2025 annual report
year-in-review
Thank you for your interest in the Toledo–Lucas County Port Authority and the important work we continue to advance throughout our region. Over the past year, our organization has undertaken a wide range of initiatives that reflect our mission and we are pleased to share these accomplishments in the 2025 Annual Report.
This report highlights the progress achieved in 2025 - projects, investments, and partnerships that are strengthening our community and positioning Northwest Ohio for long-term growth. I am incredibly proud of our team’s dedication and the meaningful impact their work delivers every day.
This year marked the 70th anniversary of the Toledo-Lucas County Port Authority. Established in 1955 as Ohio’s first port authority, the organization has evolved significantly over seven decades of service. True to our tagline, we are, and continue to be, More Than a Port.
This year also marked an important step forward in strengthening our long-term strategic direction. We engaged a consultant to identify strategic priorities that will continue to have a lasting impact on our community. This effort centers around our commitment to enhancing the Port Authority’s core assets: the Port of Toledo, Eugene F. Kranz Toledo Express Airport, and our innovative financing programs. Together, this work reflects our ongoing commitment to a unified, forward-looking organization that is centered on strategy and positioned for sustained success.
The progress highlighted in this report would not be possible without the strong partnerships that support our mission. Your engagement and support play a vital role in our success, and we look forward to building on this shared commitment in the years ahead.
On behalf of the Port Authority’s Board of Directors and our entire staff, thank you for your continued confidence in and support of the Toledo–Lucas County Port Authority.
Sincerely,
Thomas J. Winston
President and CEO | Toledo-Lucas County Port Authority
2025 board of directors
-
![]()
Robin Whitney
Chair
-
![]()
Christine Castellano
Vice Chair
-
![]()
Mike Beazley
-
![]()
Wayne Blanchard
-
![]()
William Carroll
-
![]()
Suzette Cowell
-
![]()
Kim Cutcher
-
![]()
David Fleetwood
-
![]()
Amy Hall
-
![]()
Joshua Hughes
-
![]()
Nadeem Salem
-
![]()
Sharon Speyer
-
![]()
John Szuch
70th anniversary
As we celebrate 70 years of moving our community forward, we’re reflecting on the projects that shape our legacy. Established in 1955 as Ohio’s first port authority, the Toledo-Lucas County Port Authority has grown far beyond an “airport” and a “seaport” becoming a nationally recognized leader in economic development.
Through innovative financing programs, the Port has supported 1,000+ projects, driving over $2 billion in investment and helping create or retain more than 30,000 jobs. We've also transformed hundreds of acres of brownfields into productive sites, investing millions in regional revitalization.
Today, the Port of Toledo generates over $900 million in economic activity, with Toledo’s airports contributing an additional $600 million in economic output for our region.
Our story is not defined by milestones alone; it is also defined by momentum. As industries evolve and new opportunities emerge, the Toledo-Lucas County Port Authority remains focused on innovation, inclusive growth, and strategic investment. Building on 70 years of progress, we are committed to creating opportunities, strengthening our economy, and positioning our region for the next generation of success.
Through continued investment, innovation, and partnership, the Toledo-Lucas County Port Authority is Moving Forward, Growing Stronger.
toledo’s
seaport
In 1833, when Toledo was founded through the merger of the villages of Port Lawrence and Vistula – both villages were already active ports on the Maumee River at the western end of Lake Erie – Toledo quickly became one of the great transshipping ports on the Great Lakes. For the next 100 years, the Port continued to expand and today is an important asset to the St. Lawrence Seaway System. With over 1,000 acres and 13 terminal operators along the Maumee River, the Port of Toledo is the largest landmass seaport on the Great Lakes.
In 2025, a total of more than 10 million short tons traveled through the Port of Toledo.
facility #3 dredging project
The Toledo–Lucas County Port Authority, in partnership with the Ohio Environmental Protection Agency and the Ohio Department of Natural Resources, completed the reactivation and expansion of Toledo’s dredge placement confined disposal facility (CDF), known as Facility #3, at the mouth of the Maumee River. This project addressed Ohio’s prohibition on open lake placement of dredged material and ensured continued environmentally responsible dredged material management for the Port of Toledo.
