Economic Development

Programs

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.


                     

Construction Financing Program

 

Who Might Qualify:

·        Developers

·        Business owners

The Construction Financing Program can assist qualified businesses to receive a sales tax exemption on all construction materials related to the project by having the Port Authority lease the facility to the company.  The borrower is the owner for federal tax purposes and acquires the project for $1.00 at the end of the lease term.   The borrower retains full control of the property.

 


 

Conduit Financing Program

 

Who Might Qualify:

·        501c3 Non-Profit Organizations

·        Manufacturing Projects

The Conduit Financing Program provides tax-exempt financing for land and building acquisition, renovations, new construction and equipment purchase. The program can provide up to 100% financing.  In order to reduce transaction costs, the borrower may consider direct placement of the bonds with a local bank.

 


 

Property Assessed Clean Energy (PACE) Program

 

Who Might Qualify:

·        Developers

·        Business owners

·        Non-Profit Organizations

·        Governmental Entities

The PACE Program can finance investments in energy related improvements in new and existing real estate property, thereby reducing the operating costs of the borrower through energy cost savings.  Eligible costs include any improvements that reduce energy costs, including heating and cooling systems, roof, insulation, windows, doors, solar, geothermal projects, etc.  The PACE bonds are paid by the property owner with special assessments levied on the property. The program can provide up to 100% fixed-rate financing for a term not to exceed the expected useful life of the improvements. [NoteIf the property owner has mortgaged the property via nonrecourse/CMBS financing or may wish to consider such financing in the future, then this program may not be a suitable option.]

 


 

Tax Increment Financing Program (TIF)

 

Who Might Qualify:

·        Developers

·        Business owners

·        Non-Profit Organizations

·        Governmental Entities

The TIF Program assists developers, municipalities and others in financing public infrastructure projects such as roads, curbs, streetlights, utilities, sidewalks, landscaping, public parking garages, etc. Qualified TIF projects dedicate a portion of the incremental property tax payments, derived from the increased property value of the project, to finance bonds issued to pay for certain public infrastructure costs related to the project.  This program can provide 100% fixed-rate, tax-exempt financing for 10 to 33 years. [Note—City approval is required for all TIFs.  In addition, consent of local school board is required if the pledged TIF revenues exceed 75% and if the term is more than 10 years.]

 


 

Special Assessment Program

 

Who Might Qualify:

·        Developers

·        Business owners

The Special Assessment Financing Program assists developers and business owners in financing public infrastructure projects such as roads, curbs, streetlights, utilities, sidewalks, landscaping, public parking garages, etc.  Special assessment financing can be used to supplement TIF bonds.  Special assessment bonds allow the borrower to reduce the amount of equity or conventional financing, and are non-recourse.  The local municipality levies an annual special assessment on the project in an amount sufficient to finance debt issued to pay for certain public infrastructure costs related to the project.  This program can provide 100% fixed-rate, tax-exempt financing for 10 to 33 years.