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For-profit entity expanding in the City of Cleveland with a clear gap in project funding.
Qualifying Investment Levels
To qualify, the investment by the business must meet one of the following conditions:
- An investment in an expansion must equal at least 10% of the market value of the facility prior to the expenditure;
- The renovation of an existing facility requires expenditures totaling at least 50% of the market value of the subject facility;
- When occupying a vacant facility or site an enterprise must incur expenditures to renovate or expand the facility equal to at least 20% of the market value of the subject facility; or establish a new facility in an Enterprise Zone.
- Enterprise Zone Agreement must be in place before the project begins;
- Return on the investment to the City of Cleveland, based on a ratio of taxes generated versus taxes abated, must be 1.25 or greater;
- The business must demonstrate job creation and retention within the Enterprise Zone.