Lorain County Economic & Industrial Development Corporation

Establishment & Function

Established in 1996, the Lorain County Economic and Industrial Development Corporation (LCEIDC) was formed with the intent to encourage and promote industrial development within Lorain County. Today, the organization is managed through its Board of Trustees and works to assist with the growth and development of businesses, including small businesses, addressing business concerns, and employing financial and technical assistance to ensure resources are reaching underserved neighborhoods and communities. The corporation retains no cash, assets, liabilities, revenues, or expenses and serves as the approval authority for the Lorain County Board of Commissioners to make loans.

Funding

The State of Ohio operates the Community Development Block Grant (CDBG) program, where the Lorain County Board of Commissioners has previously been determined an eligible recipient for grant funds. Among other CDBG programs and activities, the County has authorization to finance eligible activities that may generate program income and to use the Economic Development Revolving Loan Fund to positively impact community development initiatives to meet the primary goals of:

1. Encouraging the expansion and stability of the economic base of the County; and
2. Encourage increased employment opportunities, particularly for low- and moderate-income persons in designated areas

Board & Oversight

The LCEIDC is comprised of both the Board of Trustees and the Loan Review Committee. Representation of members requires a minimum 40% to be elected or appointed officials appointed by the Members, which are the three County Commissioners and County Prosecutor. The remaining members (Trustees) are appointed through a nominating process consistent with Lorain County board appointment policy and procedures. Trusteed and Loan Review include community representatives that include finance professionals, community and economic development professionals, as well as elected or appointed officials. All meetings are to be considered public meetings, with public notice provided in either the classifieds section of a local newspaper and/or on the Board Correspondence section of weekly Board of Commissioners agenda not sooner that one week prior to the meeting of Trustees.

Records, Access and Maintenance 

The Lorain County Board of Commissioners through the Department of Community Development shall maintain and establish for at least three (3) years from the expiration of each Administration Agreement with the Ohio Department of Development, all direct information and such records as are reasonably related to the administration of an RLF as set forth in the OCD Program Income Policies and Procedures Manual. Parties interested in seeking a records request should contact the Community Development Department at (440) 328-2322 or rduncan@loraincounty.us. A record of the current policy can be found here .