News > Local
New port director has a name to fit his job
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| “This is a city with untapped potential, with many key resources to drive business growth.” Adam Wasserman |
BY: ARLENE FINE Senior Staff Reporter
It is hard to miss the irony: Adam Wasserman, 44, the new president and CEO of the Cleveland-Cuyahoga Port Authority, which has jurisdiction over Lake Erie, has a last name that translates to “Waterman” in Yiddish.
The Washington, D.C., native arrives here with his wife Kazuko after a three-year stint in Yorkshire, England, as the CEO of Hull Urban Regeneration (Citybuild). There, he was responsible for a $2 billion development project that sparked economic growth within the aging industrial region. He created a modern public infrastructure and turned the port of Hull into a vibrant waterfront area.
Flush with the success of his work in England, Wasserman is determined to bring this business model to Cleveland. “This is a city with untapped potential, with many key resources to drive business growth,” he says.
It has been full-speed ahead for Wasserman since the mid-February day he walked into his spacious E. 9th St. office overlooking Lake Erie and began to get his feet wet.
“My life has been a whirlwind, as I am constantly attending meetings and becoming familiar with key people and locations within the city,” he says.
He recently met with Joseph Marinucci, president of Downtown Cleveland Alliance, and learned first-hand the compelling need to create a vibrant downtown through new residential and commercial development.
Wasserman is determined to continue the business outreach plans put in motion by his predecessor Gary Failor, whose legacy includes $1.5 billion worth of financial partnerships with the port authority over the past 10 years, to assist regional revitalization efforts.
By acting on behalf of the borrowing entity as an issuer of special obligation revenue bonds, Wasserman explains, the port authority provides financing for eligible public and private community projects. The port authority lets business entities borrow money through them, not from them. Part of the financial package for the recently built Park Synagogue East, for example, came from port authority bonds.
Along with a strong business outreach plan, Wasserman inherited a full agenda from Failor. One of the most intriguing items on it is a proposal for a trans-Erie ferry service that would enable two ferries to connect the port of Cleveland with Port Stanley, Ontario, Canada. These ferries would accommodate significant numbers of both cargo and passengers.
“The ferry service would be a cost-effective alternative to transporting (by trucks) the cargo that currently has to travel from Canada, to Buffalo or Detroit, and finally on to Cleveland,” says Wasserman. “The ferry would also provide a cruise ship atmosphere for passengers, include a car garage, and provide new shore-side jobs for city workers.” Right now, he adds, he is awaiting approval from the Canadian federal government, “but we might get the green light at any time.”
Relocating the port authority is on Wasserman’s radar screen, because it has the potential to increase the volume of goods coming into the port. Possible new sites include Burke Lakefront Airport or Whiskey Island (a peninsula between Cuyahoga River and Edgewater Park).
The new port president and CEO believes Cleveland can do even better. “We have to determine what we expect the maritime future of Cleveland to look like 25 years from now,” explains Wasserman. “We must assess if we have the correct infrastructure in place to handle increased growth at our current location.”
Each year, the port of Cleveland receives about 1,000 ships from all over the world. It averages about 13.1 million tons of cargo and generates more than $570 million in personal income through jobs supported by port activities, explains Wasserman. The primary cargoes arriving at Cleveland’s port include steel, heavy machinery, iron ore, stone, cement, sand and salt.
Wasserman recently joined port directors nationwide for a seminar in Washington, D.C., led by Homeland Security officials.
“Fortunately, Cleveland is ahead of many other ports in terms of security,” he explains. “The U.S. Coast Guard and Customs officials constantly monitor our port. And cameras installed in strategic locations provide 24-hour dockside and perimeter security.”
The port authority operates on an annual budget of $10 million, about a third of which comes from taxes paid by Cuyahoga property owners. The rest comes from port financing fees and leases.
Currently, there is discussion about placing a levy-renewal vote on the ballot. “If we do ask for a levy-renewal, it will be a very small portion of a taxpayer’s bill,” Wasserman says. “Taxpayers must realize they will get a tremendous payback because of the possibilities of future economic development within Cleveland and surrounding areas.”
The Wassermans are living in an apartment in Westlake, which he found online while living in England. After he settles in, he says, he and his wife plan to go house hunting and eventually join a synagogue. In the meantime, he is thrilled to be here.
“I’m constantly amazed at all Cleveland has to offer, including University Circle, the great medical institutions, the vibrant cultural arts community, and the fabulous neighborhoods,” he says. “This is a good place to call home.”
