(Cleveland) – Revenue from Horseshoe Casino Cleveland will help Cuyahoga County double-down on some other projects.
Executive Ed FitzGerald says the plan is to use $7 million in casino tax revenues to provide loans for three downtown developments. FitzGerald expects to get another $8 million by the end of the year to use towards economic development.
FitzGerald says $4 million will go toward a planned upgrade of the street and signage outside PlayhouseSquare. It’s part of a $16 million makeover.
Art Falco the President and CEO of the Playhouse Square Foundation says they want to bring the beauty from the inside to the outdoors with a 40 ft high crystal chandalier.
FitzGerald also hopes to allocate $1.5 million for the second phase of the Flats East Bank project and $1.5 million for an apartment conversion of the East Ohio Building. It’s a vacant office tower at East Ninth Street and Superior Avenue. The money will go towards building 200 apartments.
FitzGerald says it's important to invest in Cleveland because it is the capital of Cuyahoga County. There are 15 million visitors a year and there is a waiting list to live downtown.
County Council plans to to discuss the loans and other financing deals at their meeting Tuesday. Horseshoe Casino Cleveland celebrates its first anniversary this month.
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