Seaports Magazine - Fall 2014 - (Page 52)

OHIO PORT AuTHORITIES KNOW HOW TO ROCK ECONOMIC DEVELOPMENT By William D. Friedman President and CEO Cleveland-Cuyahoga County Port Authority The first phase of the Flats East Bank, which is owned by the Cleveland-Cuyahoga County Port Authority, includes an officer tower, hotel, restaurants and other businesses. THE BOTTOM LINE By providing financing for private development, redevelopment and expansion, ports are able to contribute to the local and regional economies, while at the same time add additional revenue to their books that reduces reliance on public funds and government grants for investing in the core maritime mission. 52 AAPA SEAPORTS MAGAZINE C leveland is the birthplace of Rock and Roll, as it was here in the 1950s that disc jockey Allan Freed coined the phrase that defined the budding music genre. Likewise, it was in Cleveland where the genre's influence unleashed the power of Ohio's port authorities to serve as agents of economic development. In the 1960s, state legislators gave Ohio port authorities the power to issue bonds and provide financing for development, redevelopment and expansion projects. That power remained largely untapped until the early 1990s, when Cleveland civic leaders were looking for ways to finance the $92 million needed to build the Rock and Roll Hall of Fame and Museum. It was then that the Cleveland-Cuyahoga County Port Authority realized it could contribute as an economic development agent by issuing nearly $35 million in revenue bonds, serving as the facility's owner, and then leasing the facilities to the museum on a 50-year term with an option for a 49-year renewal. Since 1993, more than 80 companies, developers, local governments and nonprofits have collectively secured more than $2 billion through the port's Development Finance program. These projects range from cultural institutions (the Cleveland Museum of Art and Playhouse Square) to manufacturers (Swagelok and Applied Industrial Technologies) to not-for-profit regional assets (the Cleveland Clinic and Cleveland State University). Most recently, the port contributed to the financings for the American Greetings' world headquarters in Westlake, Ohio, and the construction of a Westin Hotel in downtown Cleveland.

Table of Contents for the Digital Edition of Seaports Magazine - Fall 2014

AAPA Seaports Magazine
From the President’s Desk
The Big Ship Race – Is Bigger Better?
Shipping Lines Partner to Stay Afloat
Cruise Lines Set Sail for Growth
Bulk Cargo Ports Valuable to the Community
Crafting Funding Solutions for Port Projects
Sister Agreements Spread Cultural Wealth
Strong Financial Ratings Open the Door of Opportunity
Customer Service a Key to Strong Bottom Line Results
Plug in to the Fuel of the Future: Electricity
Houston Thinks Outside the Box With Non-Traditional Lines of Business
Ohio Port Authorities Know How to Rock Economic Development
XXIII Congress of Latin American Ports
Index of Advertisers

Seaports Magazine - Fall 2014

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