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Committee amends Bedrock riverfront TIF legislation; limits city allocation to 90% of Shorter Core-to-Shore TIF proceeds as backstop
Summary
Cleveland council committee approved an amendment to riverfront TIF legislation clarifying Bedrock’s role in delivering public improvements on city property, confirming TIF-extension inclusion in the broader district, and limiting a contingency reimbursement to 90% of Shorter Core‑to‑Shore TIF proceeds to preserve at least 10% for neighborhoods.
The committee approved amendments to earlier riverfront tax-increment financing (TIF) legislation affecting the Shore-to-Core-to-Shore TIF district and the Bedrock Project TIF. The legislation clarifies three principal items: authorization for Bedrock and subsidiaries to deliver public improvements on city-owned property under a construction manager-at-risk arrangement; confirmation that five previously extended TIFs will be treated as part of the broader TIF district during their extension periods; and a contingency mechanism allowing the city, beginning in 2056, to allocate up to 90% of the Shorter…
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