New Markets Tax Credits in Middletown?

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   The Community Development Financial Institutions (CDFI) arm of the U.S. Treasury Department makes available New Markets Tax Credits (NMTC) to assist in the financing of community betterment projects in financially-impacted cities nationwide.  One example is the reclamation and reuse of a vacant, dilapidated movie theater in downtown Clarksburg, West Virginia.  Detailed below is a brief summary of another undertaking, the Toledo Port Expansion Lane to the Midwest in Ironville, Ohio. 
IRONVILLE
9th Congressional District

Toledo Port Expansion Opens Express Lane to the Midwest.  Called the “express lane to the heart of America,” the Port of Toledo
expanded operations and increased material handling services at
its Midwest terminal, located in a low-income area with a 17 percent
poverty rate.
Finance Fund provided 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.

Funding
enables construction of a rail system and infrastructure, an upgrade
of the dock face with sheet tile, purchase and installation of a
material handling system, and land improvements.
The Toledo Port Expansion created 40 permanent full-time jobs
and 160 construction jobs in an area where unemployment is
approaching 13 percent. The Ironville site is owned by Toledo-Lucas
County Port Authority (TLCPA), and operated by Midwest Terminals
of Toledo, Inc.

Additional partners include TLCPA who provided a
$10.2 million loan, PNC New Markets Investment Partners, LLC, the
investor, provided an additional $2.5 million in federal allocation.
“Finance Fund’s investment in a port authority is a first,” said
President and CEO James R. Klein. “Investment in this type of
multi-modal, gateway project has long-term positive impact on
economic development, job creation and commerce throughout
the Midwest.”
Located at the mouth of the Maumee River at the west end of
Lake Erie, the Port of Toledo is part of the St. Lawrence Seaway
System. It’s within 20 hours drive time of 72% of the U.S.
population.

The 15 terminals are open 365 days of the year and
handle 12 million tons of cargo annually including coal, cement,
petroleum and grain.
The busy port supports Midwest routes with access to major
rail systems including Norfolk-Southern and Canadian National
railroads, interstate trucking (I-75/I-80/90) and air routes. With
an experienced crew and heavy cranes, the terminal can lift, load,
transfer and reload tonnage between rail, trucks and ships on a
24/7 fast-turn basis.

“Finance Fund’s NMTC funding comes at an important point in our
expansion,” said Thomas Winston, Toledo Port Authority CFO. “We
are bringing jobs and greater economic development not only to
Toledo, but to the entire Midwest area served by the international
freight that flows through the Toledo Shipyard on Lake Erie.”

New Markets Tax Credits in Middletown?

Ohio New Markets Tax Credit Program Funded Projects