Development in and around our region is vital to our success. Our location has made Toledo a center for the trucking industry, including distribution centers for such companies as UPS and Federal Express. Toledo is the third largest rail hub in the United states, with major truck lines providing service to the entire region. Three of the country's most traveled interstates cross through Toledo: I-80 (east/west from New York to California), I-90 (east/west from Massachusetts to Washington), and I-75 (north/south from Michigan to Florida). The Toledo-Lucas County Port Authority employs financing and redevelopment programs to stimulate this advancement throughout Ohio.
The Community Economic Development Initiative
The Community Economic Development Initiative grant and loan program is funded with proceeds from the property tax levy for the purpose of providing grants and loans to economic development projects undertaken by eligible, neighborhood-based organizations. Grant or loan recipients must be 501 (c) 3 organizations in good standing and must demonstrate the capacity to manage funds and develop real estate. Applicants must demonstrate that they are a neighborhood-based, community development organization and must operate within Lucas County. Click here to complete the Community Economic Development Initiative Neighborhood Business Development Program Application.
Innovative Financing Programs
The Toledo-Lucas County Port Authority has developed a national reputation for innovative business financing, assisting more than 300 economic development projects representing a total investment of more than $1 billion while helping to create and retain more than 15,500 jobs.
Financing Options include:
- Fixed Interest Rate Revenue Bonds
- Off-Balance Sheet Transactions
- Infrastructure Financing
- Conduit Revenue Bonds
- Ohio 166 Regional Loan Program
- Small Business Administration 504 Loan Program
- Brownfield Redevelopment Programs
The Port Authority created the Brownfield Redevelopment program in response to the growing number of polluted, former industrial sites throughout the region. The program focuses on obtaining federal and state grants for the clean-up and redevelopment of these properties and also coordinates the rehabilitation efforts once grants are awarded. In addition to the crucial work of brownfield redevelopment, this division also oversees the acquisition, sale, and lease of Port Authority property.
As part of the Brownfield Redevelopment program, the Port Authority acquired the former Chevron Property consisting of 181 river-front acres of developable brownfield property. Renamed Ironville Docks, in recognition of the Toledo’s proud industrial past and the nearby neighborhood, Midwest Terminals of Toledo is developing the land for manufacturing and heavy industry. The additional property allows Midwest to grow their current operations and expand into new industries –creating jobs in Toledo. In 2008, the State of Ohio awarded Lucas County a $5 million Job-Ready Sites Program Grant for the needed infrastructure improvements at Ironville Docks, further improving the viability of the east Toledo property.