Heath-Newark-Licking County Port Authority: News Release

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This is another news release from the Port Authority.

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HEATH-NEWARK-LICKING COUNTY PORT AUTHORITY
NEWS RELEASE

FOR IMMEDIATE RELEASE
April 17, 2009

PORT AUTHORITY UNVEILS $1 MILLION TECHNOLOGY INVESTMENT

HEATH, OHIO – The Heath-Newark-Licking County Port Authority, at its recent Board meeting, approved a $1 million investment in a new technology development strategy aimed at sparking future growth in technology businesses in Licking County. The strategy is, in part, an outgrowth of the Licking County Community Capitalism grassroots movement. The investment has been dubbed “Advanced Materials Technology Strategy” reflecting the focus on emerging technologies in the advanced materials industry.

“A need to fill the gap in helping small, high-tech businesses get started and rooted in Licking County was identified as a top priority from among the voices in the community heard during Community Capitalism grassroots movement,” said Port Authority President and CEO Rick Platt. “One of Licking County’s greatest strengths is a strong, diverse array of manufacturers with a focus on advanced materials. This strategy is designed to capitalize on that strength.”

The elements of the technology development initiative include:

A total investment of $1 million of Port Authority funds into a technology development strategy. None of the funds are from tax revenue sources.

Early Stage Capital Fund: $500,000 of this investment will be used to establish an “early stage capital fund” with a new, non-profit development partner of the Port Authority.

Technology Advisors: Formation of a Technical Development Advisory Committee consisting of Licking County’s technology-oriented leaders will be established to help guide and review investment options.

New Incentives: In addition, $250,000 will be set aside to fund the Port Authority’s Linked Deposit program and $200,000 for a future, proposed Port Authority loan guarantee program. Both will be Port Authority-administered incentive programs.

Community Project: $50,000 in Community Projects Program funds will be provided as seed funding for the proposed STEM (Science Technology Engineering and Math) education initiative at The Works. This is another Community Capitalism identified community priority.

Strengthening Partnerships: The Port Authority will reach out to community partners who provided small business advisory services aimed at added development tools for these providers.

The Port Authority Board authorized the implementation of the strategy at its recent meeting, including committing the funding for the early stage capital fund and the creation of an independent, non-profit partnership.

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