Crain's Cleveland Business, September 25, 2023

BEN PEARCE

CRAINSCLEVELAND.COM I SEPTEMBER 25, 2023

STATES PULL OUT ALL THE STOPS IN

RACE FOR EV INVESTMENTS

Midwestern states fell behind early in the race to secure EV factories. Now, they’re making an aggressive — and potentially expensive — comeback. PAGE 9

Browns, Cavs dominate list of highest-paid athletes

Cleveland considers novel plan for riverfront project City plans to create large TIF overlay district As developer Bedrock prepares to start moving dirt for a longterm project to remake a stretch of downtown Cleveland’s riverfront, city officials are proposing a novel way to fund part of the public infrastructure work. A master development agreement hashed out over many months between Bedrock and the city shows that Cleveland plans to create a large tax-increment financing overlay district that would span much of down-

town and parts of the near-West Side. The district will allow the city to capture, and borrow against, the growth in property values over several decades. Part of that money, in turn, will go toward public spaces, roads, riverfront bulkheads and other infrastructure on Bedrock’s property, a largely barren slice of the east bank behind Tower City. But additional revenues will flow to public infrastructure projects on the lakefront; to other parts of See RIVERFRONT on Page 16

A hefty contract puts QB Deshaun Watson in the top spot. PAGE 16 See the full list. PAGE 14