22 Aug Cleveland City Council OKs Mayor Frank Jackson’s $65-million plan to boost neighborhoods
CLEVELAND, Ohio – City Council on Wednesday approved Mayor Frank Jackson’s plan to target $65 million of private and public money into revitalizing neighborhoods.
The plan is aimed at two corridors, one each on the East and West sides. Both are areas that have lacked private investment needed to spur local economic growth.
“It’s in the area that is the rejected area,” Jackson said. “The issue always was that there was no leveraging of private investment.”
What’s the plan?
The idea is to concentrate resources into these areas – a corridor with East 105th and East 93rd Street on the East Side and the area around West 25th Street and Clark Avenue on the West Side — where traditional economic development strategies have failed.
The city will combine $25 million it raised through a bond issue with $40 million in commitments from major banks to aid housing development and rehabilitation and support for small businesses.
The efforts involve partnerships with the Famicos Foundation, Greater Cleveland Habitat for Humanity, the Cleveland Citywide Development Corp., Capital Impact Partners, JumpStart Inc., the Economic and Community Development Institute and the Urban League of Greater Cleveland.