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    Port Authority

    What is a port authority?
    Port authorities were historically created to administer maritime activities, but have evolved into a tool to assist community's foster economic development across the state. Ohio's port authorities have special status that allows them to contribute to large-scale economic development projects through both public and private financing.

    The proposed port authority for Montgomery County would create economic development deals by soliciting and leveraging funding as well as issuing bonds.

     

    How will Montgomery County businesses and residents benefit from a port authority?

    Montgomery County will benefit significantly from the port authority because the authority is a tool to leverage other funds to assist with large-scale development projects; one example is the automotive industry.

     

     How does a port authority work?
    • Offers long term financing with fixed rates for land, structures and equipment to businesses
    • Improves debt to equity ratios  financing is not considered a debt
    • Real estate is not considered an asset, so company produces same income with lower assets
    • Depreciation does not get expensed and shows improved annual earnings
    • Preserves lines of credit from banks and other lending tools
     How is Montgomery County ensuring local community control is retained?
    • Port will have NO POWER OF TAXATION
    • Port will only undertake projects with the consent of the host local jurisdiction
    • Port will be governed by a diverse, nine-person board of local civic and private sector leaders
    Who will staff and have oversight of the port authority?
    The Miami Valley Economic Development Coalition was formed by local business leaders and will initially manage the authority. Project fees are expected to support a staff in the future.

    A diverse civic and private sector board of nine members will govern the port authority.

     

    Can municipalities have a say in what the port authority does in their town?

    Yes, no project will be undertaken without the consent of the municipality or township.

     

    Will the existence of the port authority raise residential or business taxes?

    No, the port authority will have no power to levy tax.

     

    Will the port authority have the ability to grant tax exemptions?

    By Ohio law, the port authority has no impact on tax exemptions. These decisions remain the responsibility of local jurisdictions. Local governments and school districts will actually benefit from the port authority as economic development occurs.

     

    What is the goal of the port authority?

    To play a role in assisting local governments and private industry in retaining and creating jobs in its jurisdiction.

     


    Economic Development • 451 W. Third Street • Dayton, OH 45422 • (937) 225-6140