Cleveland Council approves tax increment financing for Franklin Yard redevelopment project

Tax Increment Financing (TIF) took center stage at the Cleveland City Council's Committee of the Whole meeting on July 9, 2025, as officials discussed the implications of new developments on the downtown area. The conversation highlighted concerns about the potential impact of removing properties from the regional TIF, which could shift the financial burden onto remaining property owners.

Council members emphasized the need for careful monitoring of TIF revenues, especially as separate TIF legislation is anticipated. Councilman Sleiff pointed out that as properties are excluded from the TIF, the remaining properties may face increased financial pressure, raising questions about the sustainability of the TIF model.

The meeting also featured discussions on two significant projects: the Franklin Yard North and South developments. These projects, spearheaded by TDG Franklin North LLC, aim to revitalize blighted areas on Franklin Boulevard by transforming vacant buildings into market-rate apartments and commercial spaces. The developments are expected to generate approximately $1.96 million for the developer and over $3.5 million for the Cleveland Metropolitan School District through a 30-year non-school TIF agreement.

Council members expressed strong support for the projects, noting their potential to enhance the community by converting long-abandoned structures into vibrant spaces. The Dallas Group, the primary developer, committed to significant community benefits, including investments in minority and female-owned businesses.

As the council prepares to vote on these ordinances, the discussions underscore a broader commitment to balancing economic development with the needs of existing property owners and the community at large. The anticipated outcomes of these projects could signal a new chapter for Cleveland's downtown, with hopes of revitalizing neglected areas while ensuring equitable financial practices within the TIF framework.