Our Projects. |
University of Findlay 2009
In January 2009, the Authority issued $10,000,000 of Lease Obligation Bonds. The proceeds of the bonds were used to refinance prior bonds which·were for the purpose of constructing a fitness and recreation center, acquisition of property, as well as improvements to resident halls, South Campus Equestrian riding area, Renniger Gymnasium, Croy Gymnasium, Egner Fine Arts Building, Shafer Library and the University bookstore. The Authority has leased the property on which these buildings are located and owns the buildings. The Authority has leased the buildings to the University. The lease is non-cancelable until the underlying bonds are paid in full. The lease payments cover the principal and interest payments on the Lease Obligation Bonds. All expenses related to the revenue bonds and the maintenance of the buildings are the responsibility of the University which pays the lease payments directly to the Trustee.
University of Findlay 2012
In November 2012, the Authority issued $7,000,000 of Lease Obligation Bonds. The proceeds of the bonds were used to refinance up to the outstanding principal amount of certain obligations related to the Charitable Gift Annuity Agreement by and among Blanchard Valley Health System, Winebrenner Village and the Corporation. The prior obligation was used to purchase real property. The Authority has leased the land and owns the College of Business building. The Authority has subleased the property to the University. The lease is non-cancelable until the underlying bonds are paid in full. The lease payments cover the principal and interest payments on the Lease Obligation Bonds. All expenses related to the revenue bonds and the maintenance of the buildings are the responsibility of the University which pays the lease payments directly to the bond Trustee.
Marathon Petroleum Company LP 2014
In April 2014, the Authority issued Development Lease Revenue Bonds not to exceed $90,000,000. The proceeds of the bonds were used for the construction of an office building, a service building, two parking garages and connecting pedestrian bridges for Marathon Petroleum Company LP located in Findlay, Ohio ("Marathon"). The Authority owns the property on which these buildings are located and owns the buildings. The Authority has leased the property to Marathon. The lease is non-cancelable until the underlying bonds are paid In full. The lease payments cover the principal and interest payments on the Bonds. All expenses related to the revenue bonds and the maintenance of the buildings are the responsibility of Marathon which pays the lease payments directly to the Trustee.
McLane Company, Inc. 2014
In July 2014, the Authority agreed to construct a 400,000 square foot grocery distribution center in Findlay, Hancock County, Ohio. The Authority owned the property on which this building is located and owned the building. The Authority eased the property to McLane Company, Inc. in 2019. McLane purchased the land and building from the Authority.
University of Findlay 2016
In May 2016, the Port Authority completed the issuance of $10 million of Lease Obligations to assist the University of Findlay in financing costs of constructing the $22-23 million Center for Student Life/College of Business Building, The two-story, 75,000 sq. ft. building was constructed with a full service kitchen, an open multi-use seating area, bookstore, a copy and mail center, an executive dining room, student activities areas, approximately 20 meeting, lecture and classroom areas and office space. The Student Life Center is on the ground level and the College of Business on the second floor. Under terms of the proposed transaction, Fifth Third Bank would own the building and lease it to the Port Authority which sub-leased the project to the University of Findlay under a sublease to expire June 1, 2041. The Lease Obligations are the equivalent of bank-qualified tax-exempt revenue bonds which were acquired and held by Fifth Third Bank.
Marathon Petroleum Company LP 2016
In May 2016, two additional transactions were completed on behalf of Marathon Petroleum. The first was $20 million in Additional Bonds to assist in financing for an office building, a service building, two parking garages and connecting pedestrian bridges for Marathon Petroleum Company LP located in Findlay, Ohio. The second transaction was for $20 million to assist in financing a 100-room hotel and conference center, also on the Marathon Findlay campus. The Authority owns the property on which all these buildings are located and owns the buildings. The Authority has subleased the property to Marathon Petroleum Company LP. The lease was non-cancelable until the underlying bonds were paid in full. The lease. payments covered the principal and interest payments on the Development Lease Revenue Bonds. Marathon paid the lease payments directly to the bond Trustee. In 2023 the Bonds were paid off, the leases were terminated, and Marathon purchased the land and buildings from the Port.Authority.
The Mennel Milling Company 2016
In December 2016, the Port Authority issued $13 million in taxable lease revenue bonds to assist The Mennel Milling Company of Fostoria in financing construction of an 8-story, 10,000 cwt/day flour mill and additional grain storage silos. The Port Authority owns the buildings and leases them to Mennel which will install about $15 million of equipment in the new facilities. Mennel Milling company pays the lease payments directly to the bond Trustee.