Beginning in 2018 and completed in 2025, improvements to Facility #3 expanded its capacity to accommodate dredged material from the Federal Shipping Channel and Toledo’s 13 active marine terminals. Using Healthy Lake Erie grant funding, local funds, and a $9 million State and Local Fiscal Recovery Fund (ARPA) grant administered by the Ohio EPA, the project created more than 9.6 million cubic yards of new containment capacity.
Key improvements included completion of the Management Unit 2 containment dike and expansion of the Banana area. Collectively, these improvements extended the useful life of Facility 3 through 2040.
facility #1 warehouse
The Ohio Department of Transportation awarded the Toledo-Lucas County Port Authority $4,692,393 in funding through the Maritime Assistance Program in December 2023. This funding was utilized to construct a new 60,000 square foot warehouse at the Port of Toledo’s General Cargo Dock, also known as Facility #1, which is operated by Midwest Terminals.
The Port contracted with NOOTER under a design/build contract to construct the warehouse that will be ready to store commodities in the first quarter of 2026. The investment into the new warehouse is part of the Port’s terminal modernization program under which several antiquated buildings and select cargo handling equipment have been replaced with new and more efficient facilities and equipment. The new warehouse will provide additional capacity for indoor storage and will complement the adjacent new liquid bulk transloading operation.
toledo’s airports
The Eugene F. Kranz Toledo Express Airport (TOL), owned by the City of Toledo, opened its doors in 1955 and has been managed by the Toledo-Lucas County Port Authority since 1973. TOL offers nonstop service on Allegiant to Orlando Sanford, Ft. Myers/Punta Gorda and St. Pete-Clearwater, Florida, and seasonal nonstop service to Sarasota/Bradenton, Florida.
TOL is home to over 20 on-airport businesses including the Ohio Air National Guard’s 180th Fighter Wing and an Amazon Air Toledo Gateway. Various corporate hangars, aircraft maintenance facilities and air cargo operations are located at TOL, in addition to two fixed-based operators and one ground handler. Toledo Public Schools’ Aerospace & Natural Science Academy of Toledo is located at TOL, as well as the Federal Aerospace Institute adult aircraft maintenance technician school, making Toledo a leader in aviation education.
Toledo Executive Airport (TDZ) is primarily used for corporate aviation, banner towing, flight training, and privately owned aircraft. The airport is home to four rows of t-hangars for individual leasing, as well as a self-serve fueling station. In addition to its various general aviation service offerings, TDZ is the Federal Aviation Administration’s designated reliever airport to TOL.
sarasota service
In November, the Toledo-Lucas County Port Authority celebrated Allegiant’s inaugural flight between Eugene F. Kranz Toledo Express Airport (TOL) and Sarasota Bradenton International Airport (SRQ). With the addition of this new seasonal route, Allegiant now offers nonstop, low-cost flights to four cities in Florida.
As the premier gateway to Florida’s Gulf Coast, SRQ connects Sarasota, Bradenton, and surrounding communities. Just minutes from renowned beaches, arts, and cultural attractions, SRQ is dedicated to delivering a safe, efficient, and welcoming travel experience through continuous investments in modern facilities, sustainability, and exceptional customer service.
Toledo Air Show
In partnership with the 180th Fighter Wing and the Toledo Air Show Committee, the Toledo-Lucas County Port Authority supported the successful return of the Toledo Air Show, held May 10–11, 2025, at Eugene F. Kranz Toledo Express Airport.
The event featured the United States Air Force Thunderbirds and included a diverse lineup of military and civilian air demonstration teams, along with displays of military aircraft and equipment from across the Department of Defense and the Ohio Air National Guard.
The Port Authority was proud to collaborate with the 180th Fighter Wing, as well as airport and local businesses, and the dedicated volunteer committee to deliver this signature community event, which highlighted the airport’s role as a regional aviation asset while engaging and inspiring visitors from across the region.
our financing programs
The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing, assisting over 900 economic development projects representing a total investment of more than $2 billion while helping to create and retain over 20,000 jobs.
