COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Cuyahoga County Department of Development
T.A.L.K.Technical Assistance
Learning Kit
Agenda
Welcome: Mayor Thomas P. Perciak • Opening Remarks: Paul Oyaski, Director
Department of Development
Commercial Redevelopment Fund • Christine Nelson, Community Development Manager
Department of Development
Site Selection Program • Shilpa Kedar, Director Attraction & Expansion Team
Neo
• Tracey Nichols, Assistant Director Department of Development
Roundtable Technical Assistance
TALK
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Mayor Thomas P. Perciak
City of Strongsville
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Director Paul Oyaski
Cuyahoga County Department of Development
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Commercial Redevelopment Fund
Commercial Redevelopment Fund
BOCC authorized $13 million pilot program to
overcome barriers to the full re-use of
commercial and industrial properties
Job creation and an increase in property
values are expected outcomes
Commercial Redevelopment Fund
Three funding opportunities:• Municipal Redevelopment
• Private Redevelopment
• Local Parking Needs
Funding Availability 2007 2008 2009
Municipal Project (February - once a year competitive fund)
$2,275,000 $2,275,000
Private Redevelopment Fund $3,575,000 $3,575,000
Local parking Needs Fund $650,000 $650,000
TOTAL $13,000,000 $4,225,000 $6,500,000 $2,275,000
Municipal Redevelopment
$800,000 Loan maximum
Sliding scale of forgiveness
Buildings must be 20 years or older and
40% or more vacant for at least two years OR
Building must have lost 100+ jobs in last year
Municipal Redevelopment
Open to all suburban communities.
One project per community per year
Annual competitive funding round
February 29, 2008
Municipal Redevelopment
• Must have a development agreement
• Do not need an identified end user
• Must sell/lease property to a for-profit end user
• 10% income tax sharing for 5 years after occupancy
Municipal Redevelopment
Payments and interest deferred for 3 years
Loan repaid upon transfer of property or
5 year term at 6% 50% of loan may be used for property
acquisition (if purchased within one year prior to application)
Municipal Redevelopment
Scoring Criteria: Existing Structure
Age of Building
Size of Building
Percentage Vacant
Length of Vacancy
Municipal Redevelopment
Scoring Criteria: Redevelopment Type of Project
• Historic Preservation• Rehabilitation• Demolition
Eligible Costs
Leverage
Municipal Redevelopment
Scoring Criteria: Projected Outcomes
Primary Use
Job Creation
Economic Benefit
Municipal Redevelopment
Fairview Park Lorain Road circa 1999
Municipal Redevelopment
Fairview Park Lorain Road circa 2007
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
COMMERCIAL REDEVELOPMENT FUNDwww.cuyahogacounty.us/crf
Christine NelsonCommunity Development [email protected]
Pequita HansberryDevelopment Finance [email protected]
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Site Selection Program
Site Selection: Why Participate?
Companies that use site selectors are usually making a large investment of capital and creating MANY new jobs
A single new company can bring large amounts of new revenue to the region and to your community
Site Selection: How Can We Be More Competitive?
We have to know what’s available
We need COMPLETE information
The turn-around is quick so the information must be READY!
Site Selection: How To Get Maximum Exposure
List your sites on PROCURE List your sites on Cleveland Plus Make sure all the information is
complete on the sites Complete a fact sheet on your
community- tax rates, distance to airport, utilities information, etc.
Site Selection: What Not To Do
DO NOT talk about problems or drawbacks in communities you believe you are competing with!
DO NOT miss the deadline and expect to be included in the submission package!
DO NOT call us continually asking for an update!
Site Selection: Recent Examples of Problems
Project Yosemite- every site submitted was not on Procure
The community sites do not include all the info we need, so we have to spend time trying to contact you
Sites e-mailed back to us did not meet the minimum criteria requested- wasting valuable time in the process
COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones
Roundtable Discussion
TALK