CLEVELAND — On Monday, city council approved legislation to provide Sherwin-Williams $300 million to building a new headquarters in Cleveland.
The incentive package includes:
• Tax Increment Financing, which diverts the increase in future property taxes resulting from the project’s improvements for up to 30 years.
• A construction grant of up to $13.5 million.
• A job creation grant equal to 50% of new income taxes, up to a maximum of $11.5 million.
The city retains more than 3,100 Sherwin-Williams employees on its income tax rolls, plus the potential for more.
The new headquarters will be off Public Square at the corner of Superior Avenue and East 6th Street.