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Board of Directors
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Chairman
Patricia McKay
Amer Insurance Agency, Inc.
Vice Chairman
Joseph G. Dancy
The Goodyear Tire
& Rubber Co.
Secretary
Jon Taylor
FirstEnergy Solutions
Timothy Fitzwater
National City Bank
Northeast Region (retired)
Steven Kasarnich
Ohio Carpenter's
Pension & Annuity Fund
Dr. Kathy Stafford
Akron General
Health System
Kristie VanAuken
Akron-Canton Airport
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DFWR Board
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Patricia McKay
President
Julie Hextell
Vice President
Maureen
Van Duser
Secretary
Elizabeth Leonard
Treasurer
Chris Burnham
Executive Director
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DFWR Advisory Board
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Chairman
Dr. Eric Johnson
University Park Alliance
Vice Chairman
Linda Valentine
Mature Services
Mark Frisone
Family & Community
Services, Inc.
Dan Flowers
Akron Canton
Regional
Food Bank
Ken Weber
Goodwill Industries
Greater Cleveland
Julie Morefield
Second Harvest
Foodbank
North
Central Ohio
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Greetings!
Investing in troubled communities throughout the region is the sole purpose of one of our most important service offerings - the New Markets Tax Credit (NMTC) program. This federal program, administered by us locally, helps communities by enabling private investment in many distressed and low income communities throughout the region and the country. On average, it leverages 8 to 1 the amount of additional investment obtained as a result of the initial credit. NMTC has a considerable impact on jobs too - averaging 300,000 jobs created and/or retained annually.
The Development Fund of the Western Reserve (DFWR), a certified community development entity established just last year by the Development Finance Authority of Summit County, brought this vital economic development tool to Northeast Ohio for the first time, allowing us to invest in projects in Lorain and Kent. These private investments could not occur without access to capital provided through the New Markets Tax Credit program allocated to DFWR.
The program has substantial bipartisan support, but has not been made permanent by the U.S. Congress. Last year the President requested $5 billion to continue this highly effective job creation tool and Congress authorized $3.5 billion. We are hopeful that the program will be reauthorized for 2013.
We hope you are as inspired as we are after reading these stories. Please join other Northeast Ohio leaders from Summa Health System, the City of Mansfield, Greater Akron Chamber, Portage Development Board, County of Summit, Akron Children's Hospital, Lorain County Port Authority, Akron General Medical Center, Tuscarawas Port Authority, City of Akron, the Youngstown Business Incubator, the University of Akron, Austen BioInnovation Institute in Akron, the University Park Alliance and others to urge members of our congressional delegation to re-authorize the NMTC program. There is desperate need in Akron and other parts of Northeast Ohio for access to the capital provided by the availability of the credits. If you require additional information, please let us know. Thank you. - Chris Burnham
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$7 million in New Market Tax Credit allocation from DFWR help finance Kent State University Foundation Hotel & Conference Center (City of Kent, Ohio)
Seven million dollars in new market tax credits were invested in a new hotel and conference center in downtown Kent; facilitating the overall redevelopment of the City of Kent's central business district linking downtown to the university campus.
 | | U.S. Rep Tim Ryan & DFA President Chris Burnham tour KSU Hotel under construction. |
This transformational project was a collaboration between the Development Fund of the Western Reserve, the Kent State University Foundation, The Pizzuti Companies of Columbus, the City of Kent and the Finance Fund. Finance Fund also provided a NMTC allocation of $8 million.
The new 95-room facility will serve KSU visitors and family, provide vocational experience for students in the hospitality management degree program and attract more visitors to the city. What's more, the new hotel will generate 430 construction jobs and 42 permanent jobs.
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Former warehouse transformed into Lorain County Health & Dentistry (City of Lorain) with the help of New Markets Tax Credits from DFWR
Serving struggling families with much needed health and dental services, Lorain County Health & Dentistry (LCH&D) is a Federally Qualified Health Center designated by the Health Resources & Services Administration. LCH&D purchased a vacant warehouse in downtown Lorain to expand its mission to the people it serves. Basic services include primary and preventative care in Lorain and surrounding communities.  The new multi-service medical facility was financed by a public-private partnership. The Development Fund of the Western Reserve provided a combined NMTC allocation of $6.5M federal and $2.6M State of Ohio. Ohio Historic Tax Credits and bank financing are also helping to fund this vital community asset. The project creates 22 new jobs and will serve 7,500 additional patients. LCH&D Hard Hat Tour LCH&D President & CEO Stephanie Wiersma (left) and Congresswoman Marcy Kaptur.
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Important Information about the NMTC Program
Development Fund of the Western Reserve (DFWR) is a certified Community Development Entity (CDE), established by the Development Finance Authority in 2011, serving 18 counties in Northeastern Ohio.
In March of this year, DFWR received a $20M allocation from the Community Development Finance Institute, a program of the U.S. Treasury Department, to invest in struggling communities throughout the regional service area. DFWR Service Area Map
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About Ohio's NMTC Program
The State of Ohio NMTC program is administered by the Ohio Development Services Agency. The Development Fund of the Western Reserve received an allocation to provide up to $2.6M in tax credits. For more information about this program contact Norma Horwitz. norma.horwitz@developmentfinanceauthority.org
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NEW NAME - NEW ADDRESS
Development Finance Authority of Summit County
47 N. Main St., Ste. 407
Akron, OH 44308
330-762-4776
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Please feel free to forward this email to a business contact who may be interested in Development Finance Authority's services.
Best regards,  Chris Burnham, PresidentDevelopment Finance Authority of Summit County
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