One-Quarter of One Percent Sales Tax Increase Proposed
For November 2014 General Election
Akron - (Wednesday, April 23, 2014) Summit County Executive Russ Pry announced his intention to seek a one quarter of one percent sales tax increase in the November 2014 General Election - the minimum amount allowed by State law. Pry said he planned to introduce legislation to County Council next month that would put the issue before Summit County voters. A majority of County Council will be necessary to place the issue on the November ballot.
Board action taken today regarding new downtown arena
The University’s action, taken today, was required for the project to move forward.
AKRON - (Wednesday, April 23, 2014) The Board provided unanimous support today to an arrangement with Summit County, the City of Akron and the Development Finance Authority for the creation of a new downtown arena. Though details remain to be finalized, the Board of Trustees endorsed a preliminary term sheet that allows the community partners to move forward in the creation of a new arena.
International Investment flows into Cleveland, thanks to award-winning effort: The Mix by Robert L. Smith, The Plain Dealer
CLEVELAND - (January 10, 2014) A group that attracts international investment to Greater Cleveland, having survived a scandal that sent its founder to jail, is being cited as a national model.
The Cleveland International Fund was named the EB-5 Regional Center of the Year for 2013 by Artisan Business Group, which serves as a consultant to such funds nationwide.
Standard & Poor's affirms rating on DFA bonds
Long-term rating on important DFA economic development program BBB+
AKRON – (December 2, 2013) Standard & Poor’s Ratings Services recently affirmed the long-term rating on the DFA Jobs & Investment Bond Fund economic development revenue bonds at ‘BBB+’. The outlook is stable.
Construction Underway On The East End Hilton Garden Inn
Groundbreaking marks start of first new hotel in Akron since 1980
AKRON, Ohio (Nov. 11, 2013) – Despite the fact that winter is just around the corner in Northeast Ohio, signs of life are starting to pop up all around The East End campus in Akron – most noticeably at the corner of East Market Street and Kelley Avenue.
Development Finance Authority of Summit County (DFA)
DFA partners with Huron County Development Council (HCDC) to assist with Pepperidge Farm plant expansion
AKRON – (June 20, 2013) Pepperidge Farm, Incorporated, a subsidiary of Campbell’s Soup Company, announced today a $93 million expansion of its facility located in Willard, Ohio at a groundbreaking ceremony attended by Governor John Kasich, Denise Morrison, Campbell Soup Company’s president and chief executive officer and Irene Change Britt, Pepperidge Farm’s president. The $93 million plant expansion will create 50 new jobs and retain 543 in Huron County. To help the expansion, the Huron County Development Council partnered with DFA to provide $40 million for the project.
Development Finance Authority of Summit County (DFA)
DFA, City of Akron & University Square Investors II, LLC close financing for University Edge project
AKRON – (May 8, 2013) With construction already underway, the University Edge student housing project will be completed and ready in August 2014. The Development Finance Authority of Summit County (DFA), in collaboration with the City of Akron and University Square Investors II, LLC issued bonds today to complete the project financing. Bond proceeds, $6.645 million, will finance the costs of the developer’s and the city’s site improvements at the 270 E. Exchange Street project.
Development Finance Authority of Summit County (DFA) Rating Confirmed by Standard & Poor’s
DFA Jobs & Investment Fund (Bond Fund) Rating confirmed BBB+ with Stable Outlook
AKRON – (May 1, 2013) Standard & Poor’s assigned its BBB+ rating on the Development Finance Authority of Summit County Jobs & Investment Bond Fund (Bond Fund) with Stable Outlook.
Public/Private Partnership Builds Lorain County Health & Dentistry Facility
Former warehouse renovated to house medical and dental provider for most vulnerable
LORAIN, OH – (October 30, 2012) Lorain County Health & Dentistry (LCH&D), a Federally Qualified Health Center designated by the Health Resources & Services Administration (HRSA), and the largest safety-net provider of primary health care in Lorain County, today announced a unique public-private financing collaborative which enables the adaptive re-use of a vacant warehouse building in downtown Lorain. The building will serve as LCH&D’s main location and will enable expansion of services, including the addition of a vision clinic and behavioral health services. 22 new jobs will be created, and, when fully staffed, an additional 7,500 patients will be seen annually. The expansion is essential to meet growing demand for affordable primary care. The project represents a major, private capital investment in a low-income and highly depressed neighborhood.
