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City council approves financial incentives to aid Sherwin-Williams

Posted at 9:07 PM, Mar 23, 2020
and last updated 2020-03-23 21:08:27-04

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.

RELATED: City officials announce incentives offered to Sherwin-Williams to stay in Cleveland