The Northern Ohio chapter of NAIOP will join the USEPA, Lorain County, Lorain Port Authority, Lorain County Board of Commissioners, and Vita Nuova in hosting an Opportunity Zone showcase in Lorain County. The event will highlight opportunities in Lorain, explore the Opportunity Zone program, and demonstrate economic and financial incentives available for sites in the Black River Opportunity Zone. Find more information in the flyer below and sign up for the event here.
Please check out our new Welcome to Lorain Opportunity Video! This video details Lorain’s rich past and presents the wonderful assets and opportunities available in Lorain for a bright future.
There is still time to RSVP to the Expression of Interest Information Session this week.
June 14th, 2018, 1:00 PM
City of Lorain Port Authority
319 Black River Lane
Lorain, OH 44052
|Information Session Agenda|
The Lorain Harbor Area-Wide Planning Project Area consists of five publicly-owned properties, totaling 534 acres, located along the Black River and within close proximity to Lake Erie. These five sites are important to the revitalization of Lorain’s historic urban waterfront. The project area has the potential to transform into a mixed-use and sustainable community, featuring nature trails that connect the public to Lake Erie. In addition, all the sites are adjacent to the downtown area and have water access.
If you are interested in participating in this EOI process, please contact Tiffany McClelland at the City of Lorain Port Authority, firstname.lastname@example.org, (440)204-1194 or Will Warren, Project Manager, Vita Nuova LLC, email@example.com, (888) 508-6710.
On March 21st the Lorain County Board of Commissioners learned that the State has nominated 5 tracts within Lorain County to be Opportunity Zones as part of the Investment in Opportunity Act. The nomination of 5 tracts, 4 in Lorain and 1 in Elyria, is notable as it is more than double the number of tracts that were nominated within other counties similarly situated within the region.
The Investment in Opportunity Act was signed into law in December 2017 as part of the Tax Cut and Jobs Act. The law seeks to bolster economically depressed areas across the U.S. by offering deferred taxes and significant tax breaks to those parties willing to sustain investment in low-income areas. Incentives for a broad array of investors in designated “Opportunity Zones” will deploy capital in vulnerable and underserved areas at a low risk to investors. Opportunity Zones will act as a compliment to the New Market Tax Credit Program to help underserved communities promote community development projects.
The Benefits to Selected Opportunity Zones include:
- Investors may temporarily defer the recognition of capital gains that are invested in the Opportunity Zones. A new class of private investment vehicles called “Opportunity Funds”, which are investment vehicles organized as corporations or partnerships that hold at least 90% of their assets in opportunity zone assets, have been created.
- Investments in Opportunity Zones or Opportunity Funds that are held for at least five years are eligible for capital gains tax reductions, and investments held for at least 10 years are eligible for capital gains exemptions.
- As the incentives are linked to the duration of the investor’s commitment to the Opportunity Zone rather than an upfront subsidy, the program provides an incentive for investors to re-invest their capital gains in Opportunity Funds to provide patient capital for low-income communities.
Furthermore, Lorain County will benefit directly from the opportunity zone designation through:
- Attraction of new type of investors into a project area,
- Expansion of capital to fund redevelopment,
- Encourages local reinvestment in community,
- Strengthens financial security in areas adjacent to designated tracts.
Team NEO, the Fund, Lorain City Port Authority and City of Lorain worked together on the request for nominations, which made the Lorain requests attractive to the State which put a priority on tracts that had regional support.
Commissioner Lundy stated “The announcement that the County now has 5 Opportunity Zones nominated by the State will allow us and our partners to have every tool we can provide available to stay competitive, drive investment and create jobs in our two downtown areas and our waterfront in Lorain.”
“Working with local and regional partners allowed us to pull together a strong list of tracts that were nominated. Now we will be working to see these zones put to work and attract needed investment in our communities through the actions of the County and its partners in the Port, Land Bank and the cities of Lorain and Elyria.” said Commissioner Kalo.
Each of the nominated tracts in the City of Lorain were located within a planning area designated by the County and funded by the USEPA. This planning effort will result in 6 strategic developable land areas being brought to market. The designation of these as Opportunity Zones should enhance the level and speed of development.
The tracts nominated were:
- 39093097300 – Downtown Lorain with Broadway Hotel redevelopment and Black River Landing
- 39093022400 – Finger piers and First Energy lakefront land
- 39093023100 – US Steel and Republic with announcement of pig iron line – Job Hub
- 39093023000 – Riverbend Commerce Park, Rowland Property and Emerson Buildings
- 39093070800 – Downtown Elyria Streetscape and TLCI Plan – County Investment – Developers – Job Hub
For additional information please call 440-328-2322 and ask for Don Romancak.
The Black River Advisory Committee in concert with Lorain County, City of Lorain and the LoCo Yaks are proud to announce the first annual Black River Summit being held at the Lorain Palace Theater, 617 Broadway, Lorain OH 44052 from 9 am – 11:15 am on Thursday, March 29, 2018.
