Toledo-Lucas County Port Authority’s 2021 – A Financial Year-in-Review
Toledo-Lucas County Port Authority
The Toledo-Lucas County Port Authority’s financing programs had another tremendous year with a total of over $30 million financed through its multiple programs. Through the Small Business Administration 504 loan program, five projects were closed totaling nearly $2 million, and five projects were financed through the Northwest Ohio Bond Fund totaling over $28 million – the second highest year since inception of the Bond Fund in 1988. In addition, the Port Authority’s BetterBuildings Northwest Ohio (BBNWO) program closed on $1,358,000 in energy improvement projects through its Energy Special Improvement District.
One particular project that highlights the strong economic development activity in downtown Toledo is the Port Authority’s financing of TolHouse, which was created by Will Lucas, founder of the full-service marketing agency Creadio.
TolHouse is Toledo’s newest members-only social club that is equipped with a full-service kitchen, multiple bars and lounge areas, and collaborative and solo workspaces. Located in the heart of the historic Vistula neighborhood, TolHouse also features a jazz lounge, coffee house, and hosts numerous special events throughout the year. The next phases of the club include a rooftop bar area and patio, as well as a screening room.
“Building TolHouse has been a dream for many years. It would still be just a dream, and not a present-day reality without the assistance the Port Authority provided,” said Lucas. “The team at the Port saw the growth trajectory my company was on, and as well, heard out my ideas for what I wanted to create and was there with me every step of the way to securing my first piece of real-estate outside of my home. I can’t exaggerate how meaningful that is – to have the professionals there see our vision and put meaningful action into helping us make it a reality.”
The Port Authority provided financing to TolHouse in the form of a U.S. Small Business Administration 504 Loan for the acquisition of the facility, along with Property Assessed Clean Energy (PACE) financing through its BBNWO program to assist with energy upgrades and improvements to the building, including two new HVAC units.
In total, the Toledo-Lucas County Port Authority has provided financial assistance to over 600 economic development projects representing a total investment of more than $2 billion while helping to create and retain 20,000 jobs throughout the state.
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