Toledo-Lucas County Port Authority
Encyclopedia
The Toledo-Lucas County Port Authority is a port authority
financing and/or operating air
, rail, trucking
, and port
facilities, as well as supporting and funding economic development
activities in Lucas County
, located in northwest Ohio
and bordering on southeast Michigan
.
is the region's commercial aviation hub, with large air cargo facilities as well as airline
service. Toledo Metcalf Field
was formerly the commercial aviation field, and now serves air charter
, air cargo, corporate aviation
, and general aviation
operations.
serves up to 100,000 Amtrak
rail passengers each year, making it Ohio’s busiest passenger rail hub. In 1996, the Port Authority spent $8.5 million renovating the facility and it now serves as an intermodal train and bus terminal with office space above. Additionally, five freight railroads (Ann Arbor Railroad, Canadian National Railway
, CSX Transportation
, Norfolk Southern Railway
, and Wheeling and Lake Erie Railway) move freight through the region. With several railyards loading petroleum
products, automotive parts, completed automobiles, bulk
and break-bulk cargo, and food products, Toledo ranks as one of the top five rail hubs in the U.S.
, nearly 100 local freight carriers have facilities in Northwest Ohio. Port Authority facilities such as Toledo Express Airport and the Port of Toledo provide direct access to major highways including Interstate 75
and the Ohio Turnpike
(Interstate 80
/90
), as well as U.S. 24 which provides direct access to Indianapolis
via Fort Wayne, Indiana
.
port located at the western end of Lake Erie
. It provides intermodal access to rail and trucking resources, as well as Big Lucas and Little Lucas, two of the largest cranes of any port on the Great Lakes.,
Revenue Bond Territory is not limited to the Port Authority taxing jurisdiction, but includes any county in the State of Ohio.
to facilitate the growth and development of its transportation assets. It also leases parcels it owns in order to promote economic development. The Port Authority also administers a Foreign Trade Zone
, an
area physically located in the United States, but considered outside the jurisdiction of U.S. Customs duties
. Because of the zone’s unique trade designation, goods can be stored, exhibited, repackaged, manipulated, manufactured, or mixed with other foreign/domestic merchandise within the zone — duty free. Duty is paid only when goods are moved out of the FTZ into the United States.
Port authority
In Canada and the United States a port authority is a governmental or quasi-governmental public authority for a special-purpose district usually formed by a legislative body to operate ports and other transportation infrastructure.Port authorities are usually governed by boards or...
financing and/or operating air
Airport
An airport is a location where aircraft such as fixed-wing aircraft, helicopters, and blimps take off and land. Aircraft may be stored or maintained at an airport...
, rail, trucking
Truck driver
A truck driver , is a person who earns a living as the driver of a truck, usually a semi truck, box truck, or dump truck.Truck drivers provide an essential service to...
, and port
Port
A port is a location on a coast or shore containing one or more harbors where ships can dock and transfer people or cargo to or from land....
facilities, as well as supporting and funding economic development
Economic development
Economic development generally refers to the sustained, concerted actions of policymakers and communities that promote the standard of living and economic health of a specific area...
activities in Lucas County
Lucas County, Ohio
----...
, located in northwest Ohio
Northwest Ohio
Northwest or northwestern Ohio consists of multiple counties in the northwestern corner of the US state of Ohio. This area borders Lake Erie, southern Michigan, and eastern Indiana. Some areas in northwestern Ohio are also considered the Black Swamp area. The Toledo metropolitan area is also part...
and bordering on southeast Michigan
Southeast Michigan
Southeast Michigan, also called Southeastern Michigan, is a region in the Lower Peninsula of the U.S. state of Michigan that is home to a majority of the state's businesses and industries as well as slightly over half of the state's population, most of whom are concentrated in Metro...
.
Mission
The Port Authority's mission is to: "assure that the Toledo area's water, air, rail, and surface transportation assets are developed and operated in a cohesive, coordinated and safe manner in order to provide maximum efficiencies and benefits to shippers, receivers, and passengers; to assure optimum business growth, technology development, investment, job retention and improvement in quality of life."Airports
The Port Authority operates two airports. Toledo Express AirportToledo Express Airport
Toledo Express Airport is a passenger and cargo airport located 10 miles west of the city of Toledo in the extreme Western portion of Lucas County, Ohio, United States, near the border with Fulton County, in the townships of Swanton and Monclova. It is also a base for the Ohio Air National...
is the region's commercial aviation hub, with large air cargo facilities as well as airline
Airline
An airline provides air transport services for traveling passengers and freight. Airlines lease or own their aircraft with which to supply these services and may form partnerships or alliances with other airlines for mutual benefit...
service. Toledo Metcalf Field
Metcalf Field
Toledo Executive Airport is a public-use airport located 6 nautical miles southeast of the central business district of Toledo, a city in Lucas County, Ohio, United States...
was formerly the commercial aviation field, and now serves air charter
Air charter
Air charter is the business of renting an entire aircraft as opposed to individual aircraft seats...
