About the CIC
The Clermont County CIC, Inc. (CIC) was established in November, 2003 as an economic development tool for Clermont County. The CIC can aid the County in many aspects of the overall adopted economic development strategy, but its current efforts are focused on facilitating industrial and office park development which will lead to new industrial and commercial investment. This will result in a greater amount of "shovel ready" industrial and office sites, a critical component in attracting new business investment to the County. Another tool being utilized by the CIC is providing financing assistance to companies through the use of Industrial Development Bonds (IDBs).
Powers of the CIC
The powers of the CIC are broad and include, by way of illustration, the following:
- To borrow money for any purpose of the corporation by issuing debt. Such debt is secured by a mortgage or other lien on its property.
- To make loans to persons, partnerships, corporations or other business organizations and to regulate the terms and conditions of such loans.
- To purchase real and personal property and to dispose of such property.
- To acquire business assets, including the good will, business, rights, real and personal property, and other assets of firms and persons and to assume or pay debts and liabilities of such persons and firms.
- To acquire real estate for the purpose of constructing industrial plants or business establishments or to dispose of such property for such purposes. In addition, a CIC may acquire industrial plants and business establishments and may sell, operate, maintain or lease such facilities.
- To acquire, sell, pledge, etc., stock shares, bonds, notes or other securities of persons, firms, or corporations.
- To do all things necessary to carry out the powers of a CIC.
How the Clermont County CIC is Organized
A CIC may be designated by a county, one or more townships, one or more municipal corporations, two or more adjoining counties, or any combination of these political subdivisions. A designated CIC is the agent of the political subdivision for the industrial, commercial, distribution, and research development in the jurisdiction. The Clermont County CIC, Inc. is the designated agent of the Clermont County Board of Commissioners.
Not less than two-fifths of the governing board of any designated CIC must be composed of mayors, members of municipal legislative authorities, township trustees, county commissioners, or any other appointed or elected officers of such political subdivisions, provided that at least one officer from each subdivision must be a member of the governing board.
County commissioners may contribute funds, supplies, equipment, office facilities, and other personal property or services to a CIC to help pay expenses.
All work done through the Clermont County CIC, Inc. is managed by the Clermont County Office of Economic Development.
How Will Goals Be Accomplished?
Land Acquisition – The CIC will acquire land in Clermont County based on the results of a market analysis and development plan. The land will be purchased with a predetermined target return on investment, and with a specific industry segment as the profiled customer.
Land Sales – After establishing an initial portfolio of land, the CIC will actively market the land to industrial or office end users.
Outcome: The CIC will sell land to companies that will create jobs and invest in new real and tangible personal property in Clermont County. This investment will be a direct measure of the success of the CIC’s efforts, and the resulting proceeds from the transaction can be used for additional investments or other related CIC activities.