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  • Special Port Authority

    Tuesday, September 15     4:00 PM          

    Public hearing regarding the proposed issuance of tax exempt bonds by the Medina County Port Authority (MCPA)  in the maximum aggregate principal amount of $10,000,000 in two or more series to: (1) redeem and repay outstanding bonds issued in 2010 to finance the acquisition and  construction of its fiber optic cable network, located throughout Medina County, with laterals into Cuyahoga and Summit Counties; (2) pay costs of issuing the bonds; and (3) pay the 2020 interest on the Bonds.  The fiber network is owned by the MCPA and is  operated by the MCPA and the Medina County Economic Development Corporation. To see the full notice of the public hearing, go to https://www.medinacountyportauthority.org/wp-content/uploads/2020/09/TEFRA-Public-Hearing-Notice-1.pdf

    To attend, dial in toll-free by telephone at 1-855-762-7360 or attend via internet videoconference at www.uberconference.com/bdentler

Creative Financing

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
  • Governmental

TAXABLE BONDS

  • Commercial Projects Cooperative 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 bdentler@medinacounty.org to discuss your project.

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