Posted on Thursday, January 28, 2021
TOLEDO, Ohio, January 28, 2021 – The Toledo-Lucas County Port Authority has provided $44.46 million in financing in 2020 to various organizations across the region through its multiple financing programs. A total of 11 Small Business Administration and Ohio Regional 166 Loans were closed totaling $7.46 million, setting a record for the most loans closed in one year at the Port Authority. A total of 105 new jobs were created with these loans. The Port Authority also saw a record year with the issuance of $37 million for five separate projects, within its Northwest Ohio Bond Fund (rated A- by Standard & Poor’s).
“Over the past year, many organizations have faced, and may continue to face, challenges as the pandemic continues into 2021, and we are pleased to be able to provide the financial support to these organizations during this difficult time,” said Thomas J. Winston, President and CEO of the Toledo-Lucas County Port Authority. “This record year is a testament to the hard work and dedication of the staff at the Port Authority who have continued to work tirelessly to ensure our community continues to move forward.”
Most notably in 2020 was the closing of a $10.48 million tax-exempt 30-year bond refinancing transaction for Lourdes University. The Port Authority entered a ground lease with Lourdes and then completed a sale/leaseback on 216 university-owned housing residences and 30 university-owned public apartments, commonly known as Lourdes Commons, located in Sylvania, Ohio. Funding for the project included $500,000 in capital improvements for the units.
Additionally, the Port Authority closed on a $9.5 million taxable bond transaction for Toledo PI Acquisitions, LLC. The financing for this project will go toward energy efficiency upgrades at the former Park Inn Hotel in downtown Toledo, which is being redeveloped into an approximately 309-room Hilton Garden Inn and Homewood Suites.
The Port Authority also closed on a $4.25 million tax-exempt 30-year bond transaction for Health Partners of Western Ohio (HPWO), which is an independent, nonprofit, community-directed organization serving low income and medically under-served communities and is based out of Lima, Ohio. The Port Authority's financing will assist HPWO with expanding its presence into the Toledo area. Bond proceeds are being used to purchase and renovate a 21,942 sq. ft. building in the Old West End neighborhood. A total of 53 jobs will be created with the establishment of the new operation.
Lastly, the Port Authority closed on a $7.89 million tax-exempt bond transaction for ProMedica’s Toledo Hospital to go toward the construction of an approximately 11,000 sq. ft. freestanding emergency department building in Maumee, Ohio. The transaction was secured at a 2.75% fixed interest rate for 20-years.
ABOUT OUR FINANCING PROGRAMS
The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing, assisting over 600 economic development projects representing a total investment of more than $2 billion, while helping to create and retain over 20,000 jobs. Financing options include Fixed Interest Rate Revenue Bonds, Infrastructure Financing, Conduit Revenue Bonds, the Ohio Regional 166 Loan Program, the U.S. Small Business Administration 504 Loan Program, and the BetterBuildings Northwest Ohio Energy Efficiency Loan Program. For more information on these programs, visit toledoport.org.
The mission of the Toledo-Lucas County Port Authority is to develop expertise and assets that drive and grow the region’s transportation and logistics infrastructure and its economic prosperity for all.
www.toledoport.org – 419.243.8251