Development Finance Authority of Summit County to Become New Name of Summit County Port Authority

AKRON, OHIO (March 6, 2012) – The Summit County Port Authority will become the Development Finance Authority of Summit County at the end of this month. The new name better describes the functions and vision of the organization.

On March 5, at the County Council meeting, the County of Summit ordinance was amended to enable the Port Authority to change its name to more accurately reflect its economic development activities. In addition, the name change was previously reviewed by the Planning and Economic Development Committee on February 27 where it passed unanimously.

“By operating under the name ‘Development Finance Authority of Summit County’ our name and branding will more accurately reflect the organization’s focus on economic development activities,” said Christopher Burnham, President of Summit County Port Authority. “During our strategic planning process we were made aware that there is significant confusion because of the current name. The phrase ‘Development Finance Authority’ is a much more accurate description.”
County Executive Russ Pry sponsored the amendment. The new legislation will take effect after March 31, 2012. The name change and rebranding involves a new website, logo and other components to help the organization transition from the original name.

The rebranding was one of the five major recommendations in the organization’s recently released Strategic Plan. The new name will help potential clients, partners, and the public more readily understand the Port Authority’s current role as an economic development organization and future vision to bring investors and jobs to the Northeast Ohio region.

The mission of the organization is to implement economic development initiatives that will strengthen and diversify the economy of Summit County and Northeast Ohio. It was established in 1993 to save abandoned rail lines for future transportation needs. In 1999 the purpose was expanded by the County to provide community and economic development finance to spur economic development and job growth. For more information, visit the organization’s current website at www.developmentfinanceauthority.org.