The Federal Improvement Company (FICO) is a real estate development company based in Cleveland Ohio. H. Clark Ford founded the company in 1906. The company is a closely held corporation with members of the Ford family holding the majority of the shares. Managing the firm and holding controlling interest are David K. Ford, President of Moreland Hills, Ohio and David K. Ford Jr. Vice President of Chardon, Ohio. The Board of Directors consists of seven members with one seat held by a non-Ford family member.
The Federal Improvement Company is principally engaged in the business of developing industrial land and buildings for lease and sale. Income is generated from the sale of developed land and construction for lease of industrial buildings. The company currently owns two, (2) fully leased industrial buildings and approximately one hundred and forty-two, (142) acres of improved and unimproved industrially zoned land in the Geauga Industrial Park in the Village of Middlefield Ohio.
The Company has an inventory of approximately one hundred and forty two (142) acres of developable land. The property consists of approximately thirty six (36) acres are fully improved, ninety two (92) acres are unimproved and fourteen (14) are not developable. The fully improved sites are marketed at Forty Five Thousand Dollars per acre. There are currently prospects interested in purchasing all of the readily developed sites.
The industrial area of Middlefield including the Geauga Industrial Park has grown to include approximately two million square feet of manufacturing space and 1,600 jobs, the highest concentration of employment in Geauga County. The result of this strong industrial development program is that there now is a public safety concern by the community that the truck and peak shift change industrial traffic is a hazardous situation to the residents of Middlefield. In order relieve the traffic congestion and to develop the remaining sites a new road, sewer line and water line are needed. The Company has proposed that the Village of Middlefield locate a new truck route on the Company’s undeveloped property. The benefits to the community will be improved public safety, relief for residents from heavy truck and industrial traffic and an increase in the tax base through increased employment from retained and newly created jobs.