Summit Port Authority rebranding itself
The Summit County Port Authority unveiled a new strategic plan Tuesday to boost its economic development efforts and raise its profile.The port, which serves as the county’s economic development arm, revealed as part of the plan that it has been certified by the U.S. Treasury Department to offer new market tax credits and is seeking funding for the program.“It’s a way to attract investment capital, which translates ideally into increasing the tax base and creating jobs,” port President Chris Burnham said after a news conference held in County Council chambers in the Ohio Building.The 24-page plan also calls for creating a new mini bond fund for investments under $1 million, moving into energy efficiency projects, better marketing itself to the business community and expanding its real estate holdings.The goal is to “solidify the authority as a premier economic development finance organization in this region,” said Toby Rittner, president of the Columbus-based Council of Development Finance Agencies, which helped develop the strategic plan.Burnham said he hopes business leaders will remember to turn to the authority for assistance.He also said the authority plans to change its name, but declined Tuesday to reveal it. Any change requires County Council approval.“Maybe as we expand our activities in the community, it’d be nice for more of the public to have an awareness of who we are and the value we bring,” he said.The quasi-public agency was created in 1993 to oversee abandoned railroad lines, and added economic development duties in 1999.The authority can float loans and issue bonds for projects through its own bond fund. It also has the power of eminent domain and can put a property tax levy on the ballot.It earns money to survive through administrative fees, investment income and an operating grant from the county.For years, the agency has worked behind the scenes on huge and small deals throughout the region, including the worldwide headquarters for Goodyear Tire & Rubber Co. and a technical center for Bridgestone Americas.The authority says it has issued $645 million in bonds since 2000, leveraging an additional $750 million. It also says it has helped retain and create more than 8,200 jobs since 1999.“We couldn’t do what we’ve done with Goodyear, Bridgestone, the Austen BioInnovation Institute, just to name a few, without the help and involvement of our port authority,” County Executive Russ Pry said.To read the full strategic plan, go online to www.summitportauthority.org.Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
