Steelyard Commons

Well, yeah, this is a pretty remarkable example of how a tax incentive that's supposed to be temporary can become something that's almost permanent.

Cleveland has five existing tax increment financing arrangements, these TIFs, that cover developments including Steel Yard Commons, the VA hospital area, Lower Euclid, and the Downtown Hilton and Westin Hotels.

And the original idea was that the city could capture that growth in property tax revenue from these developments for 30 years to help pay for development costs.

But eventually, as you were explaining, those arrangements were, are supposed to sunset, and that revenue would then flow back into the regular property tax system, where we use the money for libraries, and parks, and county government, and things like that.