1 Cuyahoga County Board of County Commissioners Department of Development 112 Hamilton Ct. 4th Floor Cleveland, Ohio 44114 Brownfields 1 Cuyahoga County.

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Presentation transcript:

1 Cuyahoga County Board of County Commissioners Department of Development 112 Hamilton Ct. 4th Floor Cleveland, Ohio Brownfields 1 Cuyahoga County Board of County Commissioners Department of Development 112 Hamilton Ct. 4th Floor Cleveland, Ohio Brownfields COMMISSIONERS Jimmy Dimora Timothy F. Hagan Peter Lawson Jones Best Practice: Tinkers Creek Commerce Park HUD 2007 Award of Excellence July 25, 2007 Presented to: Ohio Conference of Community Development (OCCD) Presented by: Tracey A. Nichols, Assistant Director James Herron, Brownfield Program Manager Cuyahoga County Department of Development

22 Brownfields Brownfield Definition A vacant, abandoned or underutilized property with real or perceived contamination Cuyahoga River Fire, Jefferson St. and W. 3rd. The Cuyahoga River burned bringing attention to the region and eventually causing the Clean Water Act

33 Brownfields Tinker’s Creek Commerce Park : Industrial Project Comparison Greenfield Project Brownfield Project

44 Brownfields Tinker’s Creek Budget BEDI Grant $2,000,000 HUD 108 $4,000,000 State 629 Funds $ 850,000 Cuyahoga County BF $ 950,000 State Enterprise Bond $3,655,000 Private (Bank & Equity) $23,095,000 TOTAL $34,550,000

55 Brownfields Tinker’s Creek Commerce Park : Industrial Project Comparison GreenfieldBrownfield Land Cost $4.65 million$10,000 Demo & Clean-Up Cost $0$9.2 million Appraised Value $4.65 million$0 Maximum Loan $3.72 million$0 Equity$930,000 Government Finance $0$8.3 million

66 Brownfields Future Tinker’s Creek Commerce Park

77 Brownfields Tinker’s Creek Commerce Park : Industrial Project Return On Investment Annual Property Taxes Land Only BEFOREAFTER $7,494$111,869 Building $0$582,900

88 Brownfields Thank You Tracey Nichols Assistant Director of Economic Development Phone: James Herron Brownfield Program Manager Phone: Website