The Cleveland-Cuyahoga County Port Authority’s board voted unanimously Monday to place a levy renewal on the November countywide ballot.
“The port plays a unique and essential role in our region,” said Port Chairman Marc Krantz in a statement. “We are the only local government agency whose sole responsibility is to spur job creation and economic vitality in Cuyahoga County.
“The port authority operates the international docks that connect our region to the global economy, provides innovative financing solutions that have helped build development projects across Northeast Ohio, and serves as an environmental steward of two key assets: the Cuyahoga River ship channel and the downtown Lake Erie shoreline,” he added.
Proceeds from the renewal of the port authority’s levy will be used to sustain and advance initiatives needed to protect and grow the nearly 18,000 jobs and $1.8 billion in annual economic activity that depend on Cleveland Harbor, the port authority said.
The port authority said renewing the levy will not increase taxes.
Under the renewed levy, property owners will continue to pay only about $0.29 per month for every $100,000 of assessed value, which will yield about $3.1 million annually – roughly 35 percent of the port authority’s annual budget.
The port authority’s current levy was passed in 2007 and provided for tax collections through the end of this year. To avoid a disruption in collections, the port authority renewal levy would need to be approved by voters in November.