Toledo–Lucas County Port Authority

Last updated

The Toledo–Lucas County Port Authority is a port authority financing and/or operating air, rail, trucking, and port facilities, as well as supporting and funding economic development activities in Lucas County, located in northwest Ohio and bordering on southeast Michigan.



The Port Authority's mission is to: "assure that the Toledo area's water, air, rail, and surface transportation assets are developed and operated in a cohesive, coordinated and safe manner in order to provide maximum efficiencies and benefits to shippers, receivers, and passengers; to assure optimum business growth, technology development, investment, job retention and improvement in quality of life." [1]

Transportation facilities


The Port Authority operates two airports. Toledo Express Airport is the region's commercial aviation hub, with large air cargo facilities as well as airline service. Toledo Executive Airport was the commercial aviation field until about 1955 and now serves air charter, air cargo, corporate aviation, and general aviation operations. [2]

Rail terminals

The Dr. Martin Luther King, Jr. Plaza serves up to 100,000 Amtrak rail passengers each year, making it Ohio's busiest passenger rail hub. In 1996, the Port Authority spent $8.5 million renovating the facility and it now serves as an intermodal train and bus terminal with office space above. Additionally, five freight railroads (Ann Arbor Railroad, Canadian National Railway, CSX Transportation, Norfolk Southern Railway, and Wheeling and Lake Erie Railway) move freight through the region. With several railyards loading petroleum products, automotive parts, completed automobiles, bulk and break-bulk cargo, and food products, Toledo ranks as one of the top five rail hubs in the U.S. [3]

Trucking terminals

43% of U.S. industrial markets and 47% of Canadian industrial markets lie within 500 miles of Toledo. Due to its location and the development of the Interstate highway system, nearly 100 local freight carriers have facilities in Northwest Ohio. Port Authority facilities such as Toledo Express Airport and the Port of Toledo provide direct access to major highways including Interstate 75 and the Ohio Turnpike (Interstate 80/90), as well as U.S. 24 which provides direct access to Indianapolis via Fort Wayne, Indiana. [4]

Port of Toledo

The Port of Toledo is a large Great Lakes port located at the western end of Lake Erie. It provides intermodal access to rail and trucking resources, as well as Big Lucas and Little Lucas, two of the largest cranes of any port on the Great Lakes. [5] , [6]

Economic development

Development financing

The Port Authority provides business financing to local development projects. According to the Port Authority, it has funded more than 225 economic development projects representing a total investment of more than $1.3 billion and resulting in the creation and retention of more than 13,000 jobs. It provides the following financing options:

Revenue Bond Territory is not limited to the Port Authority taxing jurisdiction, but includes any county in the State of Ohio. [7]

Land development

The Port Authority acquires and disposes of real property to facilitate the growth and development of its transportation assets. It also leases parcels it owns in order to promote economic development. The Port Authority also administers a Foreign Trade Zone, an area physically located in the United States, but considered outside the jurisdiction of U.S. Customs duties. Because of the zone's unique trade designation, goods can be stored, exhibited, repackaged, manipulated, manufactured, or mixed with other foreign/domestic merchandise within the zone — duty-free. Duty is paid only when goods are moved out of the FTZ into the United States. [8]

Related Research Articles

Port Authority of New York and New Jersey Transportation facility agency in New York City and New Jersey

The Port Authority of New York and New Jersey is a joint venture between the U.S. states of New York and New Jersey, established in 1921 through an interstate compact authorized by the United States Congress. The Port Authority oversees much of the regional transportation infrastructure, including bridges, tunnels, airports, and seaports, within the geographical jurisdiction of the Port of New York and New Jersey. This 1,500-square-mile (3,900 km2) port district is generally encompassed within a 25-mile (40 km) radius of the Statue of Liberty National Monument. The Port Authority is headquartered at 4 World Trade Center.

Municipal bond

A municipal bond, commonly known as a muni, is a bond issued by state or local governments, or entities they create such as authorities and special districts. In the United States, interest income received by holders of municipal bonds is often, but not always, exempt from federal and state income taxation. Typically, only investors in the highest tax brackets benefit from buying tax-exempt municipal bonds instead of taxable bonds. Taxable equivalent yield calculations are required to make fair comparisons between the two categories.

