I think I would probably do at least two things:
1) Put as many resources as needed to make the schools incredible. If I can't make the schools great, then encourage a private partnership to supplement educational opportunities that the schools lack. For example, mentoring and/or life coaches. I think the schools need to be better than any suburb. Unfortunately, the dropping property values in urban areas makes it hard as long as the school's are funded by property taxes.
2) Give state/federal and local benefits to businesses that are within one mile of public square. I think this would strongly encourage businesses to relocate to Cleveland and encourage the type of clustering needed to regain that "downtown" feel. This would, in turn, bring in businesses (hopefully) to cater to those businesses.