, air cargo, corporate aviation
Business jet
Business jet, private jet or, colloquially, bizjet is a term describing a jet aircraft, usually of smaller size, designed for transporting groups of up to 19 business people or wealthy individuals...
, and general aviation
General aviation
General aviation is one of the two categories of civil aviation. It refers to all flights other than military and scheduled airline and regular cargo flights, both private and commercial. General aviation flights range from gliders and powered parachutes to large, non-scheduled cargo jet flights...
operations.
Rail terminals
The Dr. Martin Luther King, Jr. PlazaMartin Luther King, Jr. Plaza (Toledo)
Martin Luther King, Jr. Plaza is the main passenger rail station of Toledo, Ohio. named for Dr. Martin Luther King, Jr.In 1996, the Port Authority completed an $8.5 million renovation of the historic Central Union Terminal facility and it now serves as a modern, intermodal train and bus...
serves up to 100,000 Amtrak
Amtrak
The National Railroad Passenger Corporation, doing business as Amtrak , is a government-owned corporation that was organized on May 1, 1971, to provide intercity passenger train service in the United States. "Amtrak" is a portmanteau of the words "America" and "track". It is headquartered at Union...
rail passengers each year, making it Ohio’s busiest passenger rail hub. In 1996, the Port Authority spent $8.5 million renovating the facility and it now serves as an intermodal train and bus terminal with office space above. Additionally, five freight railroads (Ann Arbor Railroad, Canadian National Railway
Canadian National Railway
The Canadian National Railway Company is a Canadian Class I railway headquartered in Montreal, Quebec. CN's slogan is "North America's Railroad"....
, CSX Transportation
CSX Transportation
CSX Transportation operates a Class I railroad in the United States known as the CSX Railroad. It is the main subsidiary of the CSX Corporation. The company is headquartered in Jacksonville, Florida, and owns approximately 21,000 route miles...
, Norfolk Southern Railway
Norfolk Southern Railway
The Norfolk Southern Railway is a Class I railroad in the United States, owned by the Norfolk Southern Corporation. With headquarters in Norfolk, Virginia, the company operates 21,500 route miles in 22 eastern states, the District of Columbia and the province of Ontario, Canada...
, and Wheeling and Lake Erie Railway) move freight through the region. With several railyards loading petroleum
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
products, automotive parts, completed automobiles, bulk
Bulk cargo
Bulk cargo is commodity cargo that is transported unpackaged in large quantities. This cargo is usually dropped or poured, with a spout or shovel bucket, as a liquid or as a mass of relatively small solids , into a bulk carrier ship's hold, railroad car, or tanker truck/trailer/semi-trailer body...
and break-bulk cargo, and food products, Toledo ranks as one of the top five rail hubs in the U.S.
Trucking terminals
43% of U.S. industrial markets and 47% of Canadian industrial markets lie within 500 miles of Toledo. Due to its location and the development of the Interstate highway systemInterstate Highway System
The Dwight D. Eisenhower National System of Interstate and Defense Highways, , is a network of limited-access roads including freeways, highways, and expressways forming part of the National Highway System of the United States of America...
, nearly 100 local freight carriers have facilities in Northwest Ohio. Port Authority facilities such as Toledo Express Airport and the Port of Toledo provide direct access to major highways including Interstate 75
Interstate 75
Interstate 75 is a major north–south Interstate Highway in the Great Lakes and Southeastern regions of the United States. It travels from State Road 826 and State Road 924 in Hialeah, Florida to Sault Ste. Marie, Michigan, at the Ontario, Canada, border...
and the Ohio Turnpike
Ohio Turnpike
The Ohio Turnpike, officially the James W. Shocknessy Ohio Turnpike, is a -long, limited-access toll highway in the U.S. state of Ohio, serving as a primary corridor to Chicago and Pittsburgh...
(Interstate 80
Interstate 80
Interstate 80 is the second-longest Interstate Highway in the United States, following Interstate 90. It is a transcontinental artery running from downtown San Francisco, California to Teaneck, New Jersey in the New York City Metropolitan Area...