Fiona Ma 34th California State Treasurer

Fiona Ma is an American politician and Certified Public Accountant who has been serving as the California State Treasurer since January 7, 2019. She previously served as a member of the California Board of Equalization from 2015 to 2019, the California State Assembly (2006–2012), and the San Francisco Board of Supervisors (2002–2006).

Mortgage-backed security

A mortgage-backed security (MBS) is a type of asset-backed security which is secured by a mortgage or collection of mortgages. The mortgages are aggregated and sold to a group of individuals that securitizes, or packages, the loans together into a security that investors can buy. Bonds securitizing mortgages are usually treated as a separate class, termed residential; another class is commercial, depending on whether the underlying asset is mortgages owned by borrowers or assets for commercial purposes ranging from office space to multi-dwelling buildings.

The Maryland Transportation Authority (MDTA) is an independent state agency responsible for financing, constructing, operating, and maintaining eight transportation facilities, currently consisting of two toll roads, two tunnels, and four bridges in Maryland. It also provides the Maryland Department of Transportation with financing for other revenue producing transportation projects.

Sukuk Financial instruments in Islamic law

Sukuk is the Arabic name for financial certificates, also commonly referred to as "sharia compliant" bonds. Sukuk are defined by the AAOIFI as "securities of equal denomination representing individual ownership interests in a portfolio of eligible existing or future assets." The Fiqh academy of the OIC legitimized the use of sukuk in February 1988.

A revenue bond is a special type of municipal bond distinguished by its guarantee of repayment solely from revenues generated by a specified revenue-generating entity associated with the purpose of the bonds, rather than from a tax. Unlike general obligation bonds, only the revenues specified in the legal contract between the bond holder and bond issuer are required to be used for repayment of the principal and interest of the bonds; other revenues and the general credit of the issuing agency are not so encumbered. Because the pledge of security is not as great as that of general obligation bonds, revenue bonds may carry a slightly higher interest rate than G.O. bonds; however, they are usually considered the second-most secure type of municipal bonds.

Commercial mortgage-backed security

Commercial mortgage-backed securities (CMBS) are a type of mortgage-backed security backed by commercial and multifamily mortgages rather than residential real estate. CMBS tend to be more complex and volatile than residential mortgage-backed securities due to the unique nature of the underlying property assets.

Toledo Express Airport

Toledo Express Airport, officially Eugene F. Kranz Toledo Express Airport, is a civil-military airport in Swanton and Monclova townships 10 mi (16 km) west of Toledo in western Lucas County, Ohio. It opened in 1954-55 as a replacement to then Toledo Municipal Airport southeast of Toledo. TOL is near the crossing of State Route 2 and the Ohio Turnpike.

Thomas W. Noe is a former Ohio Republican party fundraiser and activist, guilty of money laundering for the 2004 Bush-Cheney campaign and of theft and corruption in the "Coingate scandal". A longtime resident of Toledo, Ohio, Noe and his wife, Bernadette, held several party positions and minor offices within the government of Ohio. He was also a prominent Republican fundraiser and served as chairman of the 2004 Bush-Cheney election campaign in Northwest Ohio and chairman of the Lucas County Republican party. Noe was also an avid coin dealer and owned various coin dealing companies, such as Capital Coin and Vintage Coins & Collectibles, as well as their subsidiaries.

Economy of Ohio Overview of the economy of Ohio

The economy of Ohio nominally would be the 21st largest global economy behind Saudi Arabia and ahead of Argentina according to the 2017 International Monetary Fund GDP estimates. The state had a GDP of $656.19 billion in 3rd quarter of 2017, up from $517.1 billion in 2012, and up from $501.3 billion in 2011, according to the Bureau of Economic Analysis. In 2013, Ohio was ranked in the top ten states for best business climate by Site Selection magazine, based on a business-activity database. The state was edged out only by Texas and Nebraska for the 2013 Governor's Cup award from the magazine, based on business growth and economic development.

The Virginia Port Authority (VPA) is an autonomous agency of the Commonwealth of Virginia that owns The Port of Virginia, a group of facilities with their activity centered on the harbor of Hampton Roads, Virginia.

