Under state law, port authorities are granted a variety of financing tools to aide economic development projects.
Ohio law allows Port Authorities to issue revenue bonds for economic development purposes. The Heath-Newark-Licking County Port Authority is able and willing to be a partner in such financings having signed over $1.03 billion in financings since it’s first one in 2002. Contact the Port Authority to initiate discussions.
The Port Authority can serve as the conduit for financing of certain private, job-creating projects. The advantages of such financings are sales tax exemption on building materials and a slightly lower interest rate. Under certain circumstances, the debt may even be eligible for tax exempt status. The Port Authority seeks to monetize a portion of the savings for infrastructure investments.
Over $12.3 million has been converted to local infrastructure investment through this initiative.
Up to $10 million a year in Port Authority capacity for bank-qualified debt is available for non-profit capital projects. The debt, usually held by a single lending institution, can be at a negotiated rate and terms while taking advantage of tax exempt status. Recent state law changes make this financing vehicle even more attractive for non-profits.
The Port Authority is uniquely positioned to issue debt for multi-jurisdictional projects. When two or more governmental entities are providing a revenue stream to a project or, in the case of pooled bonds, providing multiple sources of revenue, a port authority is often seen as a logical issuer.
Financing Fact Sheets
» Conduit Financing For Non-Profits and Intergovernmental Projects
Below, for review, are profiles of recent taxable and tax-exempt bond issuances by the Port Authority.
Some Past Bond Financings:
State law was changed in 2005 to allow port authorities to create linked deposit programs. The Port Authority became the first in the state to offer such a program by establishing a program June 14, 2005. Program details follow.