Development

The Lorain Port Authority leads property development, financing, and community investment across the City of Lorain. From brownfield revitalization and waterborne commerce to PACE and bond financing, we support projects that create jobs and strengthen local industry. Since 2012, we’ve helped generate millions in development through strategic partnerships and innovative programs. Explore the dropdowns below to learn more about our ongoing projects, financing options, and ways to work with our team.

To learn more contact our Executive Director, Tiffany McClelland at tmcclelland@lorainportauthority.com or (440) 204-2269.

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.

• Black River Landing Permanent Stage Project
• Request For Proposals Overview
• Brownsfield Post Clean-Up Development

The Lorain Port Authority also remains an active commercial port, maintained through dredging, providing an ideal environment for industrial development and growth.

• Brownsfield Grant Program
• Waterborne Commerce

Financing

The Lorain Port Authority offers flexible financing for construction, equipment, and development projects that strengthen our community. In partnership with the Cleveland–Cuyahoga County Port Authority, we help businesses and governments access funding quickly and efficiently. Use the dropdowns below to learn more about our financing programs, bond options, and how to get started.

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.

Financing Programs
PACE
Financed Projects
Bond Financing

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.

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: tmcclelland@lorainportauthority.com