/90
Interstate 90
Interstate 90 is the longest Interstate Highway in the United States at . It is the northernmost coast-to-coast interstate, and parallels US 20 for the most part. Its western terminus is in Seattle, at Edgar Martinez Drive S. near Safeco Field and CenturyLink Field, and its eastern terminus is in...
), as well as U.S. 24 which provides direct access to Indianapolis
Indianapolis
Indianapolis is the capital of the U.S. state of Indiana, and the county seat of Marion County, Indiana. As of the 2010 United States Census, the city's population is 839,489. It is by far Indiana's largest city and, as of the 2010 U.S...
via Fort Wayne, Indiana
Fort Wayne, Indiana
Fort Wayne is a city in the US state of Indiana and the county seat of Allen County. The population was 253,691 at the 2010 Census making it the 74th largest city in the United States and the second largest in Indiana...
.
Port of Toledo
The Port of Toledo is a large Great LakesGreat Lakes
The Great Lakes are a collection of freshwater lakes located in northeastern North America, on the Canada – United States border. Consisting of Lakes Superior, Michigan, Huron, Erie, and Ontario, they form the largest group of freshwater lakes on Earth by total surface, coming in second by volume...
port located at the western end of Lake Erie
Lake Erie
Lake Erie is the fourth largest lake of the five Great Lakes in North America, and the tenth largest globally. It is the southernmost, shallowest, and smallest by volume of the Great Lakes and therefore also has the shortest average water residence time. It is bounded on the north by the...
. It provides intermodal access to rail and trucking resources, as well as Big Lucas and Little Lucas, two of the largest cranes of any port on the Great Lakes.,
Development financing
The Port Authority provides business financing, having assisted more than 225 economic development projects representing a total investment of more than $1.3 Billion and resulting in the creation and retention of more than 13,000 jobs. It provides the following financing options:- FixedFixed interestA fixed interest rate loan is a loan where the interest rate doesn't fluctuate during the fixed rate period of the loan. This allows the borrower to accurately predict their future payments...
Interest RateInterest rateAn interest rate is the rate at which interest is paid by a borrower for the use of money that they borrow from a lender. For example, a small company borrows capital from a bank to buy new assets for their business, and in return the lender receives interest at a predetermined interest rate for...
Revenue BondsBond (finance)In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
provide smaller companies access to capital marketCapital marketA capital market is a market for securities , where business enterprises and governments can raise long-term funds. It is defined as a market in which money is provided for periods longer than a year, as the raising of short-term funds takes place on other markets...
s as if they were BBB- investment-gradeBond credit ratingIn investment, the bond credit rating assesses the credit worthiness of a corporation's or government debt issues. It is analogous to credit ratings for individuals.-Table:...
companies. It may provide:- Financing for projects from $1 million to $8 million
- Fixed interest rates for full term of the bonds
- Typically 90% financing and 10% equity
- 20-year financing for land and buildings
- 7- or 10-year financing for equipment
- Tax exempt bonds for manufacturing, non-profit 501(c)(3), and governmental operations
- Taxable bonds for all other projects
- Off-Balance Sheet Transactions provide large, publicly traded companies and certain non-profit organizations with significant benefits. Neither the asset nor the liability associated with the project appears on their balance sheet. The Port Authority owns the facility and leases it. The Financial Accounting Standards Board has strengthened the conditions needed to be met to keep a lease off-balance sheet, and Port Authority transactions are structured to meet those new requirements. The Port Authority has completed 16 off-balance sheet transactions for companies such as BAX GlobalBAX GlobalBAX Global is an international shipping company that is headquartered in Irvine, California, and has other major offices in Australia, Singapore, London, the Netherlands and Toledo, Ohio. The company which was founded in 1971 also operates an airline...
, Owens CorningOwens CorningOwens Corning Corporation is the world's largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity on November 1, 1938...
, HCR Manor CareHCR Manor CareManor Care, Inc., through its operating group HCR Manor Care, is a major provider in the United States of both short-term post-acute and long-term care. As of 2007, it had more than 500 skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and...
, and Brush WellmanBrush Engineered MaterialsBrush Engineered Materials Inc. is a multinational company specializing in high performance engineered materials emphasizing the qualities of strength, reliability, miniaturization and weight savings, thermal dissipation, electrical conductivity and reflectivity...