The Black River Summit is a celebration and informative gathering for all of those with an interest in the progress that Black River in Lorain County has made in the past 20 years. In the early 1980s the river was sick, it was known as the River of Fish Tumors. Children were told not to play in the water and no one used the river for recreation.
Things have certainly changed. Thanks to the EPA’s guidance and funding the people of Lorain County and particularly the City of Lorain have a beautiful ribbon of recreation on which to kayak, fish, lounge and bird watch. It has taken many years and millions of dollars to bring the river back from the brink of despair. In the past 10 years approximately 20 million dollars have been spent cleaning up the river. The Black River Advisory Committee has been informed that the Black River will soon complete all of its management actions and the Black River will move from being an Area of Concern (a designation from the EPA as being one of the worst of the worst for waters in the Great Lakes Basin) to a River in Recovery.
The recovery of the Black River is not the only thing occurring in Lorain County. The Lorain County, City of Lorain and the Lorain Port Authority are currently implementing a USEPA Areawide Planning Grant focused on redevelopment of six key land areas along the Black River. The Port and Lorain County have used assessment funds from the EPA to assist in the redevelopment of downtown buildings and other sites with success. The Lorain County Land Reutilization Corporation (Land Bank) whose mission is to return properties to productive reuse.
You are invited to this celebration. We will have several keynote speakers including: Tinka Hyde Director of US EPA’s Great Lakes National Program Office in Chicago. Mayor John Antaramian from Kenosha, Wisconsin speaking about the success his community has experienced in redevelopment. (Kenosha has a similar location on a great lake and an industrial legacy.) Russ Gibson from the Ohio EPA Nonpoint Source Section Manager in the Division of Surface Water. As well as Ted Kalo, Lori Kokoski, and Matt Lundy the Lorain County Commissioners and Mayor Chase Ritenauer of the City of Lorain. We certainly hope to see you there to give you the opportunity to share our excitement with your audience.
For additional information please call 440-328-2322 and ask for Don Romancak.
January 2018 – Happy New Year Lorain! Our project team has been working closely with key Lorain stakeholders, as well as the USEPA, to identify key sites and characteristics of Lorain that will facilitate a successful revitalization of sites along the Black River.
In preparation for conducting outreach around key brownfield sites, the Vita Nuova Planning team will be attending a number of meetings throughout Lorain to update the community and receive input from stakeholders and community members.
Progress to Date/Key Goals
Since the start of this project in August 2017, the Vita Nuova team has worked to complete several goals which laid the groundwork for ongoing progress in this project. The project team has worked to complete all tasks under Task 3, Research and Analysis, on the project schedule including:
- review of existing plans and data
- project area inventory and reuse prioritization
- market analysis and reuse assessment
- site prioritization and repositioning for the Expression of Interest process.
As the Lorain AWP project progresses, Vita Nuova will be preparing to support Lorain in reaching out to the development community. We will prepare an Expression of Interest (EOI) package and supporting materials for key redevelopment sites. This will entail:
- Updating the website – LorainHarborAWP.com
- Creating an EOI package and supporting materials
- Identifying potential developers and end users
- Finalizing the list of redevelopment sites.
September 29, 2017 – USEPA Region 5 Section Chief Brooke Furio joined Tom Brown of the Lorain Port Authority and Don Romancak from Lorain County on a boat tour of the Black River with the Vita Nuova team. Starting at the mouth of the Black River with a view of the Lorain Harbor Lighthouse, the team traveled up along the banks of the Black River to identify potential catalytic sites and further familiarize the team with the project study area. The properties included in this segment of the project area vary widely from industrial and mixed use to residential. All were impressed with the amount of waterfront land that may be available for redevelopment. The boat tour was an excellent way to see all the hidden beauty along the banks of the Black River. For more photos of the river tour, click here.
For Immediate Release: No. 16-OPA052
CHICAGO (Jan. 5, 2017) — U.S. Environmental Protection Agency today announced a $200,000 grant to Lorain County to fund a cleanup and redevelopment plan for the 19.5-acre Pellet Terminal site, a former iron ore shipping dock located downtown. The City of Lorain, Lorain Growth Corp., Charleston Village, and the Black River Area of Concern are partnering with the county on the project.
The funding will be used to help plan for nature trails along Lake Erie and restore commerce in Broadway and 28th Street corridor. This area was affected by the downturn in the steel industry. Vacant industrial, commercial and residential structures create hazardous conditions for residents and deter redevelopment.
“EPA’s brownfield grant will help spur more revitalization efforts in downtown Lorain,” said Region 5 Acting Superfund Director Douglas Ballotti.
More information on the grant recipient: https://www.epa.gov/brownfields/types-brownfields-grant-funding
More information on the Partnership for Sustainable Communities: https://www.sustainablecommunities.gov/