Cleveland Port Authority Place Levy Renewal on November Ballot

MarineLink.com
Tuesday, July 09, 2013

The Cleveland-Cuyahoga County Port Authority’s Board of Directors voted unanimously today to place a levy renewal on the November countywide ballot.

“The Port plays a unique and essential role in our region,” said Port Chair Marc Krantz “We are the only local government agency whose sole responsibility is to spur job creation and economic vitality in Cuyahoga County. The Port Authority operates the international docks that connect our region to the global economy, provides innovative financing solutions that have helped build development projects across Northeast Ohio, and serves as an environmental steward of two key assets: the Cuyahoga River ship channel and the downtown Lake Erie shoreline.”

Proceeds from the renewal of the Port Authority’s levy will be used to sustain and advance strategic initiatives that are essential to protecting and growing the nearly 18,000 jobs and $1.8 billion in annual economic activity that depend on Cleveland Harbor.

Renewing the Port Authority levy will not increase taxes; the tax rate would remain at 0.13 mills, which is the same rate that was set in 1968 when the Port Authority was created and is the smallest countywide tax levy in Cuyahoga County. 

Under the renewed levy, property owners will continue to pay only about $0.29 per month for every $100,000 of assessed value, which will yield approximately $3.1 million annually – roughly 35% of the Port Authority’s annual budget.

The Port Authority’s current levy was passed in 2007 and provided for tax collections through the end of this year. To avoid a disruption in collections, the Port Authority renewal levy would need to be approved by voters in November.

During today’s meeting, the Board also positioned the Port Authority to make available as much as $300 million in bonds for Phase 2 of the Innerbelt Bridge Reconstruction Project in Cleveland in order to help accelerate construction and save taxpayers money on financing costs. The Board acted now so that contractor teams bidding to build Phase 2, which includes construction of the new eastbound bridge, have the option of including the Port bonds as a financing mechanism in their proposals. The Ohio Department of Transportation plans to select a contractor team in September. Should the selected team use the Port’s financing program, the Port’s bonds would be sold to private investors and repaid with ODOT funds.

In other actions today, the Port Authority Board also agreed to:

•Authorize the sale of up to $35 million in bonds, primarily to refinance existing debt of Constellation Schools LLC, which operates community schools throughout Northeast Ohio.

•Authorize a contract for up to $986,753 with Turner Construction Company for construction and renovation work at the Port Authority’s new headquarters at 1100 E. 9th Street. The Port plans to move into the space in September.
 

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

October Imports up 9% at Port of Oakland

Containerized imports shipped through the Port of Oakland were up 9.17% in October from a year ago, the port said, citing the surge as the biggest jump in import cargo volume in six months.

BG Group's Queensland Curtis LNG to Ship First Cargo

BG Group is set to ship the first cargo of liquefied natural gas from its flagship gas project Queensland Curtis LNG on Dec. 20, a source familiar with the matter told Reuters.

Belgian Strike to Impact Antwerp Port

A strike in parts of Belgium on Monday is expected to disrupt rail services and one of Europe's largest ports as trade unions and workers voice their anger over

News

7 Rescued from Sinking Freighter Near Haiti

Seven crewmembers were rescued after their 100-foot coastal freighter began taking on water and sank approximately 45 miles north off of Cap Haitien, Haiti, Friday.

Gazprom Transgaz Ufa Organizes Arts Festival

Over 200 healthy children and children with disabilities from Bashkortostan as well as the Volga Region participated in the Breaking the Barriers second interregional children’s arts festival,

Time-out for Kwanza Drilling

Statoil has decided to cancel the Stena Carron rig contract after fulfilling the work commitments in the Statoil-operated blocks 38 and 39 in the Kwanza basin offshore Angola.

 
 
Maritime Contracts Maritime Security Maritime Standards Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1521 sec (7 req/sec)