. Such transactions remain a viable option for certain entities. Benefits include:- Possible 100% financing
- Lower cost of construction
- Flexible options to purchase or extend lease
- Governmental, Operating, and Financing Leases available
- Infrastructure Financing helps developers, governmental entities and other organizations finance public infrastructure such as streets, utilities, and public parking facilities. Mixed-use developments can tap tax increment financing or special assessments to provide debt service payments. The Port Authority has provided $75 million in tax exempt bond financing for infrastructure for Crocker Park, a mixed use facility in Westlake, OhioWestlake, OhioWestlake is a city in Cuyahoga County, Ohio, United States. The population was 32,729 at the 2010 census. It is an affluent suburb of Cleveland, Ohio and is located 12 miles from Cleveland's downtown.-Geography:Westlake is located at...
. Other benefits include:- Possibility of 100% financing
- Lower cost of construction
- Fixed interest rate, tax exempt financing
- Terms of up to 32 years
- Conduit Revenue Bond financing offers a company the option of variable interest rates. Depending upon the borrower, these bonds may be backed 100% by a Letter of Credit. The Port Authority acts as a “conduit” for the issuance of such bonds. Past conduit transactions include the Toledo Museum of ArtToledo Museum of ArtThe Toledo Museum of Art is an internationally known art museum located in the Old West End neighborhood of Toledo, Ohio, United States. The museum was founded by Toledo glassmaker Edward Drummond Libbey in 1901, and moved to its present location, a Greek revival building designed by Edward B....
, CargillCargillCargill, Incorporated is a privately held, multinational corporation based in Minnetonka, Minnesota. Founded in 1865, it is now the largest privately held corporation in the United States in terms of revenue. If it were a public company, it would rank, as of 2011, number 13 on the Fortune 500,...
, DaimlerChryslerDaimlerChryslerDaimler AG is a German car corporation. By unit sales, it is the thirteenth-largest car manufacturer and second-largest truck manufacturer in the world. In addition to automobiles, Daimler manufactures buses and provides financial services through its Daimler Financial Services arm...
, and St. Francis de Sales High SchoolSt. Francis de Sales High SchoolSt. Francis de Sales High School or SFS is a private, all-male, college-preparatory high school in Toledo, Ohio. It is part of the Roman Catholic Diocese of Toledo. The school was named as one of the top 20 Catholic high schools in the nation for academics by Catholic High School Honor Roll for the...
.
- Ohio 166 Regional Loan Program provides a low interest rate program for financing land, building, and equipment for projects in Lucas, Wood, Fulton, Henry, Ottawa, Sandusky, Williams, Defiance, Seneca, and Erie Counties. It offers:
- Up to 40% of project costs for manufacturing, manufacturing-related, distribution, and research and development businesses
- Loans of up to $350,000, based on about $35,000 for each job created or retained.
- A term of five to 15 years
- Current fixed interest rate of 4%.
- Small Business AdministrationSmall Business AdministrationThe Small Business Administration is a United States government agency that provides support to entrepreneurs and small businesses. The mission of the Small Business Administration is "to maintain and strengthen the nation's economy by enabling the establishment and viability of small businesses...
504 loan program may provide fixed asset funding for a for-profit business with a net worth of not more than $7 million and net after-tax profit of not more than $2.5 million. A typical transaction consists of 50% bank financing; 40% SBA; and 10% equity. The SBA takes a second collateral position. This program is available from the Port Authority throughout Ohio and Southern Michigan. Benefits include:- Up to 40% of project costs for any manufacturing, distribution, or commercial operation.
- Maximum loan of $1,000,000; up to $1,300,000 if the projects meets certain specific federal government policy objectives
- Term of either 10-years or 20-years
- Fixed interest rate at or slightly below market rate.
Revenue Bond Territory is not limited to the Port Authority taxing jurisdiction, but includes any county in the State of Ohio.
Land development
The Port Authority acquires and disposes of real propertyReal property
In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...
to facilitate the growth and development of its transportation assets. It also leases parcels it owns in order to promote economic development. The Port Authority also administers a Foreign Trade Zone
Foreign trade zone
A foreign-trade zone in the United States is a geographical area, in United States Ports of Entry Ports of Entry, where commercial merchandise, both domestic and foreign receives the same Customs treatment it would if it were outside the commerce of the United States...
, an
area physically located in the United States, but considered outside the jurisdiction of U.S. Customs duties
Duty
Duty is a term that conveys a sense of moral commitment to someone or something. The moral commitment is the sort that results in action and it is not a matter of passive feeling or mere recognition...
. Because of the zone’s unique trade designation, goods can be stored, exhibited, repackaged, manipulated, manufactured, or mixed with other foreign/domestic merchandise within the zone — duty free. Duty is paid only when goods are moved out of the FTZ into the United States.