Project Highlights Development Finance

Since its inception, the Development Finance Authority has assisted area businesses in obtaining financing for community projects totaling $1.4 billion.  Below are summaries for some of the projects:

Applied Industrial Technologies
Applied Industrial Technologies leases its corporate headquarters from the Port Authority on a 20-year lease term with two, 10-year options. The operating lease structure does not appear on the company’s balance sheet, thereby improving certain financial statement ratios. Total project cost: $37 million

“The Cleveland-Cuyahoga County Port Authority provided Applied Industrial Technologies with a unique and creative financing package for our corporate headquarters that meant the difference between us staying in Cleveland and leaving the area. Our relationship with them has been a true partnership.”

- Bill Purser, President & COO

Cleveland Clinic Research Building
The health care provider plans to build a Genetics and Stem Cell Research Center. State-of-the-art genetic research laboratories and administrative offices will occupy the six-story, 150,000-square-foot building. Estimated project cost: $39.5 million

"The Port Authority’s Development Finance Authority is professional and has a stellar reputation in the community as a government agency that is easy to work with and able to quickly execute financing transactions.  We look forward to continuing our relationship with the Port Authority on future projects."

- Michael Minnaugh, Treasurer

Council for Economic Opportunities in Greater Cleveland
A 28,000 square-foot head start facility was constructed in an urban neighborhood and combined child care, education and public transportation in a single location. The facility was built adjacent to a transit rail system. Total project cost: $6 million

“The Council for Economic Opportunities in Greater Cleveland is very grateful to the port authority for its support in helping us build the CEOGC Head Start Center in East Cleveland.  Through their support of CEOGC, the Port Authority has made an immeasurable contribution to the children and families of Greater Cleveland.” 

- Jacqueline Middleton, Executive Director

Heidtman Steel Products
Financing was provided for the purchase of 33 acres, construction of a 210,000 square-foot building and an overhead crane. The new building will support the company’s marketing and sales efforts. Total project cost: $26 million

“Working with the Port Authority made this large and complex transaction a relatively simple and painless experience for us. This facility places us close to our supply base, and closer to our customers, enhancing the cost effective service that our industry demands.”

- John C. Bates, President & CEO

Jergens

“Jergens’ involvement with the Port Authority made for a perfect public partnership. Through the use of the Port Authority’s financing, we were able to turn an empty desolate lot that had been vacant for 18 years into our tax-producing, new corporate headquarters.”

- Jack Schron Jr., President 

MetroHealth
The financing structure enabled MetroHealth Hospital to keep a new 750-car employee parking garage off its balance sheet. Total project cost: $11 million

“The Port Authority provided an innovative financing package tailored to MetroHealth's construction project.  The Port Authority's financing has substantial public benefits and builds stronger communities.”

- Terry White, former President & CEO

University Heights Public Parking Garage
The Port Authority provided financing assistance for the purchase of land and construction of a multi-level, 2,600-space public parking garage which supports a retail complex. The garage is owned by the Port Authority. Total project cost: $129 million

“Without the help of the Cleveland-Cuyahoga County Port Authority, the University Square project would not have been possible. Their staff was extremely helpful throughout the entire process, and we are very grateful for their assistance in this project.”

- Beryl Rothschild, Mayor of University Heights