CUYAHOGA COUNTY, Ohio — After more than two years without answers, Cuyahoga County Executive Armond Budish held a press conference Wednesday outlining financing plans for the proposed new Corrections Center.
Budish says the county will be seeking to extend its quarter percent sales tax, which primarily pays the bonds issued in connection with the Huntington Convention Center. The proposed legislation will be submitted to Cuyahoga County Council for its approval.
The county will also issue bonds for the cost of the jail, now estimated at $550 million. Budish says bond anticipation notes will be issued during the construction period. The notes will then be converted into bonds when the project is completed.
“The Cuyahoga County Justice Center Steering Committee has been meeting since early 2019 to make critical decisions on the future of the Corrections Center,” said Budish. “It’s clear from the Committee’s and consultant’s work and expertise that a new jail is needed. This funding plan ensures that our residents will not see an increase in the taxes they’re paying today.”
The new Cuyahoga County Corrections Center will house approximately 1,900 inmates and is expected to be ready in 2025.
Cuyahoga County Prosecutor Michael O’Malley told The Plain Dealer/Cleveland.com earlier this summer that he wants an independent financial review of the county’s borrowing power when it comes to financing this major project.
Former Cuyahoga County Commissioner Lee Weingart, who’s looking to become Cuyahoga County's next executive in 2022, also said in July that he agrees with O’Malley’s call for a review.
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You can watch Tuesday's briefing in the player below:
