University Circle Secures $20 Million in Investment Tax Credits

Monday, November 9, 2009
Topics: Economy, Politics
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The nonprofit University Circle Inc. has two development projects on the table, with one or two more to come.

The grant comes from a federal program called New Markets Tax Credits, which typically go to community development entities that in turn use them to attract investment and create jobs in low and moderate income areas. 

University Circle is considered one of the city’s jewels, but immediately surrounding areas are mired in poverty.  Chris Ronayne, Executive Director of the nonprofit University Circle Inc., which secured the grant, says doing something that will help those communities is a primary goal. 

Cleveland needs this.  It’s always great when 20 million dollars in new money comes back to your town and we’re going to use it to support what we’re doing here in building what we hope is one of the great eds/meds arts and cultural markets, but with it, it’s intended to help employ those in and around the area with permanent supportive jobs. 

Ronayne’s group plans to apply much of the grant to two specific development projects.  One is a new hotel on Euclid Avenue adjacent to the case Western Reserve University campus.  The other is a mixed use complex on Mayfield Rd. between Euclid Avenue and Little Italy, which will also be the site of a new RTA rapid station.  Other projects are still being developed. 

University Circle was one of 90 applicants awarded the grants nationwide.  The City of Cleveland also applied, but was turned down.