Since 2009 the Port Authority has been involved in 14 projects improving the employment opportunities and quality of life in Findlay and Hancock County. Of those projects, 12 involved the issuance of $237,580,000 in bonds. Two significant projects did not involve the issuance of bonds: the 2013 transfer of the former Central Middle School Auditorium from the Findlay City Schools to the Marathon Performing Arts Center and the 2014 McLane, Inc., project.
Jan. 12, 2018: The Port Authority completed the issuance of an amount not to exceed $14 million in bonds to assist in financing a 216,300 sq. ft. manufacturing facility at the southwest corner of Bright and Bigelow in the City of Findlay. The project is owned by the Port Authority and leased to COI Findlay Industrial 216, LLC, a special purpose entity created by VanTrust Real Estate, LLC of Kansas City, Mo. COI Findlay has sub-leased the project to AutolivNissin Brake Systems America, LLC which will make braking systems for autonomous vehicles. COI Findlay is obligated to acquire the project at the end of the five year lease in 2023. Because BVPA owns the building, construction materials are exempt from Ohio sales taxes.
Nov. 9, 2017: BVPA issued $15 million in Additional Bonds for the Marathon Hotel & Conference Center. These bonds are in addition to the $20 million in bonds issued for the project in May, 2016.
Aug. 30, 2017: Issuance was completed for up to $6.3 million of tax-exempt Lease Obligations for the University of Findlay to finance the purchase and installation of an enterprise resource planning system including software and associated equipment. The new system, already being used by The Ohio State University and Hewlett Packard Enterprises, will be used throughout the University campus and will improve communications between and among administrators, faculty, students, and parents of students. The Lease Obligations were acquired by Banc of America Public Capital Corp. and have a seven year term. The Port Authority leases the system from Banc of America and sub-leases it to the University which will become the owner of the assets upon satisfying the term of the associated lease and sublease agreement.
June 8, 2017: The Port Authority completed the issuance of up to $37.5 million in bonds to finance construction of a 741,000 sq. ft. regional distribution center in Findlay for Campbell Soup Supply Company, LLC. The Port Authority owns the building which means construction materials are exempt from state sales taxes. The land and building are leased to Campbell Soup which expects to employ more than 300 persons at the new facility.
Jan. 12, 2017: The Port Authority completed issuing $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 there.
Dec. 9, 2016: The Port Authority issued $13 million of taxable lease revenue bonds to assist The Mennel Milling Co., of Fostoria finance construction of an 8-story, 10,000 cwt/day flour mill and additional grain storage silos. The Port Authority owns the buildings which means construction materials are exempt from sales taxes. The buildings are leased to Mennel which will install about $15 million of equipment in the new facilities.
May 18, 2016: Two transactions were completed on behalf of Marathon Petroleum Company LP. The first was $20 million in Additional Bonds to assist in financing an office building, a service building, two parking garages and connecting pedestrian bridges for Marathon Petroleum Company LP located in Findlay, Ohio. These Bonds supplemented the $80 million of Development Lease Revenue Bonds issued in April 2014. The second transaction for Marathon was $20 million of Development Lease Revenue Bonds 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 of these buildings are located and owns all of the buildings. The Authority has subleased all of the property to Marathon.
May 6, 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 million Center for Student Life/College of Business Building, The two-story, 75,000 sq. ft. building will have 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 will be on the ground level and the College of Business would be 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 would sub-lease 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 will be acquired and held by Fifth Third Bank.
July 25, 2014: A transaction was completed to provide McLane Company, Inc., with a 400,000 sq. ft. Grocery Distribution Center in Findlay. The Port Authority owns the $38 million building and leases it to McLane which will install $80 million in equipment. The company estimates that it will have $60 million in inventory. The Findlay operation, McLane’s 22nd Grocery Distribution center, will employ 425 persons with an average annual compensation of $57,000. Port Authority ownership means that construction materials are not subject to state sales taxes, saving the company in excess of $750,000.
April 9, 2014: The Port Authority issued $80 million of bonds to finance construction of four facilities for Marathon Petroleum Company in Findlay. The Port Authority will own and lease to Marathon a six-story,120,000 sq. ft. headquarters building for Marathon’s pipeline subsidiary; a three-story, 45,000 sq. ft. service building; and two parking facilities for 2,000 vehicles. Since the buildings are owned by the Port Authority, a unit of government, construction materials will not be subject to 6.75% state sales taxes saving Marathon in excess of $2 million.
Dec. 6, 2013: Facilitated the transfer of the former Central Middle School Auditorium from the Findlay City Schools to the Hancock County Performing Arts Center which plans to renovate and preserve the Auditorium for the community. The Port Authority accepted the property from the Schools and then transferred ownership to the Performing Arts Center.
Nov. 29, 2012: $6,780,000 of tax exempt bank qualified lease obligation bonds were issued to refinance a 2001 annuity used to acquire a series of properties on Frazer and College Streets for student residence halls, student housing, a parking lot, and locations of various University of Findlay offices.
March 6, 2009: $10 million of tax exempt bank qualified lease obligation bonds were issued to refinance bonds issued in 1998 and 2003 to pay for acquiring and constructing a various buildings on and around the campus of the University of Findlay.