Best Practice: Tinkers Creek Commerce Park HUD 2007 Award of Excellence

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Cuyahoga CountyBoard of County Commissioners Department of Development • 112 Hamilton Ct. • 4th Floor • Cleveland, Ohio 44114

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

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COMMISSIONERSJimmy DimoraTimothy F. HaganPeter Lawson Jones

Best Practice:Tinkers Creek Commerce ParkHUD 2007 Award of Excellence

July 25, 2007Presented to:

Ohio Conference of Community Development (OCCD)

Presented by:Tracey A. Nichols, Assistant Director James Herron, Brownfield Program ManagerCuyahoga County Department of Development

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sBrownfield DefinitionA vacant, abandoned or

underutilized property with real or perceived contamination

Cuyahoga River Fire, 1952 - Jefferson St. and W. 3rd.

The Cuyahoga River burned bringing attention to the region and eventually causing the Clean Water Act

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sTinker’s Creek Commerce Park:

Industrial Project Comparison

Greenfield Project

Brownfield Project

$0.00

$5,000,000.00

$10,000,000.00

$15,000,000.00

$20,000,000.00

$25,000,000.00

$30,000,000.00

$35,000,000.00

$40,000,000.00

$45,000,000.00

DemolitionSite AssemblyClean-UpInfrastructureConstruction

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sTinker’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

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sTinker’s Creek Commerce Park:Industrial Project Comparison

Greenfield Brownfield

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 $930,000

Government Finance

$0 $8.3 million

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sFuture Tinker’s Creek Commerce Park

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sTinker’s Creek Commerce Park:

Industrial Project Return On Investment

Annual Property Taxes

Land Only

BEFORE AFTER

$7,494 $111,869

Building

$0$582,900

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sThank You

• Tracey Nichols

Assistant Director of Economic Development• Phone: 216-443-2137• E-mail: cdtan@cuyahogacounty.us

• James Herron

Brownfield Program Manager• Phone: 216-443-8064• E-mail: cdjph@cuyahogacounty.us

• Website• http://brownfields.cuyahogacounty.us