The developers of a high profile, $421 million development in Cleveland are requesting a special tax district that could raise $30 million over three decades.
"Developers of Cleveland's Flats East Bank want the authority to raise taxes in the district for 30 years to pay for future improvements and maintenance," reports Leila Atassi.
"City administrators brought legislation to City Council Monday on behalf of the developers, The Wolstein Group and Fairmount Properties, that would authorize the council clerk to sign and submit a petition asking the state legislature to create a new community authority -- essentially declaring the Flats East Bank a special tax district."
A special tax district would enable a sales tax, bed tax, and a parking tax, above and beyond the baseline of city taxes. The special tax district would be the first of its kind in Cleveland.
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