The Ashtabula County Port Authority (ACPA) can issue bonds on behalf of a borrower for the purpose of making the proceeds available to the borrower for certain projects. The ACPA also works in partnership with traditional lending institutions and its public partners to provide the most advantageous financing for a project. Ultimately, the financial strength of the transaction is based upon the credit-worthiness of the underlying borrower (and any credit enhancement available in the deal).
Property Assessed Clean Energy Financing
Property Assessed Clean Energy (“PACE”) financing presents a way to finance energy-efficiency, renewable-energy, and water conservation upgrades to buildings. PACE can pay for new heating and cooling systems, lighting improvements, solar panels, water pumps, insulation, and more for almost any property – homes, commercial, industrial, non-profit and agricultural.
This application is for new construction, expansion, or renovation projects. The benefit is Abatement of property taxes.
Tax Increment Financing
Tax Increment Financing (“TIF”) is a mechanism to use the future increase in property taxes to finance part of the cost of the improvement that will generate the increased taxes.
The Ashtabula County Port Authority enjoys an exemption from sales tax on building and construction materials that are incorporated into its facilities. By entering into a structured lease transaction with a company, the Port Authority can pass that exemption on to the company.
Job Creation Tax Credit
The Job Creation Tax Credit is a refundable and performance based tax credit calculated as a percent of created payroll and applied toward the company's commercial activity tax liability. Should the amount of the credit exceed the company's commercial activity tax liability for any given year, the difference is refunded. Companies generally creating at least 10 new jobs (within three years) with a minimum annual payroll of $660,000 that pay at least 150% of the federal minimum wage are eligible for the credit; however, must apply for the credit before committing to its’ competitive project. Applicants must be approved through the Ohio Tax Credit Authority before hiring begins