2024-08-21T09:54:50-04:00 2023-12-31 341897853 CRUM & COMPANY 1640 AKRON PENINSULA RD STE 102 AKRON OH 44313 990 2023-01-01 341719633 COMMUNITY IMPROVEMENT CORPORATION OF CUYAHOGA FALLS COMM 3309718137 2310 2ND STREET CUYAHOGA FALLS OH 44221 DIANA COLAVECCHIO VICE PRESIDENT 3309718137 2024-08-01 true false KEVIN K CRUM P00255436 3308671222 2024-07-23 2023 2024-08-08 14:25:15Z DON WALTERS 2310 2ND STREET CUYAHOGA FALLS OH 44221 1963946 false X X 1970 OH THE COMMUNITY IMPROVEMENT CORPORATION OF CUYAHOGA FALLS WAS FORMED IN JULY 1970 AND INCORPORATED AS A CORPORATION NOT-FOR-PROFIT UNDER TITLE XVII, CHAPTERS 1702 AND 1724 OF THE OHIO REVISED CODE. THE STATED PURPOSE OF THE CORPORATION IS TO ADVANCE, ENCOURAGE, AND PROMOTE THE INDUSTRIAL, COMMERCIAL, CIVIC, AND ECONOMIC DEVELOPMENT OF THE CITY OF CUYAHOGA FALLS, OHIO UNDER APPLICABLE SECTIONS OF THE OHIO REVISED CODE. THE CORPORATION PROVIDES GAP FINANCIAL ASSISTANCE TO ELIGIBLE BUSINESSES IN THE CITY OF CUYAHOGA FALLS. FINANCIAL ASSISTANCE IS PROVIDED TO FOR- PROFIT ORGANIZATIONS THAT ARE INELIGIBLE FOR FINANCING THROUGH TRADITIONAL LENDING INSTITUTIONS. THE CIC FINANCING WILL NOT EXCEED 30% OF THE ORGANIZATIONS TOTAL PROJECT EXPENSES. THE FUNDING IS USED FOR THE PURCHASE OF EQUIPMENT AND/OR ASSETS FOR THE BUSINESS. ASSISTANCE IS PROVIDED IN INCREMENTS BETWEEN 50,000-100,000, DEPENDING ON THE NEEDS OF THE BUSINESS. PAYMENTS ARE DEFERRED FOR THE FIRST YEAR OF FINANCING AND THEN AMORTIZED 10 3 0 10 0 2053250 1907851 2150 7950 3217 47241 3946 904 2062563 1963946 0 0 0 0 0 66760 790360 66760 790360 1995803 1173586 2066815 2107150 1393268 260017 673547 1847133 X THE COMMUNITY IMPROVEMENT CORPORATION OF CUYAHOGA FALLS WAS FORMED IN JULY 1970 AND INCORPORATED AS A CORPORATION NOT-FOR-PROFIT UNDER TITLE XVII, CHAPTERS 1702 AND 1724 OF THE OHIO REVISED CODE. THE STATED PURPOSE OF THE CORPORATION IS TO ADVANCE, ENCOURAGE, AND PROMOTE THE INDUSTRIAL, COMMERCIAL, CIVIC, AND ECONOMIC DEVELOPMENT OF THE CITY OF CUYAHOGA FALLS, OHIO UNDER APPLICABLE SECTIONS OF THE OHIO REVISED CODE. THE CORPORATION PROVIDES GAP FINANCIAL ASSISTANCE TO ELIGIBLE BUSINESSES IN THE CITY OF CUYAHOGA FALLS. FINANCIAL ASSISTANCE IS PROVIDED TO FOR- PROFIT ORGANIZATIONS THAT ARE INELIGIBLE FOR FINANCING THROUGH TRADITIONAL LENDING INSTITUTIONS. THE CIC FINANCING WILL NOT EXCEED 30% OF THE ORGANIZATIONS TOTAL PROJECT EXPENSES. THE FUNDING IS USED FOR THE PURCHASE OF EQUIPMENT AND/OR ASSETS FOR THE BUSINESS. ASSISTANCE IS PROVIDED IN INCREMENTS BETWEEN 50,000-100,000, DEPENDING ON THE NEEDS OF THE BUSINESS. PAYMENTS ARE DEFERRED FOR THE FIRST YEAR OF FINANCING AND THEN AMORTIZED false false 737136 THE ORGANIZATION MAINTAINS CERTAIN