In 2025, the Port Authority provided nearly $44 million in financing to various organizations across the region through its multiple financing programs, resulting in the creation/retention of 731 jobs.
-
In 1988, the Port Authority assumed the primary role of economic development for the community by establishing the Northwest Ohio Bond Fund (NWOBF), which was the first municipal bond fund created in the state of Ohio. Throughout the years, the Bond Fund has supported many projects, thus retaining and creating jobs for our community.
This year marks the third year of the Port Authority’s five-year, $2 million commitment to Bond Fund Reserves, a strategic investment that strengthens its position in the financial marketplace and helps deliver a lower cost of capital for borrowers.
-
The Port Authority provides Capital Lease Financing by serving as the Issuer of Revenue Development Bonds to facilitate proceeds being made available for projects in the furtherance of a public purpose.
In 2025, two bonds were closed, totaling $35 million, resulting in the creation/retention of 88 jobs.
-
The Ohio Regional 166 Loan Program provides low fixed-rate financing for fixed assets, such as real estate purchases, construction/improvements, and non-rolling stock equipment. The program primarily supports projects for for-profit manufacturing, distributing, and wholesaling businesses throughout Ohio.
In 2025, seven loans were closed, totaling nearly $3.3 million, resulting in the creation/retention of 275 jobs.
-
The U.S. Small Business Administration 504 Loan Program provides long-term, fixed-rate financing for fixed assets such as real estate purchases, construction/improvements, and non-rolling stock equipment. The program will support most for-profit businesses that demonstrate the project will create/retain jobs in the region. This program can also finance start-ups and can support refinancing.
In 2025, a total of two loans were closed, totaling over $805,000, resulting in the creation/retention of 17 jobs.
-
The Northwest Ohio Revolving Loan Fund launched in 2022 as a gap financing tool for non-profit and for-profit businesses in Lucas, Ottawa and Wood Counties. The program was created to address a regional weakness in access to capital and support the overall goals of the Comprehensive Economic Development Strategy for the region, as one job will be created or retained for every $50,000 distributed.
In 2025, four loans were closed totaling $986,785, resulting in the creation/retention of 80 jobs.
-
The BetterBuildings Northwest Ohio (BBNWO) program launched in 2010 to spearhead energy efficiency building retrofits in our community. Since inception, BBNWO has provided financing for 204 energy improvement projects totaling $69,232,688. Today, the program’s success in Property Assessed Clean Energy (PACE) financing has made it a model for communities across the United States.
BBNWO offers competitive fixed-rate PACE financing for projects that focus on conserving energy and generating savings through energy efficiency retrofits to existing facilities. Eligible energy efficiency improvements to all types and sizes of buildings can be financed and repaid via a special assessment on the property. Energy efficiency project sizes range from $25,000 to $25 million in project costs. There are currently 34 municipalities within 16 energy districts throughout the state that can take advantage of the BBNWO program.
In 2025, 11 commercial projects were approved and closed totaling over $3.4 million, resulting in a total estimated combined utility savings of $412,895 per year and the creation/retention of 271 jobs.
project spotlights
-
Northwest Ohio Bond Fund
YWCA
On November 13, the Toledo Young Women’s Christian Association (YWCA) of Northwest Ohio celebrated the completion of Phase 1 construction at its headquarters in downtown Toledo. The Toledo-Lucas County Port Authority partnered with the YWCA to support major improvements to this historic facility. Through the Port Authority’s Northwest Ohio Bond Fund, a $2.8 million bond was issued to assist the organization with the modernization and expansion of its headquarters.
Renovations encompass essential upgrades to the facility, including roof repair and replacement, expanding residential housing, and other significant building improvements designed to enhance safety, accessibility, and comfort.
-
U.S. SBA 504 Loan Program
Brenner75
Founded by Don Smith in 2007, Brenner75 at Harrison Marina is a premier, full-service marina complex located on N. Summit St. on the western basin of Lake Erie. Just minutes from Downtown Toledo, the marina offers immediate deep-water access via the mouth of the Maumee River, making it a top choice for boaters seeking both convenience and quality service.
