Cleveland – September 12, 2024—The Port of Cleveland’s board of directors has approved $170 million in bond financing to fuel a series of high-impact projects, including a major manufacturing expansion, the revitalization lanSeptd that contained a former Veterans Administration facility, and refunding bonds for a 501c3 school. These investments underscore the Port’s pivotal role in driving economic growth, facilitating access to the tax-exempt bond market, and supporting cultural institutions across the region utilizing its credit enhanced bond fund program.

Since June alone, the Port has approved more than $311 million in bond financing, reflecting the significant demand for its services and the vital role it plays in supporting regional development.

“These projects, coupled with others approved by the Port board in recent months, show just how crucial this agency’s support is for economic development and community growth,” said Rhonda Winslow, Vice President of Development Finance.

The projects approved today include:

Momentive Technologies Expansion: Up to $50 million in lease revenue bonds were approved for the $40.2 million expansion of Momentive Technologies’ High Quality Quartz production facility in Richmond Heights. This project, critical to industries ranging from semiconductors to aerospace, will see a significant upgrade with new furnace equipment and a reconfigured, modernized manufacturing process. The expansion, covering 18,000 square feet on a 26-acre site, is expected to be completed over five years, and adding 14 skilled jobs to this global company that has approximately 850 employees.

Valor Acres Redevelopment: The first phase of Valor Acres in Brecksville being developed by the DiGeronimo Companies, will receive approximately $93 million in lease revenue bonds. This ambitious mixed-use development, on the former Louis Stokes Cleveland Veterans Administration Medical Center site, will include residential units, retail space, and office buildings, with 292 permanent jobs expected upon completion.

The first phase include five buildings with a total project cost of about $128 million on about 23.75 acres at the intersection of Brecksville and Miller Road. The development will comprise about 221,204 square feet, with a total of 221 residential units, 70,000 square feet of retail space and 146,000 square feet of office space. About 292 permanent jobs are expected to be created on completion of this phase.

Constellation Schools Renovation: The board approved up to $35 million in tax-exempt bonds to refinance bonds issued 10 years ago, with a small portion allocated for upgrading facilities. This funding will support the purchase and renovation of seven school buildings in Cleveland and Parma, benefiting over 4,400 students and 550 employees across more than 20 schools managed by Constellation Schools LLC. Renovations will improve the educational environments to support students’ success in Northeast Ohio. The work will take place at several schools in Cleveland and Cuyahoga County.

Toledo Museum of Art Energy Efficiency Upgrades: The board approved $7 million in tax-exempt Property Assessed Clean Energy (PACE) revenue bonds to support the Toledo Museum of Art’s energy efficiency and alternative energy improvements. This project spearheaded by the Toledo-Lucas County Port Authority with partnership by the Columbus-Franklin County Finance Authority and Cleveland-Cuyahoga County Port Authority addresses critical HVAC issues and enhances the museum’s infrastructure, ensuring its sustainability and continued cultural contributions

Replacing the HVAC will cost about $18.25 million, with an additional $1.75 million of improvements needed for the museum’s building envelope, which is the building enclosure between the conditioned and unconditioned environment of a building, including the resistance to air, water, heat and light.

“The Toledo-Lucas County Port Authority has been actively involved in collaborative funding efforts, alongside partners at the Port of Cleveland and the Columbus-Franklin County Finance Authority, to support large-scale projects such as this energy efficiency improvement project for the Toledo Museum of Art,” said Thomas J. Winston, president and CEO of the Toledo-Lucas County Port Authority. “This collaboration illustrates how Ohio port authorities contribute to sustainable development by improving energy efficiency and supporting economic growth through shared resources.”

J. Stefan Holmes, chairman of the Port board, said “The depth of these projects, coupled with others before the board in recent months, show just how much the Port can do to help economic growth and development in Greater Cleveland.”

Since 1993, the Port of Cleveland has provided more than $5 billion to more than 160 projects in Cuyahoga County and beyond. Since its inception, the Port’s financing initiatives have been instrumental in transforming Cuyahoga County and beyond, demonstrating a consistent commitment to the region’s growth and prosperity. As demand for these services continues to rise, the Port remains at the forefront, driving the development that shapes the future of Northeast Ohio.