DevelopOhio

The City of Hamilton could soon have both a new “city-focused port authority and development finance agency” and a new city manager, the Journal-News reports. The formation of the Hamilton Development Finance Agency (DFA) “requires a three-party joinder agreement” with approvals from Hamilton City Council, Butler County Commission, and Butler County Finance Authority (BCFA), according to the article. City Manager Joshua Smith said creating the Hamilton DFA “was the next logical step for the city as it continued to progress.” The Hamilton DFA “would be a dual economic development entity for the city, as it would operate as both a port authority and development finance agency, singularly functioning as two complementary entities.” Port authorities can support economic development and promote community improvements, while DFAs specialize “on the finance side, obtaining capital that might not otherwise be available.” The BCFA voted to hire Smith as its new executive director, “which is pending the creation of the Hamilton DFA.” The Hamilton DFA “would be a managed entity under the BCFA,” operating independently with a staff person, budget, and board of directors. Smith has said he will step down as city manager once the Hamilton DFA is formed; Hamilton Mayor Pat Moeller “previously said they’ll promote someone already with the city” as the new city manager. For more, read the full article (subscription may be required).