Port Authority

The mission of the Lorain County Port Authority is to promote economic development by assisting private industry initiatives; by encouraging development and redevelopment; and by promoting investment in business, industrial and transportation projects.

  • In March, 2001, as part of a 4.75 million dollar economic development incentive package, the Lorain County Board of Commissioners created the Lorain County Port Authority (LCPA) and committed 1.5 million dollars to the creation of a bond reserve fund.  In addition, the Ohio Department of Development contributed 1 million dollars to the bond reserve fund.
  • The LCPA offers project financing through two (2) mechanisms: The Bond Reserve Fund and Port Lease Financing.

The BOND RESERVE FUND is designed to provide long term fixed interest rate financing for qualified industrial, commercial and public infrastructure projects. It enables small and medium sized companies to access the national capital markets through a system of reserves that serve as credit enhancement.

Eligible Borrowers: Private Corporations, Non-Profits and Political Subdivisions

Eligible Projects: New construction; acquisition of land/building renovation of building; purchase/installation of machinery & equipment; and construction of public infrastructure

Issuer of Bonds: Lorain County Port Authority or designated conduit entity

 Types of Bonds: Subject to market conditions and variations in law & subject to qualifications

Term of Loans: Average loan term may be between ten (10) and twenty (20) years; Loans for M&E do not typically exceed seven (7) years and are subject to useful life

Interest Rates: Fixed at the time bonds are sold, for the entire term of the bond, and based upon the rating of the bond fund as well as the type of project bond

Loan Size: $1 million to $10 million (dollars may be combined with other financing sources)

PORT LEASE STRUCTURED FINANCING options are generally utilized for large-scale projects.  In-depth descriptions are available through the LCPA offices.

Lease Structures: Capital, Operating, and Synthetic (Structured Operating)

Project Profile

Project Application

Port Authority Board Members:

  • Amy Richards - Board Chair
  •                       - Board Vice Chair
  • Jon Novak - Board Member
  • David Gillock - Board Member
  • Dan S. Gross - Board Member
  • Brittany Nazario - Board Member
  • Marty Gallagher - Board Member
  • Nicole Finnerty - Recording Secretary

Port Authority Board Meetings shall be held at least once each quarter.  Special Meetings may be called at any time.

Port Authority Board Meeting Agendas & Minutes

Lorain County Land Bank

Map indicating Lorain County

Lorain County Land Reutilization Corporation


The Primary function of the County Land Bank is to serve as a facilitator for the return of vacant, abandoned, and tax foreclosed property to productive tax paying economic uses or to beneficial public uses.


The Lorain County Land Bank  was formed on May 24, 2012

  • Funding Sources for the Land Bank
    • 5% of the delinquent tax collection (DRETAC)
      (as of February 26, 2015)

The Land Bank currently owns many vacant parcels throughout Lorain County

  • Residents of the Community are able to submit applications to bid on the properties to obtain them.
Map of the City of Elyria showing vacant lots colored in yellow

Elyria

Map of the city Lorain showing vacant lots colored in yellow

Lorain

Land Bank Resources

  1. Land Bank FAQs (PDF)
  2. Land Reutilization Corporation Land Disposition Policy (PDF)
  3. Vacant Land Application (PDF)
  4. LCLRC -Available Parcels (PDF)

Land Bank Logo Teal blue lettering with an orange partial house over the words


Land Bank Board Members:

  • Commissioner David Moore - Chair
  • Commissioner Jeff Riddell - Vice Chair
  • Commissioner Michelle Hung - Secretary
  • Jack Bradley, Mayor of Lorain - Treasurer
  • Dan Talarek, Treasurer - Board Member
  • Staff:
    • Jeff Armbruster, County Administrator - Director
    • James Miller - Assistant Director
    • Theresa Upton - Corporation Secretary
    • Chris Pyanowski, LC Assistant Prosecutor

Land Bank meetings shall be held on the 3rd Thursday in the month's of January & March.  Special Meetings may be called as needed.

Land Bank Board Meeting Agendas & Minutes