Medina County Port Authority has a Cooperative Agreement with Summit County Port Authority* which enables the Summit Port Authority Bond Fund Program to fund projects in Medina County.
PROGRAM BENEFITS INCLUDE:
- Fixed Interest Rate (Up to 30 years)
- Construction and Permanent Financing
- 90% to 100% Financing
- No sales tax on construction materials
- Close within 60 to 90 days
TYPE OF BONDS:
- Tax-Exempt Bonds
- Industrial Projects
- Non-Profit 501 C 3
- Exempt Facilities
- Commercial ProjectsCooperative agreements allow port authorities to partner with other governmental entities, including other ports for development transactions. Port Authorities partner to provide financing for customers.Lease Financing may offer low-cost, long-term financing alternatives with significant tax benefits; lessee retains total control of property.
- Capital Lease: A lease considered to have the economic characteristic of asset ownership. (A capital lease is an example of accrual accounting’s inclusion of economic events.)
- Operating Lease: A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. (An operating lease is not capitalized; it is accounted for as a rental expense.)
- Synthetic Lease: An operating lease that is structured in a way so that it not recorded as a liability on the balance sheet. Instead, it is considered to be an expense on the income statement. (Basically, a synthetic lease allows a company to control real estate without being required to show the real estate as an asset on the financial statements.
- The Medina County Economic Development Corporation serves as the Administrator for the Medina County Port Authority, contact Bethany Dentler, Executive Director at 330-722-9215 or firstname.lastname@example.org to discuss your project.