The Lorain Port Authority serves as the development arm of the City of Lorain and aims to provide an environment conducive of the development through incentive and financing programs. Since 2012, the Lorain Port Authority has financed $19 million in project and assisted companies like Republic Steel and Ohio Edison through economic programs.
As one of the main facilitators of Economic Development in the City of Lorain, the Lorain Port Authority does this in different ways. The LPA helps finance projects with bonds and receives grants to assess sites for businesses to build on, assisting to help create economic growth in the City of Lorain. The Lorain Port Authority also remains an active commercial port, maintained through dredging, providing an ideal environment for industrial development and growth.
The Lorain Port Authority is an independent lender offering solutions for capital finance challenges and special projects in our area providing creative financing options to accommodate your individual needs. As a partner with the Cleveland-Cuyahoga County Port Authority, the Lorain Port Authority’s customized lending tools can be used for equipment, construction, land and building acquisition, and facility improvements. The projects we finance are changing the face of our communities. We offer quick turnaround and flexibility, saving time and money. The Lorain Port also works in partnership with the Cleveland-Cuyahoga County Port Authority for various financing and economic development projects.
Why Finance with the Lorain Port Authority?
Your local port authority can help you no matter how your business or public entity is structured.
Small and medium sized businesses can gain access to the national bond market to help finance new construction, facility expansions or acquisition of real estate to help you grow and remain competitive in a global market.
Ports can help larger businesses through synthetic leases to reduce the costs associated with owning or leasing a building. In a synthetic lease the port authority owns the building and leases it back to the company. Alternatively the port can own the land and lease it to the company. An added benefit of a synthetic lease is that all materials used in construction or renovation are exempt from state and local sales taxes which may be as high as 10% of the project budget.
Businesses large and small can benefit from PACE loans which can provide 100% of the costs associated with energy efficiency improvements. They are secured by an assessment against the property that can be used to upgrade roofs, heating and cooling systems, building insulation, lighting, renewable energy or other projects that will eventually pay for themselves in the reduction of the amount of utilities consumed by the company.
Governments can use ports to dispose of excess property without going through public bid when land can be better used for economic development purposes instead of the possibility of speculative buyers purchasing the land. Governments also use ports to serve as the principal financier or construction agent for office buildings, public parking garages and other economic development projects.
Advantages of Financing with a Port Authority
Port Authorities obtain to power to:
- Acquire property to facilitate economic development
- Facilitate economic development transactions
- Receive State and Federal grants and loans
- Exercise powers on behalf of another subdivision
The Lorain Port Authority has financed many successful projects in the past. We offer various Incentive and Financing Programs for different types of projects, including Tax Increment Financing and Property Assessed Clean Energy Loans. If you would like more information on Economic Development, please contact:
Tiffany McClelland: firstname.lastname@example.org