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Reading Community Improvement Corporation
Who We Are
The Reading Community Improvement Corporation (CIC) was incorporated in June 1975 as a nonprofit Ohio corporation charged with promoting the general welfare of the residents of the City of Reading through the design and implementation of comprehensive economic and community development programs. Trustees for the Reading CIC are:
- Tom Lynd, President
- Russ Wulf, Secretary
- Chuck Vonderhaar, Treasurer
- Maureen Baldock
- Ken Nordin
- David Stevenson
What We Do
The purpose of the Reading CIC is to attract new businesses to the City of Reading, as well as to retain those businesses already operating in Reading. As the City’s designated agency for industrial, commercial, distribution, office and research development, the goal of the CIC is to increase and stabilize the local tax base.
Highlight Of CIC Programs
The Reading CIC offers a variety of services and financial development incentives that benefit new or expanding businesses including:
- Industrial Revenue Bond Program - The Reading CIC can issue Industrial Revenue Bonds (IRBs) for Reading businesses to finance up to 100% of capital projects at reduced interest rates.
- City of Reading Low Interest Loan Program - Established in April 1992 under the auspices of the City of Reading and the Reading CIC, this program offers exterior property improvement loans to Reading businesses and property owners through the Valley Central Savings Bank. Loans are offered at the reduced rate of 4% interest up to a maximum amount of $15,000 for a term of up to five years. The loans are guaranteed by the City of Reading through the Reading CIC. To date twenty-eight loans have been made under the program resulting in the renovation of twenty-two commercial buildings.
- Residential Disaster Aid Loan Program - In conjunction with the Reading CIC, Valley Central Savings Bank offers low interest loans to victims of floods and other disasters. Loan proceeds may be used to repair flood-damaged property and to replace large appliances such as hot water heaters and furnaces. Loans are guaranteed by the Reading CIC and are offered at the attractive rate of 4% interest with a five year term and a maximum loan amount of $2,500.
- Special Economic Development Projects - The Reading CIC sponsors special projects which help support businesses and improve the quality of life in the community. Examples include sponsorship of a comprehensive marketing program for the City of Reading and the Reading Valley Merchants Association Gift Certificate Program.
Who To Call
For more information about the Reading Community Improvement Corporation and its programs, please contact Reading Economic Development Consultant Linda Fitzgerald at (513) 677-9766. Back
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News
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