Toledo Museum of Art

The Port Authority recently closed a $11 million tax-exempt bond for the Toledo Museum of Art to finance a portion of the replacement of 26 air handling units currently serving the 387,000 square-foot museum with a new HVAC system. The current units were installed at different times from 1978 to 2011 and many of them are beyond the end of their useful life. The Toledo-Lucas County Port Authority partnered with two other Ohio port authorities, the Columbus-Franklin County Finance Authority and the Cleveland-Cuyahoga County Port Authority, to assist in providing bond financing to reach the total project cost of $25 million. This is the first time the Toledo Port Authority partnered with two other port authorities to collaborate on providing financing for such a significant project.

The Toledo Museum of Art was established in 1901 to share the transformative power of art with the community. More than 300,000 artworks are housed in architecturally significant buildings on its 37-acre campus. Innovative and extensive education programs offer a variety of multi-sensory experiences for every visitor.

Nagle Companies

Nagle Companies is a family-owned company with roots that date back to World War II. In 1977, the company grew to what we now know as the Nagle Companies and is comprised of five distinct entities: Nagle Logistics Group, Nagle Leasing, Nagle Toledo, Nagle Equipment, and Nagle Holdings.

Nagle Companies is headquartered in Walbridge, Ohio and specializes in both interstate and intrastate transportation services. The company primarily serves the food industry and offers trucking and brokerage services in both temperature-controlled and dry environments.

To address growing demand, Nagle Companies recently constructed a new 50,000 sq. ft. warehouse facility at its headquarters, enhancing its capacity to store additional products for customers.

Nagle Companies received both a $2.9 million Small Business Administration 504 Loan and a $1 million Ohio Regional 166 Loan through Port Authority financing to support the project. The balance of the $7.4 million project was financed by Waterford Bank and through borrower equity. As a direct result of the project, six new jobs have been created and 75 have been retained.

Alpha Towers

In early 2024, the Port Authority closed on $17 million in tax-exempt revenue obligations to Alpha Towers Preservation, L.P. to acquire, renovate, develop, furnish, and equip a 165-unit multifamily facility, which is used primarily as housing for seniors, located at 525 E. Woodruff Ave, within a mile of downtown Toledo.

The nine-story building was built in 1976, and Section 8 Housing Assistance Payments (HAP) was contracted to cover all 165 units, which was set to expire in 2028. The developer entered into a purchase and sale agreement with the previous owner of the property contingent upon a successful renewal of the Section 8 HAP contract for another 20 years.

Signature Label, Inc.

Signature Label, Inc., located in Oak Harbor, Ohio, has been delivering high-quality screen printing and label application services for some of the most well-known brands worldwide for the past 35 years. The company specializes in screen printing and label applications on glass and plastic containers.

Recently, Signature Label utilized a $1 million loan through the Ohio Regional 166 Loan Program to acquire a new universal screen-printing machine. This investment helped the company retain 85 jobs and create two new positions.

Scott’s Quality Concrete, Inc.

Scott’s Quality Concrete, Inc., a family-owned concrete construction company based in Sylvania, Ohio, was established in 1993. With six employees, the company completes projects of all sizes in residential, commercial, roadwork, and decorative fields.

Scott’s Quality Concrete, Inc. recently received a $114,000 loan through the Port Authority’s Northwest Ohio Revolving Loan Fund to purchase a new Somero Laser Screed Machine and 3D Profiler System. The total cost of the equipment was $328,000. Directions Credit Union also provided funding to assist with the cost of the new equipment.

The equipment will be used to quickly and efficiently level and vibrate liquid concrete during pouring. Laser Screed machines improve productivity, the flatness of the concrete surface, and overall site efficiency. The equipment is renowned for delivering flatter, stronger and more level floors, surpassing the results typically achieved with conventional methods. The machine will replace the manual work of several employees, which will allow the company to redeploy those employees on larger projects and pursue other opportunities.

Incredibowl

The Port Authority is proud to report it has issued its ninth energy bond through the Northwest Ohio Bond Fund, the proceeds of which were used to finance various projects totaling nearly $10 million through the Port Authority’s BetterBuildings Northwest Ohio (BBNWO) Program.

One of these projects was the financing of energy efficient upgrades to the newly renovated Incredibowl Entertainment of Toledo. The Family Entertainment Center, located at 5255 Heatherdowns Boulevard in Toledo, is the site of the former Southwyck Lanes.

Incredibowl utilized BBNWO to finance energy efficient upgrades to the facility, including a roof replacement, new windows and doors, HVAC, LED lighting, insulation, kitchen equipment, and bowling machines. This project resulted in the creation/retention of 11 jobs, and it is anticipated these upgrades will result in $97,750 in annual energy savings!