- Economic Development
- Business Incentives
- Local Incentives
- Medina County Port Authority
Administered by the Medina County Economic Development Corporation, the Medina County Port Authority (MCPA) helps to build and sustain a competitive business environment in Medina County by utilizing its unique powers to enhance economic development through marketing and innovative financing.
Conduit Financing/Sales Tax Exemption: A company or developer arranges for bank financing to purchase bonds issued by the Port Authority, which lends its tax-exempt status to the project, allowing the construction materials used to build a facility to be exempt from sales tax.
Example: If a building costs $25 million to construct and $12.5 million is related to building materials, while the other $12.5 million pays for labor, then $12.5 million in materials is exempt from Medina County’s 6.75% sales tax. This would realize nearly $850,000 in savings (less bond issuance fees).
Operating Leases: The Port Authority or another developer can build a facility and lease it to a client company. The Port Authority would issue bonds on the capital market and use the proceeds to build the facility, keeping the investment off the balance sheet of the company.
Revenue Bond Fund Program: To provide additional financing options for growing companies, the Medina County Port Authority has partnered with the Development Finance Authority (DFA) of Summit County (also an Ohio Port Authority) to utilize the DFA’s Fixed-Rate Bond Fund program for Medina County projects.
This bond fund can finance up to 100% of projects between $1,500,000 and $6,000,000 with tax-exempt or taxable bonds for a period of 7 to 20 or 30 years based on the life of the assets being financed. The market rate is based on the investment grade rating of the program by Fitch IBCA and the interest rate is fixed for the term of tax-exempt or taxable bonds.
PROGRAM BENEFITS INCLUDE
• Fixed Interest Rate (Up to 30 years) Tax-Exempt Bonds
• Construction and Permanent Financing
• 90% to 100% Financing
• No sales tax on construction and building materials
• Close within 60 to 90 days
TYPE OF BONDS
- Industrial Projects
- Non‐Profit (501c3) Exempt Facilities
For more information, contact the Administrator of the Medina County Port Authority (Bethany Dentler, MCEDC Executive Director) at 330-722-9215 or email@example.com.