The future of the I-X Center remains unclear, but a proposed deal involving millions of dollars and nearly three dozen acres of land between Cleveland and Brook Park could ease redevelopment of the former convention center.
Mayors Justin Bibb of Cleveland and Edward Orcutt of Brook Park announced a proposal to end existing tax-sharing agreements on land near Cleveland Hopkins International Airport, which includes the 159-acre I-X Center site.
In exchange for 34 acres of vacant land and $23.45 million in cash 鈥� $2 million up front and $650,000 in annual installments over 33 years 鈥� Brook Park will hand over full municipal tax revenues on the long-disputed land to Cleveland. That also includes Emerald Corporate Park, an office park development near the airport.
The I-X Center sits near the Cleveland Browns domed stadium project in Brook Park, part of a broader development expected to transform the area near the airport. The team held a ceremonial groundbreaking late last month.
Cleveland owns the I-X Center, which hosted its last convention earlier this year. The city has not yet decided the future of the massive 2.2-million-square-foot facility, as the current deal between Cleveland and Brook Park would have required complete demolition to end the tax-sharing agreement.
That agreement, struck in 2001, has been subject to nearly a decade of litigation between the two cities. The proposed settlement would replace tax-sharing with a payment structure to Brook Park, replacing the tax revenues the city is currently collecting on the land through 2059. That's $650,000 per year over 33 years.
With its proximity to the airport and NASA Glenn Research Center, and Bibb's insistence of bringing back manufacturing jobs to Cleveland in key industries including aerospace, the city has been eyeing redevelopment for a major employer.
Bibb promised the full acquisition would bring more jobs to Cleveland.
鈥淧rotecting taxpayers and ensuring government works in the best interests of residents remains our top priority,鈥� Bibb said in a written release. 鈥淏y aligning on a shared vision, we can unlock new opportunities for investment and business attraction that will move our entire region forward.鈥�
The agreement must still be vetted by both cities鈥� councils for approval. Cleveland's legislation will be proposed at Monday night's council meeting.
