Rock Ohio Caesars, which owns and operates the Horseshoe Cleveland Casino, has reached a deal with Cuyahoga County and the city of Cleveland that will help generate a final .5 million needed to help work start on overhauling Public Square.
The entire budget for the project is $32 million. To make the project possible Rock Ohio Caesars agreed to forgo the $7.5 million that it was entitled to be paid for improvements to the historic Higbee Building, which houses the casino. It was entitled to the money because the building was part of a tax increment financing district established in 2002.
That money will instead be used to round out the budget for the Public Square renovation and will allow bonds to be issued for the project. Private donors have also contributed to the project. Work is expected to begin this week.
When Rock Ohio Caesars first committed to building in downtown Cleveland it agreed to participate in overhauling of Public Square, among other downtown upgrades.
