Port authority, chamber, keep partnership active

Port authority, chamber,

keep partnership active

The chamber says its relationship with the port authority had worked.

VIENNA — The Western Reserve Port Authority and Regional Chamber have renewed their partnership to promote economic development in Trumbull and Mahoning counties.

The agreement combines the authority’s financing capabilities with the outreach capacity of the chamber’s five-member Economic Development Action Team, which is engaged in recruiting new firms to the Mahoning Valley and assisting companies to stay and expand.

The Wednesday agreement extends for one year an arrangement that has been in place since March 2006.

“With our feet on the street, we are telling prospects that are considering locating in the Valley about the WRPA’s capabilities,” said Walter Good, action team director.

Good said the team met 345 times in 2007 with officials from local companies.

Each visit provides a forum to tell executives about the authority’s abilities, which include acting as a conduit for project financing, Good explained.

There is no upfront cost to the authority for the service, and the WRPA and chamber agree to share any fees from successful projects, the agreement stipulates.

The chamber called attention to some of the successes, including the chamber’s arrangement of special tax-exempt bond financing through the authority for TransLoad America in 2007.

The $45 million project was one of the largest economic development financing deals ever put together using an Ohio port authority, the chamber said.