Cleveland’s Eaton Corporation is asking the Cuyahoga County Port Authority to loan it $170 million so it can move its corporate headquarters from downtown Cleveland to move to suburban Chagrin Highlands, The Plain Dealer is reporting.
The industrial manufacturing giant received $71 million in tax breaks from the state of Ohio in October for the move, which the company says is necessary to provide room for growth. The state provided the funds after Eaton threatened to move to another state.
The port authority is expected to approve the loan at its meeting June 23, The PD reports.
I’ve heard some people comment that this is necessary to prevent Eaton from becoming Cleveland’s NCR.
But I think it’s time for Ohio cities to stop desperately hoping giant corporations will save them. This $170 million could provide $50,000 start-up loans to 3,500 businesses. To me, that’s smarter, more sustainable and more equitable economic development.
Also, why are we subsidizing sprawl? I guess in Ohio, we’re about 30 years behind Portland and other more viable cities on these issues. Next, the Eaton Corporation will be complaining it can’t attract talent to Cleveland.
What ever happened to corporate citizenship?