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 $344 million in financings since 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 and may be classified as off balance sheet.
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.
Below, for review, are profiles of recent taxable and tax-exempt bond issuances by the Port Authority.
Some Past Bond Financings:
2015 $10MM MPW [PDF]
2014 $10MM Licking Memorial Hospital [PDF]
2014 $1MM 20K Spec Building