Toledo Port Expansion

New Markets Tax Credit Coalition

Toledo,
OH
(2012)

Toledo Port Expansion

Infrastructure, Transportation and Ports

Finance Fund provided NMTC financing to Ironville Improvement, LLC., a subsidiary of Midwest Terminals of Toledo, Inc. for expansion of the Port of Toledo’s Midwest terminals.

Investment

NMTC Amount: $14,916,000
Total Project Cost: $15,810,826

IMPACT

40 FTE jobs
160 construction jobs

CDEs

Finance Fund, PNC

Investor

PNC

Project Description

Finance Fund has awarded a total of $15.36 million in federal and state 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 financing 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.

MAP

Address: 2863 Front Street, Toledo, OH 43605

Census Tract: 39095004600

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