How Port Authorities can be used for Economic Development MEDFA ANNUAL CONFERENCE October 8, 2015 Thomas J. Winston Vice President, Administration & Chief.

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Presentation transcript:

How Port Authorities can be used for Economic Development MEDFA ANNUAL CONFERENCE October 8, 2015 Thomas J. Winston Vice President, Administration & Chief Financial Officer

Toledo-Lucas County Port Authority Agency History Began with “traditional” Port operations Seaport Operations Airport Operations Incorporated Surface Transportation Acquired Central Union Terminal (now MLK Plaza) 2 In 1955, the State of Ohio enacted the Port Authority Act to take advantage of the newly created St. Lawrence Seaway. Founded on July 18, 1955, the Toledo-Lucas County Port Authority became the first port authority in Ohio.

Toledo-Lucas County Port Authority Today’s Agency Continue Transportation operations Implemented Development efforts Financing Programs Brownfield Redevelopment Community Outreach Initiatives 3 The Toledo-Lucas County Port Authority’s business is transportation and development. That business is shaped by our mission to move people and cargo through the region while employing innovative programs to stimulate development in our region.

Development Finance Toolbox Financing Overview Bedrock Tools Northwest Ohio Bond Fund (S&P Rating: “A-”) Conduit Bond Issuances & Capital Leases Targeted Tools Tax Increment Financing Joint Economic Development Districts Energy Special Improvement Districts 4 The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing, assisting over 350 economic development projects representing a total investment of more than $1.9 billion while helping to create and retain over 18,500 jobs.

Development Finance Toolbox Financing Overview Investment Tools EB-5 Regional Center New Market Tax Credits Northwest Ohio Improvement Fund Foreign Trade Zone Access to Capital Tools SBA 504 Loan Program Ohio Regional 166 Loan Program 5

Development Finance Toolbox Financing Overview Access to Capital Tools (continued) RLF Diversified Contractors Accelerator Program (DCAP) Microloan Program Economic & Community Development Institute Support Tools Grant opportunities CDBG, HUD 108 6

Project Examples Ironville Bond Financing Northwest Ohio Bond Fund Federal & State Incentives Grants, New Market Tax Credits Local Incentives CRA property tax abatement Brownfield Redevelopment Former Gulf Oil Refinery Site Public-Private Partnership 7

Project Examples Ironville 8

Project Examples The Anderson’s HQ Bond Financing Northwest Ohio Bond Fund Lease Revenue Bonds Capital Lease Structure State Programs Ohio 166 Direct Loan Local Programs and Incentives Property tax abatement TIF structure 9

Project Examples Overland Industrial Park Bond Financing Northwest Ohio Bond Fund Federal Grants State Programs and Incentives Grants, JobsOhio Loan, Job Creation Tax Credit, ODOT Roadway Funding Local Programs and Incentives Grants, Utility Infrastructure Funds, Toledo Expansion Incentive Public-Private Partnership Brownfield Redevelopment Former Jeep production site 10

Project Examples Overland Industrial Park 11

Project Examples Overland Industrial Park 12

Economic Development Partners 13

For More Information... 14

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