Wal-Mart Subsidies in Cleveland/Steelyard Commons, OH
|Address||I71 & Jennings Fwy|
|Type of Facility||Supercenter|
|Year Opened||Fall 2007|
|Value of Subsidies||$4.16 million|
NarrativeWhile local economic development officials did not return our calls, in its report Steelyard Secrets (http://www.policymattersohio.org/steelyard_secrets.htm), Policy Matters Ohio reported that the project, located at the site of a former steel mill, is receiving $12.48 million in federal New Markets Tax Credits over seven years. We divided this evenly among the three anchors: Wal-Mart, Target and Home Depot. In February 2007 Wal-Mart announced it would forgo about $10 million in state property tax abatements it would have received for building on environmentally contaminated land.