From time to time, the City may provide developers with financial assistance in the form of Tax Increment Financing or Tax Abatement.
If either form of financing is approved by the City Administration and City Council, it is the recipient’s responsibility to file a DTE 24 form with the County and State. The DTE 24 form insures that these incentives are properly administered.
TIF for Large Scale Projects
216.664.2202 - Weekdays 8 am to 5 pm - 601 Lakeside Ave.
Tax Increment Financing (TIF) is an economic development tool that allows a municipality to re-direct new incremental real-property taxes on large scale projects. TIFs are unique in the fact that they help to raise tax revenues for development efforts without raising taxes.
This creative financing tool helps developers leverage additional equity to make projects financially feasible.
One of the additional benefits of a TIF is that it helps to facilitate construction in areas that would otherwise not have occurred.
Many of these projects also help to increase the property values in the surrounding neighborhoods. Effectively using Tax Increment Financing in select target areas will help to rejuvenate Cleveland neighborhoods.
To provide assistance to businesses expanding within or locating to the city of Cleveland including financing, workforce solutions and technical assistance that will encourage investment in the community to enhance the lives of our citizens.