Port a leader in economic development with financial support for job creation projects

October 24, 2023
|In Articles, Newsroom
|By Port of Cleveland

The Port has provided more than $5 billion for 164 projects dating back to 1993, the majority of those within the City of Cleveland.  Recent projects funded include: 

  • $32 million in bond financing for Roundstone Insurance’s new headquarters in Rocky River. This move aims to accommodate the company’s growth and attract local talent, with plans for a three-story building that can house 140 employees and potentially 100 more over the next five years. 
  • The Port is partnering with the Canton Hall of Fame Village (HOFV) Resort & Entertainment Company to refinance the former McKinley Grand Hotel, now a DoubleTree Hotel. This restructuring of the capital stack and refi is expected to save HOFV more than $5 million.  The bonds will be repaid through Tourism and Development District taxes collected at the hotel.
  • The Port provided $8 million in TIF bond fund financing for the renovation of the historic downtown Cleveland Renaissance hotel, which will be rebranded into The Cleveland Hotel when completed. The Port partnered with the Development Finance Authority of Summit County which also provided bond fund financing for the project.