FOOD HALLS OFFER A FEAST OF CHOICE
The new Van Aken Market Hall in Shaker Heights reflects a nationwide trend. PAGE 6
CRAINSCLEVELAND.COM I November 18, 2019
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GOVERNMENT
Selling Cleveland to the richest of the big-money investors
The city is hoping its Opportunity Zones can be a ‘vehicle’ to a group it usually doesn’t attract BBY KIM PALMER
The city of Cleveland has issued on average $1 billion in building permits every year for more than eight years. Development, at least recently, is not a problem for the city. But with most of that development coming from lo-
cal sources, city officials are contemplating how to broaden the pool of investors. One approach is to pursue ultrahigh-net-worth individuals who, as a result of the 2017 Tax Cuts and Jobs Act, can use Cleveland’s many Opportunity Zones as a long-term tax shelter.
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“The Opportunity Zone tax incentive provides an additional vehicle to make Cleveland investment more attractive to high-net-worth individuals, and there are about 40 such areas in the city of Cleveland,” said David Ebersole, Cleveland’s director of economic development.
AKRON Girl Scouts and local companies are partnering to add to STEM workforce ranks. PAGE 32
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To attract the type of entrepreneurs who could benefit from Opportunity Zone-type investment, Mayor Frank Jackson is attending Techonomy 2019, a three-day conference that started Sunday, Nov. 17, in Half Moon Bay, Calif. He is scheduled to participate in a public discus-
sion, “What one city has learned about tech,” led by Techonomy editor Josh Kampel, that’s described as being about “how business and tech are finding new pathways to civic renovation.” See OPPORTUNITY on Page 8
Source Lunch: Christopher Alvarado, executive director of Slavic Village Development, says changing perceptions about Cleveland’s most diverse neighborhood is a key part of his job. PAGE 35
11/15/2019 3:48:44 PM