TIF Financing Approved For Top Of The Hill, Design Phase To Start

CLEVELAND HEIGHTS, OH — The city's much ballyhooed Top of the Hill project has received approvals for Tax Increment Financing (TIF). The approvals were given by the city of Cleveland Heights and the Cleveland Heights-University Heights School District.

TIF typically reallocates property taxes to encourage more investment in an area. In this case, the school district will receive funds based on what the completed site is expected to generate, versus what it currently generates. The TIF ordinance will help get the school district an estimated $421,000 a year in compensation, versus the $21,000 the undeveloped site currently generates.

The TIF approvals came March 19 when City Council approved a TIF ordinance by a unanimous vote of 6-0, with one council member absent. The school district approved its own measure unanimously last week.

"This action moves the project to the next phase of development, which includes due diligence and detailed design of the project," City Manager Tanisha Briley said in a press release. "The city greatly appreciates the approval actions taken by the Board of Education last week and is eager to move forward with this transformative project."

The Top of the Hill project will develop a four acre site at the corner of Cedar Road and Euclid Heights Boulevard, at the top of the Cedar Hill. The city believes this area is a gateway into Cleveland Heights and its development could benefits both the city and neighboring communities.

Developers Flaherty & Collins are putting together a $75 million site that will include "200 market-rate luxury apartments, 15,000 square feet of first floor restaurant, retail and commercial space, a parking garage containing 525 parking spaces, a nationally branded or boutique hotel, possibly as many as 20 for-sale townhomes, all necessary sidewalks, driveways, access ways and utility connections, public gathering and green spaces and the potential opportunity to include a Class A office component," the city said.

The approval of the TIF financing means the project will move into the design phase.

Additional information about this project can be found on the City's website at http://www.clevelandheights.com/toh.

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