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Portage County Port Authority News
PRESS RELEASE
June 12, 2007
Portage County Port Authority Inks Deal on Brimfield Crossings
Development Project
The Portage County Port Authority is rapidly expanding its
portfolio and becoming a major player in economic development for
the County. The Portage Port, in conjunction with Brimfield
Crossings LTD, has arranged a creative commercial development
project in Brimfield Township.
Tom Chema, Portage Port Authority Board Chairman, described the
project, “Brimfield Crossings LTD will commercially develop 42 acres
on the west side of State Route 43. As agent for the Portage Port,
the developer will construct public improvements valued at $6.5M,
which will be dedicated to the County for public use. Brimfield
Crossings LTD will pay for the public improvements upfront and be
reimbursed through a Tax Increment Financing (TIF) over 30 years”,
Chema added, “It is imperative the Portage Port Authority follow its
mission to strengthen the County’s tax base and create jobs for its
citizens. This project will do just that and we are proud to be the
prime mover in making it a reality”.
Portage County Commissioner Chuck Keiper described how the creative
deal was put together, “The school board sold the old Brimfield
Elementary School building on 4 acres to Brimfield Crossings
Limited, in partnership with Portage County Port Authority, for
$700,000. The school will use a portion of proceeds to demolish the
buildings. The developer will construct a road valued at $1.6M,
which will service the new elementary school. These infrastructure
improvements will create a quality commercial park that will attract
companies seeking quick interstate access. Keiper added, “In order
to attract companies to Portage County, we need developed industrial
and commercial land with sewer, water and good roads. We are
fortunate to have a first-class developer with an impeccable track
record working with us to develop the area just off of I-76”.
The Summit County Port Authority entered into a cooperative
agreement with the Portage Port Authority last year allowing the
Ports to collaborate on economic development projects that will
strengthen the regional economy. The Summit Port is providing
technical assistance to the Portage Port on the Brimfield Crossings
project.
The Portage County Port Authority’s first development project,
completed last year in cooperation with the Summit County Port
Authority, provided public (infrastructure) improvements for The
Cascades of Brimfield on State Route 18. The Cascades is a retail
development that currently houses a Wal-Mart Super Store, Home
Savings, and an Applebee’s restaurant. The construction of a Lowe’s
store is underway at The Cascades, with a strip mall and gas station
to follow.
For More
Information, contact:
Diana
Fierle, Assistant Secretary
128 North Prospect Street
- Ravenna, Ohio 44266
Phone: 330-297-3470 Fax:
330-297-3472
E-Mail:
dfierle@portageco.com
Last modified:
June 21, 2007
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