Brenner75 utilized Port Authority financing to secure ownership of the property previously held under a land lease via a $605,000 loan through the Small Business Administration 504 Loan Program and a $300,000 loan through the Northwest Ohio Revolving Loan Fund. In addition, Croghan Colonial Bank provided funding to support the project.
-
Ohio Regional 166 Loan Program
Kripke Enterprises, Inc.
Kripke Enterprises, Inc. (KEI), located in Toledo, was established in 1993 and is a non-ferrous metal brokerage business specializing mainly in aluminum. KEI provides many value-added benefits such as hedging, trucking, storage, and recycling services. The company also has trading offices in Boca Raton, FL and Jackson, TN, and has 60+ employees. Since 1994, the company has grown into one of the country’s premier non-ferrous brokerages.
In 2025, Kripke decided to eliminate the outsourcing of scrap aluminum baling and brought this process in-house, which expanded their operations, increased revenues, drove more recycled material through their facility, sped up the delivery to their customers, and enhanced quality control. To accomplish this, KEI utilized a $1 million Ohio Regional 166 loan to purchase a new Sierra REB-2 Two Ram Baler and supported the purchase of a new Sierra T 510 Material Handler.
The new material handler is more efficient to operate, handles a larger capacity of material, and reduces maintenance and repair costs. The total project investment was over $1.3 million, resulting in the creation of three new jobs.
-
Capital Lease Transaction
Yarder Manufacturing
Yarder Manufacturing, a fifth-generation, family-owned business specializing in custom sheet metal fabrication, is preparing for a new era of growth with the construction of its state-of-the-art headquarters and manufacturing facility in Monclova Township.
To meet its growing needs, Yarder purchased a 70-acre site with plans to utilize approximately 20 acres for a new 95,000-square-foot headquarters and will reserve the remaining land for new development opportunities. The project is expected to create at least 26 new jobs at Yarder.
Construction on the $12.5 million project began in the second quarter of 2025, with completion anticipated in the second quarter of 2026. The Port Authority’s Capital Lease Financing Structure, coupled with strategic state and local partnerships, ensures that this project will not only strengthen Yarder’s operations but will also support continued economic growth and investment in Northwest Ohio.
-
Northwest Ohio Revolving Loan Fund
American Manufacturing, Inc.
Founded in 1971, American Manufacturing, Inc. (AMI), located in Toledo, Ohio, is a leading provider of high-volume standard steel containers for major automotive manufacturers, including Stellantis, Ford, and General Motors.
AMI utilized the Port’s Northwest Ohio Revolving Loan Fund Program to secure a $300,000 loan to help finance the purchase of a laser cutting machine to improve productivity. The total investment for the new equipment is $968,000, with the remaining funds being provided by Waterford Bank and a direct cash contribution from AMI. This project led to the retention of 20 jobs and is expected to create four new positions.
This cutting-edge equipment will significantly increase AMI’s productivity and product quality, while supporting the company’s goals of investing in automation.
-
BetterBuildings Northwest Ohio
200th PACE Project
The Toledo-Lucas County Port Authority celebrated its 200th project financed through BetterBuildings Northwest Ohio (BBNWO) earlier this year. The 200th project provided $63,665 in energy efficient financing to aWLCo Ventures, LLC, a real estate holding and management company owned by Will Lucas for the acquisition of the new home of Commons Pizza & Cinnamon Rolls! Energy efficient upgrades to the facility include HVAC, roofing, insulation, wall repair, windows, and lighting upgrades. It is anticipated these upgrades will result in $4,896 in annual energy savings!
Commons Pizza & Cinnamon Rolls, currently operating inside TolHouse (also owned by Will Lucas and financed by the Port’s BBNWO program), will move to its new location once renovations are complete, which is currently scheduled for early 2026.
facility Management and capital improvement plan
The Port Authority manages/operates 15 properties and facilities located within Northwest Ohio. The facilities team oversees ongoing maintenance, cleaning, renovation, and safety operations at each facility.
