Press Releases
Port of Cleveland’s Community Investment Fund to Provide Support to Economically Vulnerable Neighborhoods
Cleveland, Ohio (November 18, 2020) – The Cleveland-Cuyahoga County Port Authority (Port of Cleveland) announced the launch of a Community Investment Fund (CIF) dedicated to economically vulnerable neighborhoods and their residents. The Port’s CIF will make grants to aid Cuyahoga County based nonprofit programs and organizations focused on workforce development, economic development, and community improvement / quality of life issues.
“The Port’s Community Investment Fund will help ensure that our agency’s traditional economic development and finance work provides equitable benefit throughout Cuyahoga County,” said Will Friedman, the Port’s President and CEO. “Our goal with the CIF is to leverage our resources and connect chronically disadvantaged neighborhoods and communities to greater opportunity.”
To fund the CIF, the Port Authority Board of Directors agreed to dedicate 10% of the fees generated each year by development finance projects to CIF grants. The Port’s traditional development finance work leverages its bonding capacity, tax-favorable status, and structured leasing to finance development projects and related infrastructure at more competitive rates.
“The Port’s Board of Directors know that our traditional development finance tools have had huge success generating development at scale, but we also need to play a role supporting community development efforts at the neighborhood level, many of which are not positioned to tap into our development finance tools,” said Darrell McNair, Chair of the Port’s Board of Directors CIF Committee. “These neighborhoods are full of opportunity, but face greater difficulty in attracting private capital, meeting underwriting standards, and capitalizing on momentum.”
To guide the grantmaking process, the Port’s board established a CIF committee that evaluated potential grantees based on amount of need, deliverables from the grant funds requested, and potential measurable impact. Based on the committee’s recommendation, the Port’s Board of Directors has approved grants of $50,000 to Phastar/Benjamin O. Davis Aviation and Maritime High School for its maritime and waterfront education programs and $100,000 to Neighborhood Connections to provide matching grants in Cleveland & inner-ring suburbs.
“The Port is thrilled to make these grants to Benjamin O. Davis Aviation High School and Neighborhood Connections,” said Margot Copeland, a member of the Port Board and the CIF committee. “The CIF is our way of making sure the Port is investing in economic development at all levels in the County, and we believe this first round of grants is an excellent way to launch the program.”
The Port of Cleveland Approves $50 Million for Sherwin-Williams Construction
Cleveland, OH (May 21, 2020) – The Port of Cleveland announced approval for up to $50 million in taxable lease revenue bonds to pay a portion of costs associated with the construction of The Sherwin-Williams Company’s new global headquarters as well as the Company’s new R&D center.
“We have these two very exciting projects ahead of us and it shows that COVID-19 can’t stop good things from happening in Cleveland,” said Darrell L. McNair, Board Member and Chairman of Real Estate and Finance Committee, The Cleveland-Cuyahoga County Port Authority Board of Directors.
Before officially deciding on Cleveland as the location for their global headquarters and Brecksville as the location for their new R&D facility, Sherwin-Williams, an inherent part of Cleveland for more than 154 years, conducted a national search to explore other potential sites.
“Ultimately, after a detailed analysis, the proposals from the State of Ohio, JobsOhio, Cuyahoga County, the City of Cleveland and the City of Brecksville proved to be the most attractive in enhancing our ability to serve customers and retain and attract top talent over the long term,” said Julie Young, Sherwin-Williams Vice President, Global Corporate Communications.
The Company’s continued commitment in Cuyahoga County will create a significant positive economic impact in Cleveland, Cuyahoga County and the State of Ohio.
Upon construction, the two facilities will house more than 3,500 employees, adding a minimum of 400 jobs (11 percent increase to the Company’s current local workforce) at these facilities over time. Moreover, the City of Cleveland estimates that once the new global headquarters is occupied, the Cleveland Metropolitan School District will receive an additional annual revenue estimated at $4 million from Sherwin-Williams.
Overall, the Company’s global headquarters project and R&D center project will call for a total combined investment of approximately $678.5 million. According to Young, the projects are in their early stages of construction planning with official groundbreaking potentially in the spring of 2021 and the Company’s transition into the new headquarters, at the earliest, in 2023.
About Cleveland-Cuyahoga County Port Authority
The Port of Cleveland is one of the largest ports on the Great Lakes. Over 20,000 jobs and $3.5 billion in annual economic activity are tied to the roughly 13 million tons of cargo that move through Cleveland Harbor each year. The Port of Cleveland is the only local government agency whose sole mission is to spur job creation and economic vitality in Cuyahoga County. The Port is an economic engine for the community, a key to Northeast Ohio's global competitiveness, and a crucial partner in building Cuyahoga County's future.
For more information, please visit: www.portofcleveland.com
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Port of Cleveland Elects First Female Chair in 50 Year History; Chairwoman Supported by All Female Officers
Cleveland, OH (March 7, 2019) – For the first time in its 50 year history, the Cleveland-Cuyahoga County Port Authority (Port of Cleveland) has a female Chairperson leading the board of directors. The Board met for their monthly meeting to review projects and to elect their new slate of officers. Newly elected Chairwoman Jan Roller takes over for her predecessor Darrell L. McNair, today upon completion of his chairmanship.
New Port of Cleveland Board of Directors Leadership
The Port Authority also made history by appointing an all-female slate of officers; Director Patricia Ramsey was elected Vice Chair and Director Harriet Applegate was elected Secretary/Fiscal Officer. Chairwoman Roller graduated from Case Western Reserve University School of Law and went on to establish herself as a leader in the regional law community. Chairwoman Roller has sat on boards and committees in service of the community throughout her career. Vice Chair Patricia Ramsey is Vice President of Community and Economic Development for Fifth Third Bank in Northeastern Ohio. Ramsey has more than 30 years of experience in community and economic development roles within the financial services industry. Secretary/Fiscal Officer Harriet Applegate currently serves as Executive Secretary of the North Shore Federation of Labor. Harriet has a passion for advocating for common sense economics and for involving working people in politics and policy. Cleveland-Cuyahoga Port Authority President Will Friedman expressed his excitement at the new phase of leadership. “We are so proud of our board and our board leadership. All three new officers are very accomplished professionals, leaders and public servants, whom happen to be women. We are very excited to work with our new board leadership and look forward to a successful 2019 shipping season.”
New Cargo Development Partnership
Board of directors also discussed the Port of Cleveland’s new partnership with Logistec. Spokesmen from Logistec presented to the board their goals and vision for the partnership as the exclusive terminal operator for the Port of Cleveland general cargo terminal. On the elevated relationship with the company, Will Friedman said “We are glad to partner with Logistec with our joint goal of growing cargo volume and economic activity throughout Northeast Ohio and at the Port of Cleveland.”
The presence of Logistec as the operator of the general cargo terminal brings all maritime and logistics operations for the Port of Cleveland under one terminal operator. This provides all shippers with a seamless solution for all cargoes including: bulk commodities such as iron ore and stone as well as general cargo commodities including containerized cargo and breakbulk/project cargo.
About Cleveland-Cuyahoga County Port Authority
The Port of Cleveland is one of the largest ports on the Great Lakes. Over 20,000 jobs and $3.5 billion in annual economic activity are tied to the roughly 13 million tons of cargo that move through Cleveland Harbor each year. The Port of Cleveland is the only local government agency whose sole mission is to spur job creation and economic vitality in Cuyahoga County. The Port is an economic engine for the community, a key to Northeast Ohio's global competitiveness, and a crucial partner in building Cuyahoga County's future. For more information, please visit: www.portofcleveland.com