Medina County Port Authority Meeting
The next Medina County Port Authority Meeting/Medina County Fiber Network Meeting is scheduled for Wednesday, February 1st at 8:00 am.  The meeting will be held at the Medina County Economic Development Coporation office at 144 N. Broadway Street, Balcony Room B, Medina, OH.

Russ Schabel Named to Port Authority Board of Directors

Russ Schabel was appointed by the Medina County Commissioners to serve a four-year term beginning January, 2012.  Russ is Chief Financial Officer and member of the Board of Directors at Brunswick headquartered The Philpott Rubber Company, which has provided custom molded plastic and rubber parts to customers in the industrial, commercial and retail sectors since its founding in 1889.

Construction Underway on Medina County Fiber Network
The construction of the Medina County Fiber Network began in May in the Medina-Akron corridor on Route 18 and in the Brunswick Industrial Park.  Permits for underground construction in other segments of the network have been submitted to the Ohio Department of Transportation (ODOT) and various municipalities.   Concurrently, the Medina County Port Authority is working with utility companies to finalize pole attachment agreements.  “Since the groundbreaking ceremony on March 11, I am very encouraged by the progress in the construction timeline,” said Bethany Dentler, Executive Director of the Medina County Economic Development Corporation.  

Helping Businesses

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.