Port of Cleveland Port in United States

The Port of Cleveland is a bulk freight and container shipping port at the mouth of the Cuyahoga River on Lake Erie in Cleveland, Ohio, United States. It is the third-largest port in the Great Lakes and the fourth-largest Great Lakes port by annual tonnage.

PACE financing is a means used in the United States of America of financing energy efficiency upgrades, disaster resiliency improvements, water conservation measures, or renewable energy installations of residential, commercial, and industrial property owners. Depending on state legislation, PACE financing can be used to finance building envelope energy efficiency improvements such as insulation and air sealing, cool roofs, water efficiency products, seismic retrofits, and hurricane preparedness measures. In some states, commercial PACE financing can also fund a portion of new construction projects, as long as the building owner agrees to build the new structure to exceed the local energy code.

Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. Securities backed by mortgage receivables are called mortgage-backed securities (MBS), while those backed by other types of receivables are asset-backed securities (ABS).

An industrial revenue bond (IRB), also formerly known as an Industrial Development Bond (IDB), is a unique type of revenue bond organized by a state or local government. The bond issue is sponsored by a government entity but the proceeds are directed to a private, for-profit business.

Urban Land Conservancy

Urban Land Conservancy (ULC) is a nonprofit organization established in 2003, that focuses on creating equitable communities through affordable real estate in urban Denver communities. ULC acquires, develops and preserves real estate assets for long-term community benefit. ULC acquires properties that are crucial to communities, such as schools, future and current transit hubs, commercial space, and property identified as having community benefit. ULC also develops unique financing tools to aid in their real estate acquisition.

A green bank is a financial institution, typically public or quasi-public, that uses innovative financing techniques and market development tools in partnership with the private sector to accelerate deployment of clean energy technologies. Green banks use public funds to leverage private investment in clean energy technologies that, despite being commercially viable, have struggled to establish a widespread presence in consumer markets. Green banks seek to reduce energy costs for ratepayers, stimulate private sector investment and economic activity, and expedite the transition to a low-carbon economy.

Profit and Loss Sharing refers to Sharia-compliant forms of equity financing such as mudarabah and musharakah. These mechanisms comply with the religious prohibition on interest on loans that most Muslims subscribe to. Mudarabah (مضاربة) refers to "trustee finance" or passive partnership contract, while Musharakah refers to equity participation contract. Other sources include sukuk and direct equity investment as types of PLS.

Public-private partnerships are cooperative arrangements between two or more public and private sectors, typically of a long-term nature. In the United States, they mostly took the form of toll roads concessions, community post offices and urban renewal projects. In recent years, there has been interest in expanding P3s to multiple infrastructure projects, such as schools, universities, government buildings, waste and water. Reasons for expanding public-private partnership in the United States were initially cost-cutting and concerns about Public debt. In the early 2000s, P3s were implemented sporadically by different States and municipalities with little federal guidance. During Obama's second term, multiple policies were adopted to facilitate P3 projects, and Congress passed bills in that direction with overwhelming bipartisan support. My Brother's Keeper Challenge is an example of a public–private partnership. Some Private-public partnerships were carried out without incident, while others have attracted much controversy.


  1. "Toledo–Lucas County Port Authority" . Retrieved 2006-12-10.
  2. "Toledo–Lucas County Port Authority: Air Services". Archived from the original on 2006-10-08. Retrieved 2006-12-10.
  3. "Toledo–Lucas County Port Authority: Rail Services". Archived from the original on 2006-10-08. Retrieved 2006-12-10.
  4. "Toledo–Lucas County Port Authority: Trucking Services". Archived from the original on 2006-11-22. Retrieved 2006-12-10.
  5. "Toledo–Lucas County Port Authority: Maritime Services". Archived from the original on 2006-10-08. Retrieved 2006-12-10.
  6. "Port of Toledo Seaport" . Retrieved 2006-12-10.
  7. "Toledo–Lucas County Port Authority: Development Financing". Archived from the original on 2006-10-08. Retrieved 2006-12-10.
  8. "Toledo–Lucas County Port Authority: Land Development". Archived from the original on 2006-10-08. Retrieved 2006-12-10.