May 19, 2010 – The board of the Cleveland-Cuyahoga County Port Authority agreed today to provide $58 million in financing to give a boost to two development projects in northeast Ohio.
The port will be issuing $5.2 million bonds for an $11.7 million project that will result in the production of three films in by New York-based Nehst Creations, which has a film production studio that is located in the Cleveland Convention Center. Nehst is providing an equity contribution of $6.5 million to the project. The State of Ohio offered a tax break for the project, while Cuyahoga County and the City of Cleveland guaranteed part of the financing of the project. Bond proceeds will be secured with revenues from the films.
May 4, 2010 – Cleveland – William D. Friedman will begin his new duties June 1 as president and CEO of the Cleveland-Cuyahoga County Port Authority. The Port Authority’s board of directors today unanimously approved the hiring of Friedman, who has spent more than 20 years in portrelated leadership roles.