Community Improvement Corporation (CIC)
North Canton’s Community Improvement Corporation (CIC) is established under Ohio Revised Code for the purpose of advancing, encouraging, and promoting the industrial, economic, commercial, and civic development of North Canton. The CIC has great latitude in pursuing those goals, including low interest loans, equipment leases, land acquisition and assemblage, and land banking.
The North Canton Community Improvement Corporation is a not for profit corporation created 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 CICs active statewide.
The North Canton Community Improvement Corporation has many potential powers established by the Ohio Revised Code, including:
- The ability to borrow money for any purpose of the corporation;
- Dispose of real and personal property
- To acquire:
- Good will
- Joint stock companies
- Other assets of any persons
- Real and personal property
- To acquire improved or unimproved real estate for the purpose of constructing industrial plants or other business establishments thereon or for the purpose of disposing of such real estate to others in whole or in part for the construction of industrial plants or other business establishments.
- To do all acts and things necessary or convenient to carry out the powers especially created in Chapter 1724 of the Revised Code.
- To serve as an agent for grant applications and for the administration of grants.
The powers were established by the State Legislature.North Canton CIC’s adopted plan has specific authority established for the CIC.