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Downtown Cleveland businesses say they lost $6.3 million due to May 30 riots

Board of Control approves additional $300,000 in funding
Downtown Cleveland businesses suffered damage and looting after May 30 riots.
Posted at 9:18 AM, Jul 21, 2020
and last updated 2020-07-21 09:39:36-04

CLEVELAND — When peaceful protests on May 30 in Cleveland turned violent, businesses in downtown Cleveland were left with shattered storefronts and looting. As a result of the riots, downtown businesses and property owners said they lost an estimated $6.3 million, a total of estimated damages submitted to the Downtown Cleveland Alliance.

This figure is an estimation of all damages documented by businesses and property owners who applied for the Downtown Cleveland Alliance(DCA) fund that would give funding for reparation costs after insurance claims were filed, said President and CEO Joe Marinucci on Monday to the Cuyahoga County Board.

Marinucci said the $6.3 million figure includes an estimated $3.38 million in physical property damages and just under $3 million in loss of business due to closures caused by the riots.

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Downtown Cleveland businesses suffered damage and looting after May 30 riots.

The county received 103 applications—88 from businesses and 15 from property owners, for the Downtown Cleveland Alliance fund, according to Paul Herdeg, deputy chief economic development officer for Cuyahoga County.

The top three types of businesses that applied for the Downtown Cleveland Alliance fund were restaurants, retailers and fitness installations.

The losses not covered by insurance is estimated at $2.07 million, Herdeg said.

The total amount expected to be paid out from the DCA fund is $1.439 million.

On Monday, the Cuyahoga County Board of Control approved an additional $300,000 in funding, on top of the already $100,000 that was approved in June.

Officials said no more than $50,000 would go to any one particular business.

“We will work with the county to ensure we are providing funding appropriately,” said Marinucci.

DCA will be announcing the businesses that will receive funding at some point this week.

Watch the full board of control meeting from Monday, July 20 in the YouTube player below.

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