Cleveland Development Foundation.

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The Cleveland Development Foundation was incorporated in Cleveland, Ohio, on June 23, 1954, as a private, non-profit corporation. Its purpose was to assist in the development of Cleveland by providing leadership and financial support for community development and renewal projects. A two million dollar revolving fund was created by investments of Cleveland businesses and industries. This fund was to provide seed money to expedite specific projects. Operating funds of the foundation were provided from the income of a five million dollar grant received from the Leonard C. Hanna, Jr. Fund.

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