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 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 firstname.lastname@example.org to discuss your project.