CLEVELAND, Ohio - Parents of students in the Cleveland Metropolitan School District are weighing in on a plan to divert 30 years worth of property tax revenue meant for schools to a proposed condo and office tower in downtown Cleveland.
The 50 plus story NuCLEus building is planned for the parking lot at East 4th and Prospect Avenue, across from the Quicken Loans Arena. It would include a mix of restaurants, offices, condos and a hotel.
Stark Enterprises is asking the city and CMSD to accept a plan in which the school district forgives roughly $121 million in tax revenue the project is expected to generate over 30 years for an $18 million payout upfront.
If the plan is not accepted, the project could fall through, official literature from CMSD claimed.
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.