The Toledo-Lucas County Port Authority has completed the issuance of a second bond deal for the BetterBuildings Northwest Ohio (BBNWO) Program in conjunction with the Toledo Ohio Advanced Energy Improvement Corporation in the amount of $6,435,000.
The funding includes three series of bonds issued with terms ranging from 10 to 15 years. With the closing of this bond, in addition to the bond closed in May for $5,325,000--which supported City of Toledo project buildings--total funding for the program is now at nearly $12 million on total project value of $20 million.
Eleven separate projects are included in this bond financing, along with an additional amount of over $800,000 reserved for near term projects that are ready to begin soon. Nine of these projects are energy efficiency building retrofit projects and two are for large solar arrays. Five of the buildings are owned by the Port Authority, including Dr. Martin Luther King, Jr. Plaza, the three newly acquired parking garagesâ??St. Lawrence, Vistula and Superiorâ??as well as the Port Authority headquarters, One Maritime Plaza.
"Securing this bond deal is not only a milestone for the energy program, but for the Port Authorityâ??s Northwest Ohio Bond Fund," said Paul Toth, President and CEO for the Toledo-Lucas County Port Authority. "The Portâ??s bond fund allows for smaller projects to receive long term fixed rate financing that they would otherwise not be able to enjoy."
To date, more than 50 buildings have seen energy efficiency improvements with savings up to 60 percent and generally averaging 20-40 percent. The BBNWO program has a significant number of projects under consideration with nearly 20 other buildings slated for near term improvements.
The BBNWO program has formed one of the first Energy Special Improvement Districts in the state of Ohio â?? the Toledo Ohio Advanced Energy Improvement Corporation, which has become one of the most active and recognized in the nation. The District allows energy efficiency improvements to be funded and paid for through property special assessments. Financing is structured so that the energy savings will cover the cost of the improvements. Currently, there are 56 active building improvement projects in the district.