LAND KNOWN AS PARCEL NUMBER 35-01540, 333 PLEASANT MEADOW BOULEVARD (FORMERLY THE MUD RUN GUN CLUB), WHICH WAS PREVIOUSLY DONATED BY THE CITY OF CUYAHOGA FALLS FOR THE PURPOSE OR REVITALIZATION AND ECONOMIC DEVELOPMENT. THE ORGANIZATION APPLIED FOR AND RECEIVED A BROWNFIELD REMEDIATION GRANT, ADMINISTERED BY THE STATE OF OHIO, DEPARTMENT OF DEVELOPMENT IN 2022. THE CIC ENTERED INTO A PROFESSIONAL SERVICE AGREEMENT WITH PATRIOT ENGINEERING AND ENVIRONMENTAL, INC. FOR THE ENVIRONMENTAL REMEDIATION AND PROJECT MANAGEMENT FOR THIS PROJECT. REMEDIATION BEGAN IN SPRING OF 2023. THE ORGANIZATION APPLIED FOR AND RECEIVED AN EXTENSION ON THIS PROJECT. IT IS SLATED TO BE COMPLETE BY THE END OF SUMMER 2024. THE TOTAL COST OF THE PROJECT IS ESTIMATED TO BE 1,972,732.00. THE BROWNFIELD REMEDIATION GRANT IS FOR 1,044,549.00 AND THE 25% REQUIRED FUNDING MATCH HAS BEEN PROVIDED BY THE CITY OF CUYAHOGA FALLS. IN 2023, THE EXPENSES FOR THIS PROJECT TOTALED 1,140,476.26. THE ORGANIZATION RECEIVED 854,571.32 IN GRANT REVENUE FROM THE STATE. OF THIS AMOUNT, 568,666.38 WAS REIMBURSED TO THE CITY OF CUYAHOGA FALLS AND 285,904.94 WAS APPLIED TO THE CITY S 25% REQUIRED MATCH. AFTER THE CLOSE-OUT OF THE GRANT, THE ORGANIZATION PLANS ON DEEDING THE PROPERTY BACK TO THE CITY OF CUYAHOGA FALLS SO THAT IT CAN BE UTILIZED AS GREEN SPACE OR A FUTURE TRAILHEAD FOR THE EXISTING MUD BROOK TRAIL. 44529 7950 DOWNTOWN EVENTS ARE ORGANIZED THROUGHOUT THE YEAR FOR THE PURPOSE OF ECONOMIC DEVELOPMENT OF THE DOWNTOWN AREA AN TO PROVIDE THE RESIDENTS OF CUYAHOGA FALLS AND SURROUNDING COMMUNITIES WITH AN OPPORTUNITY TO COME TOGETHER AND CELEBRATE THEIR COMMUNITY THROUGH MUSIC, CULTURAL FESTIVALS, AND SIMILAR EVENTS. THE ORGANIZATION APPROVED THE FIRST LOAN FOR ITS NEWLY FORMED REVOLVING LOAN FUND. THE LOAN WILL BE RECEIPTED IN 2024 WITH REPAYMENT BEGINNING IN 2025. THE LOAN WAS PROVIDED TO LEGACY LAW FIRM, LLC IN THE AMOUNT OF 50,000 AND CREATED 2 FULL-TIME POSITIONS IN THE CITY. 781665 false true false false false false false false false true false false false true true false true false false false false false false false false false false false true false false false false false false false false false false false false false true false false true 16 0 0 false false false false false false false false X 10 3 false false false false false false false true true false false true false false false false false false X MARY SPAUGY 3309718137 2310 2ND STREET CUYAHOGA FALLS OH 44221 JANET CIOTOLA TRUSTEE 1.00 X 0 144686 49879 DON WALTERS PRESIDENT 1.00 X X 0 151226 43034 ANTHONY ZUMBO TRUSTEE 1.00 X 0 139205 49615 BRYAN HOFFMAN TRUSTEE 1.00 X 0 141521 40241 DIANA COLAVECCHIO VICE PRESIDE 1.00 