Board also approves annual operating and capital budgets for 2018 Cleveland, Ohio - The Board of Directors of the Cleveland-Cuyahoga County Port Authority (Port of Cleveland) met today to review and approve a development finance package that will link up to $36 million in private party investment funds to the $61 million mixed-use redevelopment of the historic former home of the Cleveland Athletic Club.  Located at 1118 Euclid Avenue in the heart of downtown and designed by the architect of Cleveland City Hall, the Cleveland Athletic Club operated from 1911 until 2007 and was the site of the city's first indoor track meet in the 1920s. The 16-story building also hosted the 1922 U.S. swimming championships, when Johnny Weissmuller set a world record in the 150-yard backstroke in the club's pool. When completed, the redevelopment will feature 165 residential units, approximately 10,850 square feet of office/retail space, and approximately 49 indoor parking spaces. Developers have already secured approximately $12 million in federal and state historic tax credits for the project, which will retain many of the building’s historic elements, including its storied swimming pool. The project is also supported by City of Cleveland through passage of tax increment financing legislation and a State of Ohio Water Development Authority loan. “The Cleveland Athletic Club redevelopment is another prime example of how the Port of Cleveland’s development finance work connects private dollars to catalytic economic development projects,” said Will Friedman, Port President and CEO. “Not only does this project maintain an important part of Cleveland’s history, it will also help energize Euclid Avenue between Playhouse Square and East 9th street; while continuing the surge in population growth driving revitalization in downtown Cleveland.”  In other business, the Board reviewed and adopted the proposed 2018 operating and capital budgets. The budgets balanced continued investment in job producing assets and increased cargo handling capacity, while limiting expenses to insure a continued strong financial position for the Port. Throughout 2018, the Port will embark upon various capital investments, representing a significant increase in capital related infrastructure spending. Significant projects will include major rehabilitation of infrastructure at Cleveland Bulk Terminal, security upgrades to the Port’s main gate, and shoreline stabilization at Irish Town Bend along the Cuyahoga River.