Port Authority Expands Regional Financing Options
2014 was a notable year of unprecedented expansion for the Port Authority’s public finance toolkit. The Port Authority launched a number of programs aimed at encouraging investment in commercial development, energy-efficiency and capital projects. These programs include:
Greater Cincinnati EB-5
In 2014, the Port Authority formalized a partnership with CiF to bring EB-5 financing to Hamilton County through a federally designated EB-5 regional center. A program of U.S. Citizenship and Immigration Services (USCIS), it is a vehicle for foreign nationals to make capital investments in U.S. economic development projects. The Port Authority is marketing the program, identifying and assisting in securing loan commitments, and performing initial underwriting on local projects.
Southwest Ohio Regional Bond Fund
The Port Authority has partnered with Dayton-Montgomery County Port Authority to expand the Dayton Bond Fund to the Cincinnati area in 2014. The expanded regional bond fund provides companies with access to long-term, low-cost, fixed-rate financing to fund facility expansion, increased manufacturing capacity and new equipment.
Greater Cincinnati Property Assessed Clean Energy (PACE)
In 2014, the City of Cincinnati established the City’s Energy Special Improvement District necessary to facilitate PACE financing, which provides commercial and industrial building owners with access to affordable, long-term financing for energy efficiency and clean energy improvements to their buildings. The Port Authority works in partnership with Greater Cincinnati Energy Alliance (GCEA) to market and administer the PACE program. The first project financed through PACE includes energy-efficient upgrades to a 25,000-square-foot commercial warehouse owned by the Port Authority and being marketed for sale or lease.
“These new programs build on the Port Authority’s legacy of using bond finance tools to implement economic development and strengthen regional prosperity,” said Laura Brunner, Port Authority president & CEO. “EB-5, PACE and common bond funds are essential tools in other regions, but haven’t been available in Cincinnati and Hamilton County until now.”
To learn more about Port Authority project financing tools,
contact Melissa Johnson.