University of Findlay 2017
In January 2017, the Port Authority issued $5 million of Lease Obligations to assist the University of Findlay in financing costs of its Center for Student Life/College of Business Building. This complements $10 million in Lease Obligations issued May 6, 2016, for the same project which is detailed above.
Campbell Soup Supply Co. 2017
In June, the Port Authority issued up to $37.5 million in bonds to finance construction of a 741,000 sq. ft. regional distribution center for Campbell Soup. The Authority owns the project and leases it to Campbell Soup Supply Co. On June 21, 2021, Port Authority sold the land and buildings to Campbell Soup Co. and redeemed the bonds.
University of Findlay 2017
In August 2017, the Port Authority issued $6.3 million In lease obligations for the University of Findlay to finance the purchase and installation of an enterprise resource planning system including software and associated equipment.
Marathon Petroleum Company LP 2017
In November 2017, the Port Authority completed the issuance of $15 million in additional bonds for the Marathon Hotel and Conference Center. These bonds are in addition to the $20 million in bonds issued for the project in May 2016, and were issued on the same terms. Both the 2016 Bonds and the 2017 Bonds were redeemed In 2023. The leases were terminated and the land and buildings were purchased from the Port Authority by Marathon.
COI Findlay Industrial 216, LLC 2018
In January 2018, the Port Authority issued an amount not to exceed $14 million in bonds to assist in financing a 216,300 sq. ft. manufacturing facility in Findlay to be leased to COI Findlay which will sublease the facility to Autoliv-Nissin Brake Systems America LLC which makes braking systems for autonomous vehicles. Lease payments are paid directly to the bond Trustee.
North Star BlueScope Steel 2019
In October 2019, the Port Authority completed a transaction to assist North Star Bluescope Steel LLC ("North Star") in a $700 million expansion of its Delta, Ohio mini-mill in which North Star has added a third electric arc furnace, a second slab caster, a tunnel furnace and up to 10 new buildings containing a total of about 325,050 sq. ft. to the plant. About 90 jobs were to be created due to the expansion. The estimated cost of the buildings is $80 million. The Port Authority ground leased land from North Star on which the buildings were to be constructed, own the buildings, and lease the project to North Star for five years from the date of closing. The Port Authority and Fulton County Commissioners entered into a Cooperative Agreement to permit BVPA to participate in the project in Fulton County. The construction was completed before the end of 2022, and in January of 2023 the leases were terminated and North Star purchased the project from BVPA.
Pennrose 2020
Eastern Woods Senior LLC will benefit from $2,650,000 in bonds issued by the Port Authority to assist Eastern to finance a portion of the $6,300,000 construction costs of 50 apartment units which will be 100% affordable housing in the City of Findlay. The balance of construction costs will come from other sources. The land for the project site is leased to BVPA and Eastern is constructing the project for BVPA. Construction materials incorporated into any new building owned, constructed, and financed by BVPA are not subject to Ohio Sales Taxes which will result in an estimated savings to Eastern of about $167,000 which Eastern said was crucial to making the project economically viable. Lease payments are made directly to the Trustee.
AEG Findlay Propco 2022
AEG Findlay Propco, LLC ("AEG") will benefit from $22,217,000 in bonds issued by the Authority to help finance construction of 55 assisted living units, 22-unit memory care community and 29 independent living villas in Findlay, Ohio. The land for the project site is leased to BVPA and AEG
is constructing the project for BVPA. Construction materials incorporated into any new building owned, constructed and financed by BVPA are not subject to Ohio Sales Taxes which will result in savings to AEG which AEG said was crucial to making the project economically viable. AEG makes lease payments directly to the bond Trustee.
is constructing the project for BVPA. Construction materials incorporated into any new building owned, constructed and financed by BVPA are not subject to Ohio Sales Taxes which will result in savings to AEG which AEG said was crucial to making the project economically viable. AEG makes lease payments directly to the bond Trustee.
In accordance with Government Accounting Standards, each of these bonds issued by the Authority are considered conduit debt and do not create a liability of the Authority and therefore are not presented on the Authority's financial statements. The Authority has no responsibility for the repayment of any of the debt.
February 23, 2024
February 23, 2024
