Financing paves way for Swanton Twp. warehouse


By Drew Stambaugh - dstambaugh@aimmediamidwest.com



The Toledo-Lucas County Port Authority approved on May 23 the financing to to allow for construction of an 80,000 square-foot warehouse in Express Industrial Park. The park is located between the airport and U.S. 20A in Swanton Township.

Clarios, an automotive battery manufacturer, would locate in the building to consolidate its warehouse operations, and requested the Port Authority consider financing construction of the warehouse through issuance of up to $5 million in taxable Industrial Development Bonds. It would be done through the Northwest Ohio Bond Fund with a term of up to 25 years. Approval also includes accepting a loan of to $1 million from Lucas County Builds.

A ground lease with Harmon Development, LLC had previously been approved for the site. The location is on South Airfield Road, just south of Phoenix Technologies.

The area is part of the Joint Economic Development District between Swanton Township, Monclova Township, and Toledo.

It is anticipated that revenue generated from the building lease would be more than sufficient to pay the debt service. All bonds issued by the Port Authority for the project will be guaranteed personally by Ed Harmon.

There is currently no estimate on how many jobs the project would create, according to Kayla Lewandowski, Port Authority communications specialist.

Also at the meeting, an update was given on passenger traffic at Toledo Express Airport. Total passengers increased by 1,600, or 6.88%, from April 2018 to April 2019.

By Drew Stambaugh

dstambaugh@aimmediamidwest.com

Reach Drew Stambaugh at 419-335-2010

Reach Drew Stambaugh at 419-335-2010