Warren County agency to finance $1.5 million in debt

The Warren County Port Authority Board of Directors is expected today to approve issuance and sale of up to $1.55 million in taxable bonds through its new bond fund.

The bonds will refinance debt paying for road improvements at Greentree and Union Road through a special taxing district set up as part of the Miami Valley Gaming racino development.

The bonds are to be issued through the authority’s newly established Ohio Communities Accelerator Fund.

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At the last board meeting, on June 8, Port Authority Executive Director Martin Russell said he would be presenting bonds refinancing debt for the Corridor 75 Park, also known as the Park North Industrial Park, according to minutes to be approved at today’s meeting.

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Russell said this would be “the second deal in the bond fund,” according to the minutes.

In addition, Russell said “the goal is to bring a project to the bond fund each month as the Port works towards getting 10 deals in the fund. After 10 deals are in the bond fund, it is eligible to be rated,” according to the minutes.

Today’s anticipated resolution would authorize refinancing bonds for five years paid off from a tax-incremental financing district established during development of the racino on Ohio 63, east of Interstate 75.

The refinancing will take over the debt from the county’s general fund, Russell added today.

On Aug. 24, 2017, Warren County issued $1.95 million in bonds for the road project. A roundabout has been constructed at Greentree and Union roads, north of the racino.

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The port authority owns the racino complex and building at Park North through a series of leases between it and companies operating in the buildings.

The board meets at 3 p.m. today in Room 350 of the Warren County Administration Building, 406 Justice Dr., in Lebanon.

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