X X 0 134905 30459 MARY SPAUGY TREASURER 1.00 X X 0 105890 25354 LORI JONES SECRETARY 1.00 X X 0 64192 38772 AARON BARNHART TRUSTEE 1.00 X 0 0 0 PAUL TESTA TRUSTEE 1.00 X 0 0 0 JAMES WEST TRUSTEE 1.00 X 0 0 0 881625 277354 false true false 1869851 38000 1907851 VENDOR FEES 531390 7950 7950 7950 47241 47241 REFUNDS AND REIMBURSEMENTS 531390 904 904 904 1963946 7950 48145 8695 8695 35800 35800 2773 2773 REMEDIATION COSTS 736149 736149 SUPPLIES 2504 2504 SECURITY 2400 2400 OTHER 1052 1052 987 987 790360 781665 8695 0 2011457 2051805 358 345 55000 55000 55000 2066815 2107150 536 987 1392732 259030 1393268 260017 X -1388482 -171047 2062029 2018180 673547 1847133 2066815 2107150 1173586 X true X false true false RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 55000 55000 55000 ENVIRONMENTAL REMEDIATION COSTS 259030 259030 X SCHEDULE D, PAGE 3, PART X THE PREPARATION OF FINANCIAL STATEMENTS IN CONFORMITY WITH ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES THE CORPORATION TO REPORT INFORMATION REGARDING ITS EXPOSURE TO VARIOUS TAX POSITIONS TAKEN BY THE CORPORATION. THE CORPORATION HAS DETERMINED WHETHER ANY TAX POSITIONS HAVE MET THE RECOGNITION THRESHOLD AND HAS MEASURED THE CORPORATION'S EXPOSURE TO THOSE TAX POSITIONS. MANAGEMENT BELIEVES THAT THE CORPORATION HAS ADEQUATELY ADDRESSED ALL RELEVANT TAX POSITIONS AND THAT THERE ARE NO UNRECORDED TAX LIABILITIES. FEDERAL AND STATE TAX AUTHORITIES GENERALLY HAVE THE RIGHT TO EXAMINE AND AUDIT THE PREVIOUS THREE YEARS OF TAX RETURNS FILED. ANY INTEREST OR PENALTIES ASSESSED TO THE CORPORATION, OF WHICH THERE WERE NONE FOR THE YEARS ENDING DECEMBER 31, 2023 AND 2022, ARE RECORDED AS ADMINISTRATIVE EXPENSE IN THE STATEMENTS OF ACTIVITIES AND CHANGES IN NET ASSETS. false false false false false false false false false JANET CIOTOLA TRUSTEE 144686 49879 194565 DON WALTERS PRESIDENT 151226 43034 194260 ANTHONY ZUMBO TRUSTEE 139205 49615 188820 BRYAN HOFFMAN TRUSTEE 141521 40241 181762 DIANA COLAVECCHIO VICE PRESIDENT 134905 30459 165364 FORM 990 - ORGANIZATION'S MISSION THE COMMUNITY IMPROVEMENT CORPORATION OF CUYAHOGA FALLS WAS FORMED IN JULY 1970 AND INCORPORATED AS A CORPORATION NOT-FOR-PROFIT UNDER TITLE XVII, CHAPTERS 1702 AND 1724 OF THE OHIO REVISED CODE. THE STATED PURPOSE OF THE CORPORATION IS TO ADVANCE, ENCOURAGE, AND PROMOTE THE INDUSTRIAL, COMMERCIAL, CIVIC, AND ECONOMIC DEVELOPMENT OF THE CITY OF CUYAHOGA FALLS, OHIO UNDER APPLICABLE SECTIONS OF THE OHIO REVISED CODE. THE CORPORATION PROVIDES GAP FINANCIAL ASSISTANCE TO ELIGIBLE BUSINESSES IN THE CITY OF CUYAHOGA FALLS. FINANCIAL ASSISTANCE IS PROVIDED TO FOR- PROFIT ORGANIZATIONS THAT ARE INELIGIBLE FOR FINANCING THROUGH