What is a port authority?
A port authority is a political subdivision formed by a local community under Ohio Revised Code Section 4582.
How is a port authority created?
Depending on the level of government a port authority is created either by resolution or ordinance. A port authority is an Ohio Political Subdivision that facilitates economic development activity, capital investment, job creation and retention in Ohio.
What does a port authority do?
Ohio law allows port authorities to construct facilities, issue bonds, make loans, and sell or buy real and personal property.
Why use a port authority?
A port authority can structure, package and coordinate a financing transaction with multiple lenders including commercial banks, state financing and other public sector financing, as well as direct placement to accredited investors. Port authorities can own property; hold title under a capital lease; own property under an off-balance sheet lease; own infrastructure that is essential to a project, i.e. parking structures.