In late September the Port Authority will have a new address. We will be moving our offices to the building at 47 N. Main St., Akron, OH 44308 which will also be the new home of the Austen BioInnovation Institute in Akron (ABIA). Moving week for the Port Authority is planned for the last week in September so look for our announcement in mid October. ABIA will move into the building in the Spring of 2012. 

Port Authority and County of Summit assist in the expansion of Shelly Materials, Inc.

Shelly Materials, Inc., a private employer in Summit County, wanted to expand its Copley, OH operations onto an adjacent property owned by the County of Summit. The Summit County Engineer's office had determined it no longer needed the Road Maintenance Facility located at 3401 Sawmill Rd. in Copley so Shelly Materials, Inc. approached the County about acquiring the property for its appraised market value. The property was a perfect fit to enable Shelly Materials, Inc. to expand its existing business.

However, the County is precluded from selling a property to a private entity other than through a public bidding process. Since the Summit County Port Authority (SCPA) is a public entity and due to its economic development mission, the SCPA was able to assist the County and Shelly Materials, Inc. by expediting the sale and acquisition process through the flexibility provided by the Ohio Revised Code 4582 port authority statute. Once Summit County Council approved the sale of the property to the SCPA, the property was simultaneously sold to Shelly Materials, Inc.

Shelly Materials, Inc. plans to construct a mirrored facility for material production and will attract more jobs to Summit County. The Summit County Port Authority is very pleased to have been involved in this public-private partnership to assist the County and enable private investment in our community.

When driving along East Exchange Street you will see the newest student housing project changing the landscape at the University of Akron.This project, started in May 2011, will be ready for new students to move in for the Fall 2012 semester.This new University of Akron (UA) 531-bed facility is the result of a public-private cooperative venture involving Signet Development, Ltd., the Summit County Port Authority (SCPA) and UA.The completed facility will be a six-story, 145,750 square foot building located on the University of Akron's main campus and will be named Wheeler-Grant Resident Hall.

SCPA issued approximately $34 million tax-exempt, fixed rate development lease-revenue bonds to finance construction costs.Bonds were issued using UA's credit rating.The University of Akron entered into a lease for the facility with SCPA, for the life of the bonds.Lease payments made by the university will cover debt service on the bonds. 

The Port, at the request of UA, also entered into a Development Agreement with Signet Development, Ltd.(Signet) to build and manage the new facility. Signet serves as the Port's construction agent.Through the lease structured between SCPA and UA, Signet captures the sales tax savings for all building materials on this project.For each $1 million of materials, there is an estimated $65,000 savings that passes through to the borrower.

If you'd like to learn more about this project financing or discuss financing options for your project, please contact SCPA at 330 762 4776.To learn more about the SCPA's bond financing alternatives you can also visit our website, www.summitportauthority.org.