The team also oversees management of the Port Authority’s Capital Improvement Plan (CIP). The CIP focuses on the Port of Toledo, Eugene F. Kranz Toledo Express Airport, Toledo Executive Airport, Dr. Martin Luther King, Jr. Plaza, its downtown Toledo office buildings, Overland Industrial Park, Ironville Terminal, Express Industrial Park, Farnsworth Business Park, and downtown Toledo parking facilities.
The CIP is updated semi-annually, and projects are ranked in order of priority over a five-year duration. It includes new and ongoing maintenance projects within our facilities that have been identified for existing or new investments.
Capital Improvement Plan Budget
2024 Spotlight Projects
-
Facility #3 Bridge Replacement
The bridge providing access to Facility #3 was originally constructed in 1972 and had undergone several restoration and reconstruction efforts over the years. Following a recent inspection, the Port Authority’s consultant recommended full replacement of the structure.
The new, wider bridge contains a U-beam style structure and was constructed on the existing supporting structure due to its lighter weight, while also providing a longer life expectancy and reduced maintenance costs.
The total project cost was $1,432,056.
-
Facility #1 Warehouse
The Port Authority constructed a new Resilient Cargo Storage Warehouse at the Port of Toledo’s General Cargo Dock, also known as Facility #1, which is operated by Midwest Terminals. The new warehouse will support the newly constructed liquid transload operation at the site.
This project also included dock doors, a concrete slab-on-grade foundation, fire protection systems, electrical and mechanical systems, and associated site improvements.
The total project cost was $4,692,393.
-
Snow Removal Equipment
The Port Authority purchased two new modern snow removal equipment units for Eugene F. Kranz Toledo Express Airport. The acquisition was funded through a grant from the U.S. Department of Transportation and will support continued safe, efficient airfield operations during adverse winter weather.
The total cost was $1,900,000.
environmental inItiatives
clark and delaware/horseshoe islands restoration projects
The Toledo-Lucas County Port Authority continued its commitment to environmental stewardship and Great Lakes restoration through ongoing work on the Clark and Delaware/Horseshoe Islands Restoration Project in the Maumee Bay area. On September 15, the Port Authority celebrated the ribbon cutting for this project.
This long-term initiative focused on restoring and enhancing critical island habitat in western Lake Erie by using beneficially reused dredged material to strengthen shorelines, improve habitat conditions, and support regional ecosystem health. The islands play a vital role in protecting and expanding important nesting and stopover areas for migratory birds, fish, and other wildlife, while also contributing to the resilience of the Lake Erie shoreline.
The restoration of Clark Island and Delaware/Horseshoe Islands supports broader regional goals related to water quality improvement, habitat preservation, and long-term environmental sustainability in the Maumee River and Lake Erie watershed.
Through collaboration with federal, state, and regional partners, the Port Authority remains focused on advancing projects that balance commerce, infrastructure investment, and environmental responsibility, while ensuring the region’s natural resources continue to thrive for future generations.
lower maumee river restoration project
The Toledo-Lucas County Port Authority completed the design phase of the Lower Maumee River Sediment Remediation Project which is taking place at two locations: the Sway Bridge and the Wastewater Treatment Plant at the Toledo Water Reclamation Facility. The design outlined how the cleanup will remove contaminated sediments across 42 acres in the Lower Maumee River, benefiting people and the ecological system. Both sites are located within the Maumee Area of Concern (AOC), which has been designated by the U.S. Environmental Protection Agency as a priority area for restoration in the Great Lakes.
The Port Authority is leading the Project Management Team, which includes the City of Toledo, Ohio EPA, USEPA GLNPO, and the U.S. Army Corps of Engineers Buffalo District. Funding for this project is administered under a cooperative agreement between the U.S. Environmental Protection Agency Great Lakes National Program Office (USEPA GLNPO) and the Ohio Environmental Protection Agency (EPA). The USEPA GLNPO provides funding for the project under the Great Lakes Restoration Initiative (GLRI).
The construction phase of this project is scheduled to commence in 2026.
community impact
In June, Port staff members hosted the Oregon City School’s Teacher Boot Camp. Staff members provided information about their individual roles and responsibilities at the Port Authority and the necessary skills acquired to be successful in their respective careers. The team also provided a tour of the Port of Toledo.