Wasserman adds one final compliment that is rarely heard in this city. “Cleveland is ‘paradise,’” he says. “This city has much more sunshine than the perpetually gray English skies I’ve been used to.”
afine@cjn.org
The Washington, D.C., native arrives here with his wife Kazuko after a three-year stint in Yorkshire, England, as the CEO of Hull Urban Regeneration (Citybuild). There, he was responsible for a $2 billion development project that sparked economic growth within the aging industrial region. He created a modern public infrastructure and turned the port of Hull into a vibrant waterfront area.
Flush with the success of his work in England, Wasserman is determined to bring this business model to Cleveland. “This is a city with untapped potential, with many key resources to drive business growth,” he says.
It has been full-speed ahead for Wasserman since the mid-February day he walked into his spacious E. 9th St. office overlooking Lake Erie and began to get his feet wet.
“My life has been a whirlwind, as I am constantly attending meetings and becoming familiar with key people and locations within the city,” he says.
He recently met with Joseph Marinucci, president of Downtown Cleveland Alliance, and learned first-hand the compelling need to create a vibrant downtown through new residential and commercial development.
Wasserman is determined to continue the business outreach plans put in motion by his predecessor Gary Failor, whose legacy includes $1.5 billion worth of financial partnerships with the port authority over the past 10 years, to assist regional revitalization efforts.
By acting on behalf of the borrowing entity as an issuer of special obligation revenue bonds, Wasserman explains, the port authority provides financing for eligible public and private community projects. The port authority lets business entities borrow money through them, not from them. Part of the financial package for the recently built Park Synagogue East, for example, came from port authority bonds.
Along with a strong business outreach plan, Wasserman inherited a full agenda from Failor. One of the most intriguing items on it is a proposal for a trans-Erie ferry service that would enable two ferries to connect the port of Cleveland with Port Stanley, Ontario, Canada. These ferries would accommodate significant numbers of both cargo and passengers.
“The ferry service would be a cost-effective alternative to transporting (by trucks) the cargo that currently has to travel from Canada, to Buffalo or Detroit, and finally on to Cleveland,” says Wasserman. “The ferry would also provide a cruise ship atmosphere for passengers, include a car garage, and provide new shore-side jobs for city workers.” Right now, he adds, he is awaiting approval from the Canadian federal government, “but we might get the green light at any time.”
Relocating the port authority is on Wasserman’s radar screen, because it has the potential to increase the volume of goods coming into the port. Possible new sites include Burke Lakefront Airport or Whiskey Island (a peninsula between Cuyahoga River and Edgewater Park).
The new port president and CEO believes Cleveland can do even better. “We have to determine what we expect the maritime future of Cleveland to look like 25 years from now,” explains Wasserman. “We must assess if we have the correct infrastructure in place to handle increased growth at our current location.”
Each year, the port of Cleveland receives about 1,000 ships from all over the world. It averages about 13.1 million tons of cargo and generates more than $570 million in personal income through jobs supported by port activities, explains Wasserman. The primary cargoes arriving at Cleveland’s port include steel, heavy machinery, iron ore, stone, cement, sand and salt.
Wasserman recently joined port directors nationwide for a seminar in Washington, D.C., led by Homeland Security officials.
“Fortunately, Cleveland is ahead of many other ports in terms of security,” he explains. “The U.S. Coast Guard and Customs officials constantly monitor our port. And cameras installed in strategic locations provide 24-hour dockside and perimeter security.”
The port authority operates on an annual budget of $10 million, about a third of which comes from taxes paid by Cuyahoga property owners. The rest comes from port financing fees and leases.
Currently, there is discussion about placing a levy-renewal vote on the ballot. “If we do ask for a levy-renewal, it will be a very small portion of a taxpayer’s bill,” Wasserman says. “Taxpayers must realize they will get a tremendous payback because of the possibilities of future economic development within Cleveland and surrounding areas.”
The Wassermans are living in an apartment in Westlake, which he found online while living in England. After he settles in, he says, he and his wife plan to go house hunting and eventually join a synagogue. In the meantime, he is thrilled to be here.
“I’m constantly amazed at all Cleveland has to offer, including University Circle, the great medical institutions, the vibrant cultural arts community, and the fabulous neighborhoods,” he says. “This is a good place to call home.”
Wasserman adds one final compliment that is rarely heard in this city. “Cleveland is ‘paradise,’” he says. “This city has much more sunshine than the perpetually gray English skies I’ve been used to.”
afine@cjn.org
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