Q1. How do I find more information on Brownfields Development?
This link will take you to the official HUD Brownfields FAQ page.
Q2. What are the advantages of a port authority to the municipality and county that create it, and the region it serves?
A port authority can offer economic development financing products that are not shared by counties, cities, townships, special districts, community improvement corporations, etc., such as:
a) Common bond fund financing – This is a special program that exists at the local level in Ohio, specifically through port authorities.
b) Structured lease financings – With its unique ability to own and/or lease property, port authorities can finance both “capital” and “off-balance-sheet” leases and, in that context can provide exemption from certain taxes for some construction materials and services.
c) Special assessment (and assessment-backed TIF) revenue bonds – Port authorities can secure public revenue bonds for public assets that support development of private assets, with special public revenues and related liens on the private assets. For that purpose, municipalities must use their “full faith and credit” and general taxing authority to secure the debt it issues.
d) Financing authority for facilities for education, culture, recreation,
and governmental operations.
Q3. What makes port authorities unique … what value does this form of government add?
Port authorities have the unique ability to promote transportation and economic development together; including intermodal transportation facilities, operation of foreign trade zones, and the siting of port facilities outside of Ohio.