The Port of Cleveland’s board of directors on Wednesday approved up to $110 million in bond financing to help American Greetings Corp. in building its new headquarters at Crocker Park in nearby Westlake, Ohio.
American Greetings, one of the world’s largest greeting card producers founded in Cleveland more than 100 years ago, had considered relocating its headquarters out of state. Its board ultimately decided to remain in Cuyahoga County with the help and financing cooperation of the City of Westlake, Ohio Development Services Agency, state of Ohio and the Cleveland-Cuyahoga County Port Authority.
“In addition to helping secure the continued presence of a large employer in Northeast Ohio, the port’s contribution to financing this headquarters will bring construction jobs, permanent jobs and additional tax revenues to our county,” William Friedman, president and chief executive officer of the Port of Cleveland, said in a statement.
The port’s board also authorized during its meeting to encumber and restrict $1.4 million from the port authority’s unrestricted cash investment balances.
“It will serve as a cost share contribution in support of an application for a Congestion Mitigation and Air Quality Improvement Grant until such time that the 2014 grants are awarded,” the port said.