Columbiana County Port Authority to Issue $4.5M in Bonds
LISBON, Ohio – During a special meeting Wednesday, the Columbiana County Port Authority Board of Directors approved a resolution authorizing the issuance and sale of $4.5 million in industrial development revenue bonds to fund construction of a speculative building in Leetonia.
The board previously approved construction of the 63,224-square-foot building to be located in the CCPA’s industrial park on Cherry Fork Drive, and in October awarded a $4.4 million contract for the construction to C. Tucker Cope & Associates Inc.
Executive Director Penny Traina told the board that interest-only payments will be made for 24 months on the 20-year loan, after which the CCPA will pay the tax-exempt interest rate that is currently 6.7 percent, compared with the normal rate of 8.50 percent.
“As you know, we’ve been working very hard, for I don’t know how many years now, on building an industrial spec building in our Leetonia World Trade Park. Now we have moved to the next step, which is financing that project,” Traina said. “The port authority can issue tax exempt or taxable revenue bonds for eligible projects, and this is an eligible project. By using the port’s powers, we’re able to finance this project for future development in Columbiana County.”
She offered her thanks to Brittany Smith, assistant executive director; Tim Brookes, board attorney; and Tad Herold, board member, for their assistance in putting together the financial package for the project.
With Nick Amato, board secretary, in attendance via telephone, the vote was unanimous in favor of the resolution.
Traina said after the meeting she anticipates groundbreaking in the spring, with construction of the metal building and office bump out expected to take between 18 and 24 months.
Once completed, the building will be made available for lease or purchase for commercial use.
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