Community development stakeholders joined local civic leaders and elected officials June 26th to hear the findings of an independent 10-year Cuyahoga Land Bank economic impact study at a press conference and public forum at Cleveland State University’s Maxine Goodman Levin College of Urban Affairs.
A distinguished and diverse group of panelists that have worked with the Cuyahoga Land Bank in the areas of affordable housing, economic development, neighborhood advocacy, and special projects, took part in the forum. Panelists were City of Cleveland Councilman and Cuyahoga Land Bank Chairman Anthony Brancatelli; Village of North Randall Mayor David Smith; Nigel Griswold, Co-Founder and CEO of Dynamo Metrics; Kamla Lewis, Director of Neighborhood Revitalization for the City of Shaker Heights; Ricardo León, Managing Director of Metro West Development Organization; Gus Frangos, Cuyahoga Land Bank President and General Counsel; and Susan Fuehrer, former Director and CEO of the VA Northeast Ohio Healthcare System. Dr. Roland V. Anglin, Dean of the Levin College, moderated the forum.
The study by Dynamo Metrics is an economic impact evaluation aimed at quantifying the tangible and measurable economic outcomes from 10-years of Cuyahoga Land Bank activity. Taking all expenditures and programmatic activity into account, research estimates a total economic impact of $1.43 billion in Cuyahoga County since its inception in 2009. Specific economic impacts quantified over the past decade include:
Increased Property Values & Blight Reduction ($735.9 million in neighboring property value protected)
- $415.3 million in protected home value from nearly 7,000 residential demolitions
- $320.6 million in protected home value from more than 2,100 programmatic residential rehabilitations
Distressed Properties Back on the Tax Rolls
- $13 million from direct property sales
- $18.5 million in property tax revenue collected from influenced properties
- $302.8 million in direct private investment induced by catalytic activity
Supporting the Local Economy
- $305.5 million in local economic impact and 2,114 jobs created
- $57.3 million in local economic impact and 355 jobs created from programmatically incented private sector residential rehabilitation activity