Cuyahoga County Council Approves First Casino Revenue Loan Outside of Downtown District to City of Euclid for Waterfront Improvement Plan
Cleveland, OH – For the first time since the inception of the County’s Casino Revenue Fund, funds will be made available for a development project outside of the downtown district. Initiated and championed by County Councilwoman Sunny Simon, primary sponsor of the legislation, Cuyahoga County Council approved a $4 Million, partially-forgivable loan to the City of Euclid in support of Phase II of the Euclid Waterfront Improvement Plan at its regular Nov. 10, 2015 meeting.
Councilwoman Simon, whose district includes the City of Euclid, expressed the broad impact of the Casino Revenue Fund and this waterfront project, “This project proves the importance of taking a regional approach to promoting development in our County. The casino funds are a powerful tool to build on the strengths in our various communities. This will improve the amenities offered to residents of Euclid and will also be a draw for visitors to the City and the County. Our lakefront is a regional asset; I applaud the Council for approving this vital and forward-looking economic and community development project.”
This development is the result of 20 years of planning, and builds on the ongoing progress in the vibrant downtown district, creating functional and aesthetic improvements to the underutilized lakefront space. The completed project envisions a multimodal trail connecting lakefront amenities to the City and the region, stabilization and enhancement of a degraded shoreline, the creation of additional beaches, and a new, public marina on the lake.
Euclid Mayor Bill Cervenik responded to the financing approval. “On behalf of the City of Euclid I want to express my deep gratitude to the Cuyahoga County Council and Administration in supporting Casino funding for the Euclid Waterfront”, said Mayor Cervenik. “The planned shoreline improvements , adding ¾ of a mile of public access to the lakefront, will become a regional destination and a catalyst for private investment, in line with the County’s Greenspace Plan and the its Five Year Economic Development Plan.”
The County will initially provide $825,000 for final engineering expenses and the remaining balance will be disbursed to the City of Euclid in 2016 and 2017 in accordance with terms to be determined by the City and the County’s Department of Development.