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Cleveland: Port Authority Bonds to Finance School Expansion

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The Cleveland-Cuyahoga County Port Authority will finance a campus expansion and improvement project at Beaumont School in Cleveland Heights. 

The port authority’s board of directors on May 16 agreed today to issue up to $8,160,000 for the project, which includes construction of a new science and technology building, and facility upgrades to enhance access for people with disabilities. The bonds are being underwritten by KeyBank's Business Banking and purchased by Key Government Finance, Inc., two units of Cleveland-based KeyCorp. 

"Today’s action highlights the important role the port plays in securing the dollars that help entities expand and modernize their facilities," said Board Chair Marc Krantz. "This is a milestone year for our development financing program, which was launched 20 years ago to provide construction dollars to build the Rock and Roll Hall of Fame and Museum. Since then we have brought nearly $2 billion in private investments to the region, helping organizations grow and stimulating job creation and economic development." 

Beaumont is a private, non-profit Catholic high school that serves more than 370 girls in grades 9-12. The total cost of the Beaumont project is $9.5 million and is expected to create 10 jobs. The school has agreed to the port’s inclusion policy, which specifies a 20 percent goal for participation by minority- or female-owned businesses. 
 

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