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Article: Featured panel: Port Authorities Finance Economic Development.
- Article from:
- Inside Business
- Article date:
- March 1, 2006
- Author:
CopyrightCOPYRIGHT 2006 Great Lakes Publishing Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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University Heights is not particularly close to Lake Erie. But the East Side suburb sure is glad to have access to the Port Authority of Cleveland's reservoir of economic development instruments.
The city recently received one of the first tax increment, special assessment transactions to fund the public parking garage component of the University Square mall. The Port Authority will own the garage, and University Heights will enjoy the benefit of a 30-year payback on the lease, declares Mayor Beryl Rothschild. "In a nutshell, we couldn't have done that project without the help of the Port Authority," she says. "They are probably the biggest financing entity for ...