Middletown moves forward in creating new economic development arm

Ohio has a new port authority after Middletown City Council approved creating a municipal entity for economic development.

Council approved emergency legislation at its Tuesday meeting to terminate the agreement with Moving Middletown Forward Community Improvement Corporation as the city’s agent for industrial, commercial, distribution and research development and to create a municipal port authority.

City Manager Jim Palenick told council that creating a municipal port authority could do the same thing as a community improvement corporation and have other powers such as issuing tax exempt bonds for development projects and offer sales tax exemptions against the value of construction materials for residential projects as well as charge fees to create revenues for the port authority. He said port authorities can work with other port authorities and land banks to leverage their resources for projects.

Read full article.