April 2013

William D. Friedman, President & CEO

I’ve long been intrigued by the notion that just “six degrees of separation” connects each of us to anyone else, and I’m sure that fewer than six degrees separate our Port from every resident of Cuyahoga County. We connect with people in ways they recognize, and in ways they may not.

They connect to the Port when they visit the Rock and Roll Hall of Fame and Museum or the Cleveland Clinic (we’ve issued project financing bonds for both), when they row on the Cuyahoga River (we’re removing hazardous floating debris from the channel), and when they buy a car made from locally produced steel (the iron ore likely came through our Port).

As we continue to secure more cargo, launch new environmental initiatives, and develop more financing opportunities, our connections to residents grow even closer and stronger.  READ MORE 

 

On the Docks

Life aboard a Great Lakes vessel can be solitary and sometimes sedentary for crews, who spend two months at a stretch on the water and away from home. But some ship operators are providing innovative options to keep their crews happy and healthy. The Interlake Steamship Co. of Middleburg Heights has brought aboard treadmills, fitness trainers, and hi-definition televisions. Avon Lake-based Grand River Navigation Co. gives stewards additional meal-prep training so crews can enjoy a more healthy selection of fresh foods.  And Fednav of Montreal has installed gymnasiums on vessels.  “There were no gymnasiums 25 years ago when I was sailing,” said Tom Paterson, a company senior vice president.   READ MORE

 

Along the Water

Cleveland’s salt mine is both a feat of engineering and a hidden gem. Located 1,800 feet below Lake Erie, the mine is comprised of giant excavated tunnels 20-feet high, 45-feet wide extend four miles out from the shoreline. That’s where Cargill Deicing Technology extracts rock salt from a basin more than 300 million years old so that modern-day drivers can safely maneuver winter roads. Thanks to ancient geology, man-made transportation systems, and consumer demand, Cargill’s location in the heart of the city is ideal for mining salt.  READ MORE

 

 In the Community

Eight years ago the Port of Cleveland became the first port in the nation to be a sponsor of New Markets Tax Credits, bringing catalytic dollars and development projects to distressed local communities. Since then Steelyard Commons, Playhouse Square, Miceli Dairy Products Co., and others have collectively leveraged nearly $95 million in tax credits by working with a fund created by the Port and Ariel Ventures, a financial advisory company in Cleveland.  READ MORE