During National Small Business Week, the Port hosted a Lunch & Learn, in partnership with the Toledo Regional Chamber of Commerce, to highlight its financing programs and support for small businesses.
On May 30, the Port Authority, National Museum of the Great Lakes, and Destination Toledo hosted a Welcome Ceremony to mark the arrival of Victory I, the first cruise vessel to dock in Toledo in decades. Operated by Victory Cruise Lines, the 286-foot ship brought nearly 200 passengers to experience the Glass City. Following a successful inaugural visit, Victory Cruise Lines returned to Toledo six more times over the summer.
In August, the Port proudly accepted its 21st Pacesetter Award during the 2025 American Great Lakes Ports Association Annual Conference for growth in international tonnage during the 2024 navigation season!
The Port participated in a pre-opening event on August 8, for the I-475 and U.S. 20A Interchange Project, an important investment that began in 1998 and enhances infrastructure and improves connectivity.
In May, the Port participated in the Community Prairie Planting Event at Overland Industrial Park, an initiative to establish a native prairie field adjacent to the solar array field, creating a vibrant habitat that supports local wildlife and enhances environmental sustainability.
The Port participated in many conferences throughout the year, including the Ohio Conference on Freight, where Joe Cappel, VP of Business Development, took the stage during the panel “Navigating the Future: Ohio’s Maritime Freight Plan” — where the newly completed Ohio Maritime Plan was officially unveiled.
The Port’s financing team presented to various chambers and organizations throughout the year, including the Maumee Chamber of Commerce!
On December 15, the Port celebrated Allegiant’s 20th Anniversary at Eugene F. Kranz Toledo Express Airport.
2025 ADMINISTRATION Team
-
Thomas J. Winston
PRESIDENT AND CEO
-
JOE CAPPEL
VP OF BUSINESS DEVELOPMENT
-
BRIAN PERZ
VP OF CONSTRUCTION & FACILITIES MANAGEMENT
-
DAWN WENK
VP OF ADMINISTRATION & GENERAL COUNSEL
-
Thomas "Chris" Curry
INTERIM AIRPORT DIRECTOR
-
KATHY DESPOTH, CPA
CONTROLLER
-
HOLLY KEMLER
DIRECTOR OF COMMUNICATIONS
-
CRAIG TEAMER
DIRECTOR OF FINANCE & SPECIAL PROJECTS
-
JASON BARTSCHY
LOAN PROGRAMS MANAGER
-
DANA CLARK
BUSINESS DEVELOPMENT/PACE ADMINISTRATOR
-
DONNETTE CONLEY
PARKSMART OPERATIONS MANAGER
-
KAYLA CUNNINGHAM
COMMUNICATIONS MANAGER
-
KELLY FISHER
MANAGER, AIRPORT FACILITIES & MAINTENANCE
-
DEBORA GREGORY
PARKSMART ADMINISTRATION & FINANCE MANAGER
-
SHALA LOGAN
FACILITIES MANAGER
-
BRAD SMITH, CPA
MANAGER OF ACCOUNTING
-
JOSH STRICKLAND, CPA
MANAGER, FINANCIAL PLANNING & ANALYSIS
-
KIMBERLY SMITH
GRANTS MANAGER
-
ABDULLAH BIN TAMAM
PROJECT SPECIALIST
-
TAD FISHER, ACE
AIRPORT OPERATIONS LEAD
-
BRAD BOGERT
AIRPORT ADMINISTRATION
-
TYLER CALLICOAT
AIRPORT OPERATIONS SPECIALIST
-
JENNIFER CAMPBELL
HUMAN RESOURCES & LEGAL ADMINISTRATOR
-
RONNETTE HORSLEY
HUMAN RESOURCES & EXECUTIVE LEAD
-
TINA PERKINS
PROJECT COORDINATOR
-
RILEY TYLER
AIRPORT OPERATIONS SPECIALIST
-
DEBRA MARINIK
RECEPTIONIST
-
DANA REICHERT
RECEPTIONIST