Community Improvement Corporation Of Cuyahoga Falls Ohio

THE COMMUNITY IMPROVEMENT CORPORATION OF CUYAHOGA FALLS WAS FORMED IN JULY 1970 AND INCORPORATED AS A CORPORATION NOT-FOR-PROFIT UNDER TITLE XVII, CHAPTERS 1702 AND 1724 OF THE OHIO REVISED CODE. THE STATED PURPOSE OF THE CORPORATION IS TO ADVANCE, ENCOURAGE, AND PROMOTE THE INDUSTRIAL, COMMERCIAL, CIVIC, AND ECONOMIC DEVELOPMENT OF THE CITY OF CUYAHOGA FALLS, OHIO UNDER APPLICABLE SECTIONS OF THE OHIO REVISED CODE. THE CORPORATION PROVIDES GAP FINANCIAL ASSISTANCE TO ELIGIBLE BUSINESSES IN THE CITY OF CUYAHOGA FALLS. FINANCIAL ASSISTANCE IS PROVIDED TO FOR- PROFIT ORGANIZATIONS THAT ARE INELIGIBLE FOR FINANCING THROUGH TRADITIONAL LENDING INSTITUTIONS. THE CIC FINANCING WILL NOT EXCEED 30% OF THE ORGANIZATIONS TOTAL PROJECT EXPENSES. THE FUNDING IS USED FOR THE PURCHASE OF EQUIPMENT AND/OR ASSETS FOR THE BUSINESS. ASSISTANCE IS PROVIDED IN INCREMENTS BETWEEN 50,000-100,000, DEPENDING ON THE NEEDS OF THE BUSINESS. PAYMENTS ARE DEFERRED FOR THE FIRST YEAR OF FINANCING AND THEN AMORTIZED

THE ORGANIZATION MAINTAINS CERTAIN LAND KNOWN AS PARCEL NUMBER 35-01540, 333 PLEASANT MEADOW BOULEVARD (FORMERLY THE MUD RUN GUN CLUB), WHICH WAS PREVIOUSLY DONATED BY THE CITY OF CUYAHOGA FALLS FOR THE PURPOSE OR REVITALIZATION AND ECONOMIC DEVELOPMENT. THE ORGANIZATION APPLIED FOR AND RECEIVED A BROWNFIELD REMEDIATION GRANT, ADMINISTERED BY THE STATE OF OHIO, DEPARTMENT OF DEVELOPMENT IN 2022. THE CIC ENTERED INTO A PROFESSIONAL SERVICE AGREEMENT WITH PATRIOT ENGINEERING AND ENVIRONMENTAL, INC. FOR THE ENVIRONMENTAL REMEDIATION AND PROJECT MANAGEMENT FOR THIS PROJECT. REMEDIATION BEGAN IN SPRING OF 2023. THE ORGANIZATION APPLIED FOR AND RECEIVED AN EXTENSION ON THIS PROJECT. IT IS SLATED TO BE COMPLETE BY THE END OF SUMMER 2024. THE TOTAL COST OF THE PROJECT IS ESTIMATED TO BE 1,972,732.00. THE BROWNFIELD REMEDIATION GRANT IS FOR 1,044,549.00 AND THE 25% REQUIRED FUNDING MATCH HAS BEEN PROVIDED BY THE CITY OF CUYAHOGA FALLS. IN 2023, THE EXPENSES FOR THIS PROJECT TOTALED 1,140,476.26. THE ORGANIZATION RECEIVED 854,571.32 IN GRANT REVENUE FROM THE STATE. OF THIS AMOUNT, 568,666.38 WAS REIMBURSED TO THE CITY OF CUYAHOGA FALLS AND 285,904.94 WAS APPLIED TO THE CITY S 25% REQUIRED MATCH. AFTER THE CLOSE-OUT OF THE GRANT, THE ORGANIZATION PLANS ON DEEDING THE PROPERTY BACK TO THE CITY OF CUYAHOGA FALLS SO THAT IT CAN BE UTILIZED AS GREEN SPACE OR A FUTURE TRAILHEAD FOR THE EXISTING MUD BROOK TRAIL.

DOWNTOWN EVENTS ARE ORGANIZED THROUGHOUT THE YEAR FOR THE PURPOSE OF ECONOMIC DEVELOPMENT OF THE DOWNTOWN AREA AN TO PROVIDE THE RESIDENTS OF CUYAHOGA FALLS AND SURROUNDING COMMUNITIES WITH AN OPPORTUNITY TO COME TOGETHER AND CELEBRATE THEIR COMMUNITY THROUGH MUSIC, CULTURAL FESTIVALS, AND SIMILAR EVENTS.

THE ORGANIZATION APPROVED THE FIRST LOAN FOR ITS NEWLY FORMED REVOLVING LOAN FUND. THE LOAN WILL BE RECEIPTED IN 2024 WITH REPAYMENT BEGINNING IN 2025. THE LOAN WAS PROVIDED TO LEGACY LAW FIRM, LLC IN THE AMOUNT OF 50,000 AND CREATED 2 FULL-TIME POSITIONS IN THE CITY.