Ohio officials detailed how $265 million in public funding will be used to back the Cleveland Innovation District, cleveland.com reported Nov. 11.
Eight things to know:
- The district will be a partnership between Cleveland Clinic, University Hospitals, the MetroHealth System, Case Western Reserve University and Cleveland State University, which are all based in Cleveland.
- On Nov. 10, JobsOhio outlined how the $110 million it plans to spend on the district will be allocated. JobsOhio is the state's economic development arm.
- Cleveland Clinic will get up to $45 million from JobsOhio and has agreed to make a $300 million investment of its own to create 8,500 jobs, issue 2,000 job-related certifications, make $1 billion in research-related investment over a decade and build the Global Center for Pathogen Research and Human Health.
- In addition to the money JobsOhio will distribute, the Ohio Development Department will allocate $155 million to Cleveland Clinic. The contribution includes a $35 million jobs creation tax credit; the hospital has agreed to hire 1,000 people over seven years.
- The department also plans to loan Cleveland Clinic $100 million, though the agreement has not been finalized. A spokesperson for the Development Department told cleveland.com that Cleveland Clinic plans to exceed that goal and that the tax credit could be worth up to $55 million.
- Cleveland Clinic spokesperson Alicia Cooney Reale told cleveland.com the loan "will support construction costs to expand the research enterprise and hiring" at the hospital.
- JobsOhio is committing up to $10 million to Metro Health. The health system has agreed to make $11 million in research-related investment over a decade. The system will also create Community Responsive Care to examine infectious diseases and provide workforce training.
- JobsOhio committed up to $17.5 million to University Hospital, which agreed to hire 235 employees and invest $233 million in research over a decade.