Community Improvement Corporation (CIC)

Overview

The Wadsworth Community Improvement Corporation (CIC) is a not-for-profit corporation established under Ohio Revised Code for the purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of the City of Wadsworth. The CIC has great latitude in pursuing those goals, including low interest loans, equipment leases, land acquisition and assemblage, and land banking. The State of Ohio Legislature enacted the ability to form a CIC over forty years ago, and there are over 235 CICs active statewide.

What can the CIC do?

• Acquiring and selling property (real, personal, stock, partnership, etc.)
• Borrowing money for economic development projects (issuing unvoted revenue bonds or notes)
• Lending money (i.e. revolving loan funds for economic development projects)
• Serving as an administrative agent for grant applications 
• The ability to charge fees to political subdivisions for services rendered
• May enter into contracts with third parties, including the federal government, the state, any political subdivisions, or any other entity
• Can sell or lease property owned by a political subdivision as its agent, without having to comply with public sale requirements. The price may be below fair market value and the buyer may be in a targeted industry
• Projects do not need to be competitively bid
• To do all acts and things necessary or convenient to carry out the powers especially created in Chapter 1724 of the Revised Code.

WCIC Board Members:

• President, Matt Hiscock
• Vice President, Robin Laubaugh
• Treasurer, Cathy Fix
• Secretary, Dan Rospert
• Brandon Davis
• William Lyren
• Max Miller
• Ronald Paydo