ONTARIO — Economic development chair Josh Bradley said Wednesday he was “100% for this and ready to move forward” in establishing an Ontario Community Investment Corporation.
City Council voted unanimously that night to establish a CIC, joining local communities Shelby and Lexington in organizing these nonprofits.
A CIC can establish public-private partnerships, serve as an administrative agent for grant applications and issue bonds with approval from city council. A board of directors for the organization will be made up of at least 40% elected or appointed public officials.
Other board members in different municipalities commonly include police officers, business owners and educational officials.
Bradley said council members will review an organizational chart and determine how many people will be on the CIC executive board.
“The mayor has assured me and council that we will all be involved in the selection process of that initial board,” Bradley said. “I’m hoping with the help of (Richland Community Development Group), we can get the ball rolling immediately.”
The CIC can act as the city’s designated agency to manage certain community and economic development activities including property acquisition and management, and attracting business investment.
Shelby’s CIC runs the Bicycle Days festival. Lexington’s CIC recently took ownership of the parcel west of Nickel & Bean, and other undeveloped properties with the goal to build a village greenspace.
RCDG to assist in creating CIC & regulations
According to a memorandum of understanding, Richland Community Development Group will help the city establish a CIC and develop a code of regulations.
The agreement is for 2025, effective Jan. 1 through Dec. 31. Each party can choose to continue after one year. The city will contract RCDG for approximately 32 hours of work each month.
Mansfield City Council has also agreed to contract RCDG for economic development work.
RCDG will support Ontario’s economic development goals, including the comprehensive plan, for about 32 hours a month.
The city will pay RCDG $7,500 quarterly for work including establishing a CIC, providing economic development guidance and leveraging funding and tax incentives municipalities often can’t access on their own.
“We appreciate the support and vision of Mayor Kris Knapp and the Ontario council members,” said Richland Area Chamber president and CEO Ellen Heinz.
“We look forward to the opportunity to grow our partnership and further support their economic and community development priorities established in their updated comprehensive plan and beyond.”
