|
|
WHAT IS THE COMMUNITY IMPROVEMENT CORPORATION?The Community Improvement Corporation (CIC) is a non-profit corporation formed under chapters 1702 and 1724 of the Ohio Revised Code by three or more natural persons, a majority of whom as citizens of the United States. The sole purpose of a CIC is to promote the industrial, economic, commercial and civic development of a community or area. The CIC is the organization through which revenue bonds may be issued as well as debentures, notes and other evidences of indebtedness in order to make loans for development purposes. WHEN WAS THE CIC FORMED?On September 10, 1963 the articles of incorporation were filed. The CIC was official on December 4, 1963. The CIC is a 501-C-4 non-profit which is not tax exempt. WHY WAS THE CIC FORMED?In the beginning CIC was formed to assist qualified developers to get tax exempt financing in one of two ways.
The CIC’s specific purpose was to promote the economic, commercial, civic and industrial development of Lake County, including the various municipalities located therein by acting as the designated agent for each political subdivision for such purposes through the exercise of powers granted as such agent or agency by the provisions of the Revised Code Section 1724.01 et seq. of the State of Ohio subject to the limitations expressed and prescribed by such statues. |
|
Send mail to cic@lakecountyohio.org
with questions or comments about this web site.
|