News & Events

Port Authority sets stage for future projects
Lorain - The Lorain Port Authority is looking to the future with its passage of a cooperative agreement with the Summit County Port Authority Tuesday night.

The Port Authority submitted an application to the Summit County Port Authority so it could participate in its bond program.

Director Rick Novak said, through the program, the port authorities will work like a bank to provide money to downtown Lorain businesses for future projects.

"We're setting the stage, hopefully when the economy turns around, we'll be in a better position to help assist businesses in the area," Novak said. "If a project comes up, we're ready. We're being very proactive."

Lorain already has similar agreements with Lorain and Cuyahoga counties.

The port board also passed a resolution to allow the city to have a mortgage on property for Camaco, an engineered seat frame supplier. The company is requesting a $1 million loan from Lorain to cover equipment costs and support new programs at its Lorain plant, 3400 River Industrial Park Road.

The Port Authority board also set up a special fund through federal stimulus money for the diked disposal.

Article by Amanda Dolasinski morningjournal.com

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