Sunday, March 9 2014 10:54 PM EDT2014-03-10 02:54:31 GMT
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TOLEDO, OH (Toledo News Now) -
The conversion of the former Chevron site in east Toledo is almost complete. Redevelopment is fueled by $15 million worth of New Market Tax Credit funding by the Toledo-Lucas County Port Authority, to expand capacity at the Port of Toledo.
Now, the port authority is applying for $60 million worth of tax credits through the Community Development Financial Institution fund through the U.S. Department of Treasury. If the application is successful, the credits would be managed by the Northwest Ohio Improvement Fund, a financial entity created by the port authority.
Thomas Winston, vice president and CFO of the Toledo-Lucas County Port Authority, says it has the potential to attract a major new wave of investment to Toledo.
"New Market Tax Credits once brought into a low-income community, provides other private investments that are at least 10-20 times fold," said Winston.
While there's no guarantee the port authority will receive an award in the next round of allocations, Winston says one project that would benefit is the redevelopment of the former Jeep Parkway site, now called the Overland Industrial Park.
"We believe New Market Tax Credit, where that site lies in a low-income community, would be a game changer in our ability to deploy capital," said Winston.
He adds another goal would be to boost community service programs.
"We believe, particularly in the downtown area and the central city, we have opportunities to invest in projects that will focus on healthy food initiatives, that would focus on health care," said Winston.
The port authority is expecting to learn whether or not its application will be successful by March.