Cleveland Cuyahoga County Port Authority
The Port of Cleveland provides a variety of services to support economic development in the Cleveland region including maritime transportation, financing and being an environmental steward of some of our greatest natural assets, Cleveland Harbor and the Cuyahoga River.
Under Ohio Law, Port Authorities may use their bonding capacity to provide financing of fixed assets. Their structured lease program can help organizations who wish to construct a new facility, but who may not want to own the facility. With a long term lease the Port can build and own the building with a long term lease to the borrower. An additional benefit here is the cost savings of sales tax on construction materials, since the Port is tax exempt. In the area of finance, they also operate the Cuyahoga Manufacturers’ Assistance Program to provide flexible options tailored to the needs of manufacturers, and they are a sponsor of New Markets Tax Credits, a program that supports redevelopment in distressed communities.
For maritime activities, the Port Authority has worked with Splietoff , an Antwerp company, to develop a monthly container service between Cleveland and Antwerp via the St. Lawrence Seaway with the Cleveland to Europe Express Liner Service. With congestion a continual problem at east coast ports causing huge delays, Cleveland is now a great option to bring your materials into the United States and to export your products to Europe and beyond.
The Cleveland Cuyahoga County Port Authority can also assist with Foreign Trade Zones. Foreign-Trade Zones were created by Congress to promote American competitiveness in the global marketplace and to help companies to maintain and expand their operations in the United States. These federally designated areas handle all domestic and foreign commercial merchandise of all kinds to be held without being subject to customs duties and other taxes. The merchandise is treated by Customs as if it were outside the United States.
The Port Authority's services include an active Foreign-Trade Zone program to better position companies with reduced trade costs. The Port Authority holds a license as FTZ #40, an area that covers Cuyahoga County and parts of adjacent counties. The program assists companies that import or export products by reducing paperwork, improving cash flow, increasing flexibility, and saving time and money.