October 30, 2024: The Toledo-Lucas County Port Authority is proud to announce it has received the 2024 Lighthouse Award of Excellence in Economic Development for its Innovative Financing Programs – Northwest Ohio Bond Fund, from the American Association of Port Authorities (AAPA) during its annual convention today in Boston.
“On behalf of the Toledo-Lucas County Port Authority, we are deeply honored to receive this national recognition for our commitment to drive economic growth through the Northwest Ohio Bond Fund,” said Thomas J. Winston, president and CEO of the Toledo-Lucas County Port Authority. “The success of the program is due to our ability to offer innovative, flexible and low-cost financing opportunities for businesses to invest and reinvest in our region. This Lighthouse Award of Excellence reflects the hard work, vision and dedication of our team as we continue to move our community forward.”
Since its inception in 1988, the Bond Fund has provided $446 million in direct financing proceeds without a bond default, which has resulted in the creation and retention of over 8,700 jobs. The Port Authority’s Northwest Ohio Bond Fund was the first municipal bond fund established in the state of Ohio and has allowed the Port Authority to finance new business and business expansion throughout the state. Its portfolio includes global companies headquartered in the Toledo region such as Owens Corning, The Andersons, and Dana Holding Corporation. Local and regional projects include financing for Continental Real Estate Companies, Nagle Companies, Keller Logistics Group, and Toledo School for the Arts.
For more information on the AAPA Lighthouse Awards, please click here. https://www.aapa-ports.org/unifying/content.aspx?ItemNumber=23029
About the Northwest Ohio Bond Fund
The Northwest Ohio Bond Fund is one of several financing programs offered by the Port Authority and provides financing for projects from $2 million to $25 million, and fixed interest rates for the full term of the bonds. The fund typically provides financing for up to 30 years for land, public infrastructure, and (owner-occupied) building projects, as well as financing up to 15 years for equipment. The Bond Fund issues tax-exempt bonds for manufacturing, non-profit 501(c)3, and governmental operations, and taxable bonds for all other private sector businesses.
The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing across its multiple programs, assisting with more than 900 economic development projects representing a total investment of more than $2 billion while helping to create and retain more than 21,000 jobs.
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.