MANUFACTURING: Skylift sees success supporting electric utilities industry. PAGE 3
SPORTS BUSINESS
Rocket Mortgage FieldHouse has busiest month since ’19. PAGE 10
CRAINSCLEVELAND.COM I MARCH 28, 2022
‘A BIG ISSUE FOR OHIO’ Legal sports betting increases risk for problem gambling BY JOE SCALZO
CRAIN’S CLEVELAND PHOTO ILLUSTRATION | PHOTOS BY: UNSPLASH, GETTY IMAGES/ISTOCK
The gambling seed — or, more accurately, the weed — was planted at 6 years old, when Jess Stewart would tag along with his father on trips to the racetrack in Charleston, West Virginia. Or maybe they’d visit his bookie, where Stewart’s dad would ask him which team to bet that week. “Really the only times I got to spend with my father revolved around sports,” he said. “Either coming to my games or when he was betting.” Then, at age 17, Stewart lost his mother and sank into a deep depression. He found relief at the racetrack or the casino, where he could spend a few hours taking his mind off her death. “Gambling became my release,” he said. “And when you reach that level of gambling, it’s no different than alcohol or drug use. You have to drink more or use more or, in my case, gamble more to reach that high.” See BETTING on Page 16
Affordable-housing deals get a boost Ohio Department of Development changes popular historic tax-credit program BY MICHELLE JARBOE
A recent change to Ohio’s popular historic tax-credit program will give affordable-housing projects a lift, boosting the odds of success for deals such as the slow-moving makeover of the former Warner & Swasey Co. factory in Cleveland. In late February, the Ohio Department of Development tweaked
the scoring rubric for the fiercely competitive program, which offers up to $30 million in tax credits twice each year. Officials carved out an affordable-housing category, worth up to 5 points on a 100-point scale. Five points might not seem like much. But the potential impact is immense, in a contest where there’s little room between the lowest-ranked
NEWSPAPER
VOL. 43, NO. 12 l COPYRIGHT 2022 CRAIN COMMUNICATIONS INC. l ALL RIGHTS RESERVED
P001_CL_20220328.indd 1
winners and the top-rated losers. Affordable-housing developers are ecstatic. Some of their market-rate peers are fuming. “There’s been a huge, huge pushback,” said Heather Rudge, a Cleveland-area preservation consultant who works on a wide range of developments. See TAX CREDIT on Page 17
THE
LAND SCAPE
Investment pros hope JumpStart venture funding will boost region BY JAY MILLER
The move announced earlier in March by JumpStart Inc. to raise $70 million to invest in early-stage companies and create a new division — JumpStart Ventures — to focus its venture capital activity is seen by the investment community as a welcome first step to help Northeast Ohio catch up to its regional peers in developing job-creating businesses.
The economic development nonprofit is responding to industry research that shows Northeast Ohio has lagged behind the five closest metropolitan areas in the Midwest in its support of startup businesses. While $480 million in venture capital was raised by regional investors and investment funds here in 2021, the investment communities in See JUMPSTART on Page 16
A CRAIN’S CLEVELAND PODCAST
3/25/2022 2:11:05 PM