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

Ports

Scrap Metal Exporter Pens Terminal Agreement

Port Canaveral Scrap Terminal LLC (PCST), a bulk ferrous scrap exporter, has signed a lease with the Canaveral Port Authority to operate a terminal in the north cargo area at Port Canaveral.

Iraqi Kurdistan Oil Shipments Reach 8.8m Barrels

Iraqi Kurdistan has shipped 8.8 million barrels of oil from the Turkish port of Ceyhan since May, Turkish Energy Minister Taner Yildiz said, as the autonomous region

CMA CGM Continues Expansion, Confirms Profits

The Board of Directors of CMA CGM Group, the world’s third largest container shipping company, met under the chairmanship of Jacques R. Saadé, Chairman and Chief Executive Officer,

News

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

East and South China Sea Disputes Need Creative Diplomacy

China and the United States appear headed for a damaging confrontation over the extent of China's territorial claims in the South and East China Seas. Now that

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Ship Simulators 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: 0.2326 sec (4 req/sec)