Cleveland Metropolitan School District board postpones vote on $250 million NuCLEus project

CLEVELAND - The Cleveland Metropolitan School District board will not be voting on the $250 million nuCLEus project at Tuesday's board meeting as originally planned.

The project, being developed by Stark Enterprises, would add a 54-story tower complete with businesses, restaurants, a hotel and apartments. 

CMSD said a meeting is being scheduled between city and county officials and Stark Enterprises in an effort to ensure all parties have a clear understanding of the project.

Before voting, CMSD requested to be included in the meeting. Once the meeting of public stakeholders and Stark Enterprises occurs, the district will update the public on the project.

RELATED: Parents asked to weigh in on plan to divert tax money from Cleveland Metropolitan School District

In the proposal, CMSD would forego roughly $121 million in tax revenue for the next 30 years. In exchange, the district would receive $18 million payout up front.

If the plan is not accepted, the project could fall through.

CMSD CEO Eric Gordon said if the $18 million is used for capital projects like new schools, it could qualify for $38 million in matching dollars from the state. That's money that could be used immediately to fund new buildings or could collect interest instead.

Parents and taxpayers weighed in during a series of public meetings this summer. According to the results of an online survey conducted by CMSD, nearly 58 percent of 209 respondents are giving the deal a green light.

 

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