The Port Authority is Proud to Announce the Closing of Energy Bond 8!

Oct 21, 2022 | News, Newsletter

Kayla Lewandowski
Toledo-Lucas County Port Authority

 

The Toledo-Lucas County Port Authority is proud to report it has issued its eighth energy bond through the Northwest Ohio Bond Fund, the proceeds of which were used to finance various projects totaling over $6 million through the Port Authority’s BetterBuildings Northwest Ohio (BBNWO) energy efficiency program.

One of these projects was the financing of energy efficient upgrades to the new headquarters of JAM Best One Fleet Services. Created in 2003, JAM Best One Fleet Services provides commercial trucking services, including commercial tire repair, roadside truck repair, electrical and diagnosis repair, and more. The company recently acquired a new building, located at 4934 Lewis Avenue in Toledo, where it will relocate to accommodate the growing business.

JAM Best One Fleet Services utilized the BBNWO program to finance energy efficient upgrades to the facility, including roofing upgrades, LED lighting, and a natural gas and electricity supplier switch. It is anticipated these upgrades will result in $149,093 in annual energy savings.

Other projects financed in the series include:

  • Imagination Station
  • Central District Lima
  • TolHouse
  • Team Recovery
  • Toledo Country Club
  • The Ohio Theatre Lima
  • 337 Broadway LLC
  • United Auto Workers Local 12

 

Since it was created, the BBNWO program has provided over $50 million in financing. A total of 173 energy efficiency projects have been completed over the past 12 years, where energy efficient upgrades have assisted businesses in saving money and energy.

The Port Authority’s Northwest Ohio Bond Fund provides small and medium-sized companies access to the national capital market as if they were A- Investment Grade companies. It provides:

  • Financing for projects from $2 million to $25 million
  • Fixed interest rates for full term of the bonds
  • Typically 90% financing and 10% equity
  • Financing up to 30 years for land and buildings
  • Financing up to 10 years for equipment
  • Tax exempt bonds for manufacturing, non-profit 501(c)3 and governmental operations
  • Taxable bonds for all other projects

 

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 nearly 20,000 jobs. Financing options include the Revolving Loan Fund, 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, please visit: https://www.toledoport.org/services/energy-finance/

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