.
The newly formed nine-member county commission is charged with crafting and implementing a five-year economic development plan for the county.
The plan will now advance to the Cuyahoga County Council, which has scheduled a June 6 hearing to discuss the issue.
