The Lorain County Port Authority (the port) recently acquired title to approximately 57.86 acres of property in Elyria, Ohio and known as the Midway Mall/Sears Automotive property (Johnny K's & former Best Buy locations not included). The Port seeks proposals from qualified interested parties as it looks to redevelop the property in a manner that is beneficial to the county and its residents.
Below is the link to the Port's Request for Proposals dated July 25, 2023 (the RFP), along with the timeline, and links to financial incentives and a link to the Port's data room with information on the property that the Port believes interested parties will find useful in putting together a submission in response to the RFP.
RFP (Click here)
*Additional Information tab updated periodically with new information & FAQs.
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)
Port Authority Board Members:
- Amy Richards - Board Chair
- Jon Novak - Board Member
- David Gillock - Board Member
- Dan S. Gross - Board Member
- Brittany Nazario - Board Member
- Marty Gallagher - Board Member
- Nick Spataro - 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.