May 16, 2011: Rootstown's NEOMED Breaks Ground on 80,000 Square-Foot Facility!
The Northeast Ohio Medical University in Rootstown celebrated medical research Monday, May 16, 2011, with breaking ground on a research and graduate education building and holding a forum to discuss the importance of research. The 80,000 square foot four-story building will be built on the northwest corner of the NEOMED campus. The building will house areas for study, research, seminars and teaching.
This was made possible in part by the Portage County Port Authority, the Portage County Department of Economic Development (now Portage Development Board) and the Portage County Board of Commissioners. In 2009, the Portage County Board of Commissioners adopted a resolution designating the Portage County Port Authority as the issuer of all Recovery Zone Bonds for the projects located within the County of Portage. The Portage County Port Authority Board of Directors accepted the designation as agents of the County for issuing Recovery Zone Economic Development Bonds for the Portage County Department of Economic Development and to finance a portion of the costs of constructing a new Biomedical Research Facililty for the Northeast Ohio Medical University.
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The Portage County and Summit County Port Authorities do it again!
Press Release April 17, 2008
Using its cooperative agreement with the Portage County Port Authority, the Summit County Port Authority issued Tax Increment Financing bonds in the amount of $940,000 on behalf of Portage County to provide public improvement for a commercial development and a private development in Brimfield Township. The funds will be issued to acquire land and construct and install public improvements, including roads, sidewalks, street lighting and utilities.
Private development spurred by the public improvements include a 6,300 square foot office building, a 4,000 square foot retail facility, a nursing home and assisted living facility.
Former Portage County Commissioner Chuck Keiper noted, "With easy access to State Route 43 from I-76, Brimfield Township is a prime area for economic development. The project brings a nice mix of retail and commercial development that will complement the Brimfield Crossings site on the west side of State Route 43. The Kelso Road extension will connect the commercial development to the nursing home and assisted living facility." Keiper added, "The Summit Port Authority's Bond Fund Program has been a valuable asset to the Tallmadge-Brimfield-Kent Joint Economic Development Districts and we plan to continue to sue the services of the Port for future economic growth that benefits our residents."
The public improvements are scheduled to be completed in June 2008.
For further information contact Christopher J. Burnham, President of the Summit County Port Authority at (330) 762-4776
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Portage Port Issues Bonds on Behalf of Delta Systems, Inc.
Press Release February 20, 2008
The Portage County Port Authority will issue a series of revenue bonds for the purpose of financing certain improvements, expansion and equipment for Delta Systems, Inc., a manufacturing facility located at 1734 Frost Road in Streetsboro.
Delta Systems, Inc. is a manufacturer of electrical switches, electronic components and wireless remote systems and has been in business in Portage County since 1980.
Thomas Chema, of the Portage Port Authority Board, stated, "The Portage County Port Authority is pleased to be in the position to assist a Portage County business with their expansion plans." Mr. Chema added, "The Port Authority was created for exactly this kind of project, thanks to the wisdom of the Portage County Board of Commissioners. I am looking forward to more projects of this type to create jobs in our County." Delta Systems, Inc. plans to expand its employment base, with 52 new full-time employees added over the next three years as a result of this expansion. Currently, Delta employs 219 full and part time employees.
The property will be owned by BF Properties Limited Partnership and leased to Delta Systems, Inc. The bonds are anticipated to be issued in an approximate principal of $7,310,000.
For further information, please contact Portage County Port Authority Director, Thomas V. Chema at (330) 569-5120 or Elizabeth Barry at Delta Systems, Inc. at (330) 626-2811.
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Portage County Port Authority Inks Deal on Brimfield Crossings Development Project
“Brimfield Crossings LTD will commercially develop 42 acres on the west side of State Route 43. As agent for the Portage Port, the developer will construct public improvements valued at $6.5M, which will be dedicated to the County for public use. Brimfield Crossings LTD will pay for the public improvements upfront and be reimbursed through a Tax Increment Financing (TIF) over 30 years.”
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Port Authorities Provide Tax Exempt Bonds for public infrastructure:
Cascades of Brimfield - I-76 & Tallmadge Rd
The Project: Bond proceeds will be used to pay for certain public improvements related to the Cascades of Brimfield development located in Brimfield Township, Ohio.
Project Costs: $2,475,000
Source of Funds:
Summit Port Bonds $2,475,000
Bond Reserve (LOC) $247,500
Interest Earnings $7,000
Total: $2,729,500
Fixed Interest Rate: 4.875%
Security: The Bonds are secured by a pledge of the TIF Revenues based upon the increase in real estate taxes within the TIF District generated by the Development. The County has also agreed to replenish the loan reserve.
Structure of TIF : The Port Authority has entered into a cooperative agreement with Portage County and the Developer of the Development providing for, among other things, the transfer of the TIF Revenues from the County to the Bond Trustee, on behalf of the Port Authority.