The Hancock Hotel and University of Findlay’s Center for Student Life and College of Business are two projects that received assistance from the Blanchard Valley Port Authority.
The Blanchard Valley Port Authority – established to encourage regional growth, innovation and job creation – is an important tool available to investors to reduce the cost of projects through sales tax savings and tax-exempt financing strategies.
Created in 2007 by the City of Findlay Council and Board of Hancock County Commissioners, the BVPA is a separate, independent unit of local government – not part of the state, county, or city governments. It is administered by The Alliance and a seven-member board of directors. To date, the BVPA has helped deliver more than $500 million of capital investment and hundreds of new jobs in the community through 16 projects.
Under Ohio law, a port authority can participate in activities that enhance, foster, aid, provide, or promote transportation, economic development, housing, recreation, education, governmental operations, culture, or research. It can also finance, own, or lease land, buildings, and equipment.
Who can the BVPA Help?
The BVPA can assist manufacturers, distribution and transportation facilities, corporate headquarters, medical office buildings, cultural organizations such as a museum of art, mixed use projects including residential and retail and office components, research and technical centers, recreation, governmental operations, and non-profit organizations.
How does it Help?
The BVPA can assist qualifying projects through sales tax savings, tax exempt financing, tax increment financing, construction financing, ground leases, property sale/transfer, construction management and other programs.
Some projects the BVPA assisted with financing:
- In 2016, the issuance of $10 million in Lease Obligations to assist the University of Findlay in financing costs for its $23 million Center for Student Life / College of Business Building.
- Between 2014 and 2017, approximately $130 million in different bonds to Marathon Petroleum Corp. for an office building, service building, two parking garages and connecting bridges, and the 100-room Marathon Hotel and Conference Center.
- In 2021, $37.5 million in bonds to finance Campbell Soup’s regional distribution center in Findlay.
To learn more about the BVPA and the services it provides, contact the FHCED office or visit Blanchard Valley Port Authority.
