Toledo, OH (2012)
Finance Fund has awarded a total of $15.36 million in federal and state New Markets Tax Credit (NMTC) financing to Ironville Improvement, LLC., a subsidiary of Midwest Terminals of Toledo, Inc. for expansion of the Port of Toledo’s Midwest terminals. The expansion creates 40 permanent full-time jobs and 160 construction jobs in an area where unemployment is approaching 13%. The new construction project is located in a low-income census tract with a 17% poverty rate. The Ironville site is owned by the Toledo-Lucas County Port Authority (TLCPA), and operated by Midwest Terminals of Toledo, Inc. TLCPA provided a $10.2 million loan, and PNC New Markets Investment Partners, LLC, the investor, provided an additional $2.5 million in federal allocation. The award enables MTTI to build a rail system and infrastructure, upgrade the dock face with sheet tile, purchase and install a material handling system, and make land improvements.
Transportation and Ports