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11/12/2010
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$1.50/NOVEMBER 15 - 21, 2010
Vol. 31, No. 45
Fourth Frontier atop FitzGerald’s goals By JAY MILLER jmiller@crain.com
County executive-elect outlines economic development strategy
Cuyahoga County executive-elect Ed FitzGerald won’t take office until Jan. 1, but he’s already thinking about his relationship with the business community and the impact his administration can have on business expansion in the region. In an interview with Crain’s, he said four items are at the top of his business to-do list: ■ Creating a local equivalent of the state of Ohio’s successful Third
Frontier technology develbank as an incentive to opment program. He’s calling promote business expanit the Fourth Frontier and sion. he hopes it will have a $100 ■ Pursuing the elusive million kitty with which to goal of providing “onework. stop shopping” for busi■ Assembling a group nesses seeking to expand of loaned executives who in or move into the county. would consult with county FitzGerald The new county execustaff on economic developtive also has started to talk ment initiatives. about who will be on the new county ■ Using the year-old county land economic development commission.
These proposals mesh to a degree with ideas recommended by a citizen-led county transition advisory group in a report released last September. That group suggested the county’s economic development efforts should be on a financially larger scale than they are currently. In 2009, according to its annual report, the county development department invested $8 million of county money through a
variety of programs and was the conduit for $15 million in state and federal economic development funds.
The next Frontier Developing a $100 million venture fund a la the Third Frontier, however, will depend on Mr. FitzGerald’s ability to cut the cost of running county government. The county transition group estimated that as much as $50 million in savings could be found in the consolidation of county offices See COUNTY Page 5
Colleges fret over Kasich’s education plan Next governor mum on budget blueprint By TIMOTHY MAGAW tmagaw@crain.com
MARC GOLUB
Joe and Debra Lukasik said they had trouble getting a loan to finance the opening of their third Subway store in a concourse at Cleveland Hopkins International Airport, so they pursued money online and secured a $300,000 loan.
MATCH.COM FOR MONEY By MICHELLE PARK mpark@crain.com
New online sites pop up that connect borrowers with banks willing to issue loans
J
oe Lukasik’s search for a business loan in Northeast Ohio didn’t turn up a dime. After the local Subway franchise owner and his loan consultant, Joe Wojtowicz, were denied a loan by more than five local banks, Mr. Lukasik chose not to wait any longer. He said he “robbed” his 401(k) of $100,000 to fund his third Subway shop, at Cleveland
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SPECIAL SECTION
This new section features a snapshot of individuals leading NE Ohio into the future ■ Page W-1
Democratic Gov. Ted Strickland made higher education a cornerstone of his administration over the last four years, but uncertainty surrounding Gov.-elect John Kasich’s plans for education has college officials throughout Northeast Ohio champing at the bit for details. Mr. Kasich, a Republican, hasn’t released any particulars about his plans for higher education, and college officials are careful in how they respond to the little they’ve heard. However, the potential fallout from a looming $8 billion shortfall in the state’s next two-year budget, they say, is of paramount concern. “I don’t think it’s a concern about the new administration. It’s a concern See BUDGET Page 6
INSIDE Shifting into high gear Ford Motor Co. is adding a second shift to the company’s Brook Park engine plant, and auto workers hope eventually to see a third shift. Solid demand for Ford’s EcoBoost engine is fueling the added work. Read Dan Shingler’s story on Page 3.