TRADITIONAL LENDING INSTITUTIONS. THE CIC FINANCING WILL NOT EXCEED 30% OF THE ORGANIZATIONS TOTAL PROJECT EXPENSES. THE FUNDING IS USED FOR THE PURCHASE OF EQUIPMENT AND/OR ASSETS FOR THE BUSINESS. ASSISTANCE IS PROVIDED IN INCREMENTS BETWEEN 50,000-100,000, DEPENDING ON THE NEEDS OF THE BUSINESS. PAYMENTS ARE DEFERRED FOR THE FIRST YEAR OF FINANCING AND THEN AMORTIZED OVER A PERIOD OF 10 YEARS AT 3% INTEREST. FOR EVERY 50,000 WORTH OF FUNDING PROVIDED BY THE CIC, THE BUSINESS MUST PROVIDE DOCUMENTATION THAT IT CREATED AND/OR MAINTAINED TWO (2) FULL-TIME EQUIVALENT JOBS. FORM 990, PAGE 2, PART III, LINE 4A THE ORGANIZATION MAINTAINS CERTAIN LAND KNOWN AS PARCEL NUMBER 35-01540, 333 PLEASANT MEADOW BOULEVARD (FORMERLY THE MUD RUN GUN CLUB), WHICH WAS PREVIOUSLY DONATED BY THE CITY OF CUYAHOGA FALLS FOR THE PURPOSE OR REVITALIZATION AND ECONOMIC DEVELOPMENT. THE ORGANIZATION APPLIED FOR AND RECEIVED A BROWNFIELD REMEDIATION GRANT, ADMINISTERED BY THE STATE OF OHIO, DEPARTMENT OF DEVELOPMENT IN 2022. THE CIC ENTERED INTO A PROFESSIONAL SERVICE AGREEMENT WITH PATRIOT ENGINEERING AND ENVIRONMENTAL, INC. FOR THE ENVIRONMENTAL REMEDIATION AND PROJECT MANAGEMENT FOR THIS PROJECT. REMEDIATION BEGAN IN SPRING OF 2023. THE ORGANIZATION APPLIED FOR AND RECEIVED AN EXTENSION ON THIS PROJECT. IT IS SLATED TO BE COMPLETE BY THE END OF SUMMER 2024. THE TOTAL COST OF THE PROJECT IS ESTIMATED TO BE 1,972,732.00. THE BROWNFIELD REMEDIATION GRANT IS FOR 1,044,549.00 AND THE 25% REQUIRED FUNDING MATCH HAS BEEN PROVIDED BY THE CITY OF CUYAHOGA FALLS. IN 2023, THE EXPENSES FOR THIS PROJECT TOTALED 1,140,476.26. THE ORGANIZATION RECEIVED 854,571.32 IN GRANT REVENUE FROM THE STATE. OF THIS AMOUNT, 568,666.38 WAS REIMBURSED TO THE CITY OF CUYAHOGA FALLS AND 285,904.94 WAS APPLIED TO THE CITY S 25% REQUIRED MATCH. AFTER THE CLOSE-OUT OF THE GRANT, THE ORGANIZATION PLANS ON DEEDING THE PROPERTY BACK TO THE CITY OF CUYAHOGA FALLS SO THAT IT CAN BE UTILIZED AS GREEN SPACE OR A FUTURE TRAILHEAD FOR THE EXISTING MUD BROOK TRAIL. FORM 990, PAGE 6, PART VI, LINE 11B FORM 990 IS PROVIDED TO ALL BOARD MEMBERS FOR REVIEW VIA ELECTRONIC MAIL AND/OR IN THE FORM OF PAPER COPIES. FORM 990, PAGE 6, PART VI, LINE 19 ALTHOUGH DOCUMENTS MAY BE MADE AVAILABLE UPON REQUEST, PURSUANT TO OHIO REVISED CODE, CHAPTER 1724, CERTAIN DOCUMENTS HELD BY THE CORPORATION ARE NOT SUBJECT TO PUBLIC RECORD REQUIREMENTS. CITY OF CUYAHOGA FALLS 2310 2ND STREET CUYAHOGA FALLS OH 44221 CITY GOVMT OH 170C1 6 N/A false false false false false false false false false false false false false false true true false false false false CITY OF CUYAHOGA FALLS N NOT DETERMINABLE CITY OF CUYAHOGA FALLS O NOT DETERMINABLE