Cuyahoga County Council to take up legislation creating the developement fund

Cuyahoga County Executive Ed FitzGerald pledged to create an economic development program patterned after Ohio"s Third Frontier Program to spark economic growth in the county.

The plan would establish a fund with assets of $100 million that would make investments in businesses to encourage growth and jobs.
   
Cuyahoga County Council is to take up an ordinance that would create the program. The ordinance, sponsored by the county executive,  is on council"s agenda for first reading today (Oct. 25, 2011). If enacted, it would create the Cuyahoga County Economic Development Fund, to be administered by the county executive through the county"s Department of Development.

The fund would be used to target four priorities: large business growth and attraction, small business growth, property reutilization and workforce development.

The Economic Development Fund would have the ability to sell bonds in $25 million blocks. FitzGerald said Monday that $100 million will be available for next year. The county could sell bonds for the first $25 million as early as December.

The program would work as a revolving loan fund, so as businesses repay their loans to the county, new loans could be made to promote more growth.

The plan still has a ways to go before it becomes reality.

The budget has to work its way through County Council, as does the legislation for the fund that is to get its first reading today.

For now, though, we can set the Fitz-O- Meter for this promise to In the Works.