The Dayton-Montgomery County Port Authority wrapped up 2021 with $218.8 million in capital lease bond transactions, including deals that paved the way for a trio of new NorthPoint Development industrial buildings near Dayton International Airport.
Counting transactions in Dayton and Cincinnati involving the Port Authority’s Southwest Ohio Regional Bond fund, the port participated in issuing a total of more than $258 million for business development and expansions, according to a new year-end summary of Port Authority activity.
Together, these projects “made a significant contribution to the economic health and vitality of the greater Dayton and Southwest Ohio regions,” the Port Authority said in a release.
“The year 2021, while an unusual and difficult year in many respects because of the ongoing presence of Covid-19 and its dampening effects on some sectors of the economy, also marked a record year of successful funding opportunities for a variety of organizations in our greater Dayton community,” said Joseph Geraghty, the Port Authority’s executive director.
Capital lease transactions are deals that allow the Port to shield new construction projects from sales taxes on the purchase of construction materials used in those projects, then leasing the improvements to an occupant company on a capital lease basis.
The Dayton-Montgomery County Port Authority often works with the Port of Greater Cincinnati Development Authority, which has a similar economic development mission for the Cincinnati area.
“The five Dayton projects and two Cincinnati projects provided funding through the Southwest Ohio Regional Bond Fund operated jointly by both of our port authorities to support regional economic development projects and jobs,” Geraghty said.
In the Dayton area, the fund supported building and renovation work for Economy Linen & Towel Services, Inc., White Castle, the 130 West Second St. office building, and the Dayton-Phoenix Group, Inc. for a total of nearly $23.4 million.
The partnership between the local Port Authority and the Port of Greater Cincinnati Development Authority, “has strengthened Dayton’s financial ratings and the combined efforts of the port authorities have made the entire southwest Ohio region economically stronger and a more attractive business environment,” Geraghty said.
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