Painesville Township CIC
Painesville Township Community Improvement Corporation
About the Painesville township CIC
The Community Improvement Corporation (CIC) is designed to advance, encourage, and promote the industrial, economic, commercial, and civic development of Painesville Township. The CIC functions as a not-for-profit and has all the powers granted a corporation not-for-profit under Chapter 1702 and 1724 of the Ohio Revised Code.
Meetings:
Meetings of the Community Improvement Corporation (CIC) are held throughout the year at the Town Hall.
Painesville Township Hall
55 Nye Road
Painesville Township, Oh 44077
Board of Directors:
Gabe Cicconetti, President
Chuck Hillier, Vice-President
Josh Pennock, Secretary
Chuck Hillier, Vice-President
Josh Pennock, Secretary
Executive Director:
Hollie Bartone
Purpose/Duties:
The sole purpose of the CIC is to advance, encourage, and promote the industrial, economic, commercial, and civic development of the community.
What is a CIC?
A Community Improvement Corporation is a not for profit corporation authorized by the State of Ohio Legislature for the purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of a community or area. The State of Ohio Legislature enacted the ability to form a CIC over forty years ago, and there are over 235 CIC’s active in the state of Ohio.
What can the CIC do?
The Painesville Township Community Improvement Corporation has many powers established by the Ohio Revised Code including:
To borrow money for any of the purposes of the corporation by means of loans, lines of credit, or any other financial instruments.
To make loans to a firm, partnership, corporation, joint stock company, association.
To purchase, receive, hold, manage, lease, and to sell real estate and personal property.
To acquire business assets, to acquire, reclaim, manage or contract for the management of improved or unimproved and underutilized real estate for the purpose of constructing industrial plants, other business establishments.
To serve as an agent for grant applications and for the administration of grants.
To be assigned a mortgage on real property from a mortgagee in lieu of acquiring such real property subject to a mortgage.
To do all acts and things necessary or convenient to carry out the purposes of a CIC.