What is a CIC able to do?

Ohio Revised Code Section 1724.02 enables the Community Improvement Corporation to borrow money, issue bonds, debentures or notes, and secure indebtedness by a mortgage, pledge, or deed of trust.

Special Loans

A CIC can also make special loans to persons, firms, partnerships, or corporations, provided that such persons, firms, partnerships, or corporations provide satisfactory proof that they have applied unsuccessfully for a loan through ordinary banking or commercial channels. Obviously, any such loans would have to be in connection with the purpose of the CIC in advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of the City.

Additional Allowances

A CIC may also purchase, receive, hold, lease, acquire, will, convey, transfer, sublease, or dispose of real and personal property, as well as acquire the good will, business, rights, real and personal property, and any other assets of any other person, firm, partnership, or corporation.

Serve as an Agent

Finally, a CIC can also serve as an agent for making grant applications and for the administration of grants for the City of Munroe Falls for which it serves.

Show All Answers

1. What does the CIC plan to do with the funding?
2. What is a CIC able to do?
3. How is the CIC established?
4. How is Munroe Falls’s CIC configured?
5. Is the CIC accountable?
6. Why is the CIC being activated now?
7. Will the CIC use it’s funding for other purposes?
8. What are the benefits of a CIC?
9. Are there limitations?