Public/Private Partnership Builds New Kent State University Hotel & Conference Center
Opens the Door to 472 Jobs, Economic Growth
KENT, OH – (August 30, 2012) A unique public/private partnership, that includes $9 million in New Markets Tax Credits (NMTC) from Finance Fund, and $6.5 million from Development Fund of the Western Reserve (DFWR), will enable the Kent State University (KSU) Foundation to fund an important new hotel and conference center that will create 472 local jobs and spur regional tourism growth and economic development.
Development Finance Authority of Summit County (DFA) Receives Rating Upgrade from Standard & Poor's
DFA Jobs & Investment Fund (Bond Fund) upgraded to BBB+ with Stable Outlook
AKRON – (July 23, 2012) The Development Finance Authority of Summit County announced today Standard & Poor’s has upgraded the long term rating of the DFA’s Jobs & Investment Fund (Bond Fund) to BBB+ with a stable outlook from BBB. The summary rationale from S&P is attached. The DFA’s Bond Fund, in effect since 2004, has originated $55 million in bonds to finance 17 projects in six Northeast Ohio counties. The Fund has financed manufacturing and distribution facilities, private non-profit, corporate, government and tax-increment-financing (TIF) projects.
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.
Rep. Tim Ryan Congratulates Summit County Port Authority on $20 Million New Markets Tax Credit Allocation
Award Will Enable Port Authority to Encourage Investment in Regional Economic Development
Feb 27, 2012 (Congressional Documents and Publications/ContentWorks via COMTEX News Network) -- WASHINGTON - Today, Rep. Tim Ryan (OH-17) congratulated the Summit County Port Authority on their selection for a $20 million New Market Tax Credit award by the Community Development Financial Institutions Fund (CDFI).
Senator Sherrod Brown
Brown: New Federal Resources Will Help Summit County Port Authority Create Jobs and Promote Economic Growth
WASHINGTON, D.C. — (February 27, 2012) New federal resources have been awarded to the Summit County Port Authority in Akron. U.S. Sen. Sherrod Brown (D-OH) today announced that the Summit County Port Authority, which is affiliated with the Development Fund of the Western Reserve, was awarded $20 million through the New Markets Tax Credit for Fiscal Year 2011. The New Market Tax Credit (NMTC) program, administered by the U.S. Treasury Department, helps attract investment in underserved regions that would otherwise suffer from a lack of financing.
Summit County Port Authority Develops Strategic Plan
Plan Developed with Experts from CDFA and Included More than 40 Interviews
AKRON, OHIO (February 7, 2012) – The Summit County Port Authority outlined key recommendations from its recently developed Strategic Plan at a press conference today. The plan was developed in conjunction with economic development experts from the Council of Development Finance Agencies (CDFA), which is comprised of the nation’s leading and most knowledgeable members of the development finance community.
Foreign-Trade Zones Board Approves NEOTEC’s Alternative Site Framework Application
Eases Process for Companies Receiving Zone Status; One New Site and One Expansion Added to the Zone
(March 14, 2011) The Northeast Ohio Trade and Economic Consortium (NEOTEC)—grantee of Northeast Ohio’s Foreign-Trade Zone (FTZ) 181—recently received approval by the U.S. Foreign-Trade Zones Board to reorganize the zone under a new program that streamlines the process for manufacturing and distribution companies looking to utilize FTZ 181 as a way to reduce global supply chain costs.
FirstEnergy and the Ohio Manufacturers' Association Reach Agreement
Agreement will provide $7.5 million for jobs and business expansion
Akron and Columbus, OH - (January 13, 2010) FirstEnergy Corp.'s (NYSE:FE) Ohio utilities - Ohio Edison, Cleveland Electric Illuminating Company and Toledo Edison - will provide $7.5 million over three years to support economic development and job retention projects under an agreement reached with The Ohio Manufacturers' Association (OMA). The agreement, outlined in a memorandum of understanding, is related to the companies' commitment to support economic development and jobs as part of their Electric Security Plan (ESP).
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