Finance: Cleveland

The board of the Cleveland-Cuyahoga County Port Authority has approved an annual budget for 2015 that includes $20 million for capital investments in maritime operations and sediment management.

"This budget allows the port to continue investing in our strategic priorities in maritime, sustainability, river renewal, and development finance, while ensuring our overall financial stability," said Port Authority President Will Friedman.

Among other things, the port will continue investing in the Cleveland-Europe Express (CEE) liner service, which was launched in April. The port is expanding CEE service in 2015 to two sailings a month between Antwerp and Cleveland.

"Our experience and discussions with shippers revealed that it is critical we offer more frequent sailings to better serve the needs of those moving containerized freight into global markets," said Friedman.

The port also reported findings from its independent study of Irishtown Bend, which examined the conditions of bulkheads and potential for landslides into the Cuyahoga River’s shipping channel. The area is a curving half-mile section of the west riverbank between Columbus Road and the Detroit-Superior Bridge. The findings:

Risk of hillside failure exists if water conditions and slope toe stability on the north end of the site are not addressed.
A series of specific remedial actions can restore the site as a viable community asset.

The needed remedial actions are projected to cost approximately $49 million, which is considerably less than earlier assessments.

Intergovernmental collaborations and a combination of funding sources can allow for the potential economic redevelopment of about four acres on the site and thus enhance neighborhood vitality.

"With the completion of this study, we finally have a comprehensive technical understanding of the hillside’s condition," said Friedman. "Now the community can work together to stabilize the hill, safeguard maritime traffic and restore appropriate use of this magnificent and historic site."