August 18, 2010 – The Cleveland-Cuyahoga County Port Authority board of directors has approved the sale of five acres of land that will be used to expand the facilities of the Great Lakes Towing Co. – which builds and operates tugboats and repairs other large vessels.
Great Lakes Towing – a 112-year-old Cleveland company located along the Old River Channel, near the mouth of the Cuyahoga River – has a long-term lease on land owned by the Port Authority. Leasing the facility makes it more difficult for the company to get commercial loans to finance expansion and also complicates participation in certain grant and loan programs. Buying the land will allow Great Lakes to expedite a multi-phased expansion effort. The company has completed its initial phase of expansion by erecting a new headquarters building and a state-of-the-art shipyard. These investments created or retained 64 jobs.