The Toledo-Lucas County Port Authority has received the 2024 Lighthouse Award of Excellence in Economic Development for its Innovative Financing Programs– Northwest Ohio Bond Fund. The award was presented by the American Association of Port Authorities (AAPA) during its annual convention in Boston.
“AAPA’s Lighthouse Awards are an exciting opportunity to showcase and celebrate the port industry’s most outstanding innovative projects and steadfast commitment to excellence,” said Cary Davis, AAPA president and CEO. “Congratulations to the Toledo-Lucas County Port Authority and all our winners and thank you to everyone involved in this unique privilege.”
In April, S&P Global Ratings (S&P) announced an upgrade to the Northwest Ohio Bond Fund rating from an “A-” to an “A” investment grade rating with a stable outlook. Key factors contributing to the S&P “A” upgrade include an increased investment in the Bond Fund Reserves, the diversification of projects, and a zero percent default rate to bondholders.
In addition, the fund has a current reserve-to-loan ratio of 45 percent, made possible by contributions from various public and private stakeholders, as well as a $3 million investment made by the Port Authority in 2022, with an additional $400,000 commitment per year over the next five years, for a total investment of $5 million.
In May, the Port Authority celebrated its 100th project financed through the bond fund, which provided $8 million to support Midwest Terminals, operator of the Port of Toledo’s General Cargo Dock, to finance the construction of a liquid transloading facility at the Port of Toledo. This year, the fund is slated to issue the highest amount of bonds in the program’s history.
“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 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 lowcost 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.
