Port of Cleveland Board Launches New Economic Growth Fund to Accelerate High-Impact Development Across Northeast Ohio

CLEVELAND , OH — The Port of Cleveland Board of Directors on Thursday approved the launch of a new Economic Growth Fund, a financing tool that expands the Port’s ability to support business attraction, manufacturing, housing, site readiness, and other catalytic efforts across Northeast Ohio.  

The new fund complements the Port’s nationally recognized A- rated Bond Fund by providing targeted credit support for projects that generate significant economic and community benefits but fall outside the Port’s traditional investment-grade financing criteria. 

Port leaders say the initiative responds to a growing need for capital across Northeast Ohio as communities pursue projects that create jobs, attract employers and redevelop underutilized properties but face financing challenges because of limited operating history, appraisal gaps or other market constraints. 

“At the Port, we’re focused on helping move projects forward before opportunities pass us by,” said Jeff Epstein, President and CEO of the Port of Cleveland. “The Economic Growth Fund gives us another way to proactively help communities compete for investment, prepare sites for new employers, and unlock projects that otherwise might not happen. It’s about giving Northeast Ohio the tools to win more opportunities, create more jobs, and grow our economy.”  

“Cleveland’s ability to compete depends on having the right tools to move transformational projects from vision to reality,” said Mayor Justin M. Bibb. “The Port’s new Economic Growth Fund strengthens our regional economic development toolbox by helping unlock investment that creates lasting opportunity for our residents. This is the kind of partnership that helps our region compete for jobs, attract private investment, and build a stronger economy for the future.” 

The Port will initially capitalize the fund with a $3 million investment from its own balance sheet and intends to grow the fund through partnerships with financial institutions, philanthropic organizations, and other mission-driven investors. Once fully capitalized at a target of $10 million, Port officials estimate the fund could leverage between $30 million and $50 million in financing capacity for eligible projects. 

The Economic Growth Fund is designed to revolve over time. As participating projects repay their financing, capital can be redeployed to future projects, creating a permanent economic development resource for the region. 

Eligible projects include business attraction, manufacturing expansion, industrial redevelopment, site readiness, housing, public infrastructure, minority business growth, neighborhood scale mixed-use development, waterfront revitalization and transit-oriented development. 

“Smart, creative capital for promising but nontraditional deals can unlock opportunities for new industries, new companies, and civic prosperity,” said Brad Whitehead, Managing Director of the Site Readiness for Good Jobs Fund. “When combined with shovel-ready sites and a prepared work force, the Port’s Economic Growth Fund will help Cleveland realize its full economic potential.” 

All projects supported through the Economic Growth Fund will continue to undergo the Port’s rigorous underwriting and Board approval process. In addition to financial analysis, projects will be evaluated based on their economic impact, including job creation, private investment leveraged, payroll growth, tax base expansion, and alignment with regional priorities.  

“This investment transforms visionary concepts into tangible realities for our community. Through the Economic Growth Fund, the Port will secure a powerful driver to expand housing, attract businesses, and create jobs,” said Cuyahoga County Executive, Chris Ronayne. “By delivering these critical projects, we are unlocking new opportunities for our residents and building a more resilient, prosperous Cuyahoga County.” 

The fund is structured to strengthen the Port’s existing Bond Fund. By creating a dedicated reserve for eligible projects, the Economic Growth Fund expands financing capacity while preserving the Bond Fund’s investment-grade credit quality. 

Following Thursday’s approval, the Port will begin establishing the fund through a supplemental bond indenture and work with its financial advisor, bond counsel and rating agencies to finalize the structure before financing its first projects. 

The Economic Growth Fund reflects the Port’s expanding role as a regional economic development partner – providing not only access to capital, but also innovative financial tools that help communities compete for jobs, investment, and long-term economic growth. 

In additon to the Economic Growth Fund, the Board also approved financing for three major development projects across Northeast Ohio: Gateway 66, an 80-unit mixed-income housing development in Cleveland’s Hough neighborhood; Circle Square East Stokes Block, a new mixed-use tower in University Circle; and Project Scarlet, the adaptive reuse of the historic Rose and Sloan buildings in Downtown Cleveland. Together, the projects represent more than $200 million in investment and reflect the Port’s continued commitment to leveraging innovative financing tools that create housing, strengthen communities, and drive long-term economic growth. Click HERE for additional details on each project.

About the Port of Cleveland

The Port of Cleveland is a key economic driver for Northeast Ohio, generating over $7 billion in annual economic activity and supporting more than 23,000 jobs. As a leading hub for international and Great Lakes shipping, the Port handles roughly 12 million tons of cargo each year. Established in 1968, the Port also advances regional growth through infrastructure improvements, shoreline resiliency projects, and development financing that supports both public and private investments. Guided by a nine-member board, the Port’s mission is to foster job creation, economic vitality, and global competitiveness for the Greater Cleveland region.

For more information on the Cleveland-Cuyahoga County Port Authority, visit www.portofcleveland.com.