Dayton and Cincinnati look to pool money for economic projects
Tuesday, October 14, 2014
Article by Dayton Business Journal
Dayton and Cincinnati may be joining forces to boost their ability to fund economic development projects.
The Dayton-Montgomery County Port Authority and Port Authority of Greater Cincinnati are exploring a Southwest Ohio Regional Bond Fund that would finance projects across this corner of the state. The move is not a merger, but would give the combined fund the ability to issue significantly more bonds to business expansions.
This could give the region greater financial resources in which to attract new companies and grow existing ones.
A vote on a $2.5 million loan to Cincinnati is scheduled for a vote on Oct. 20 by the state controlling board. Cincinnati, the only major metropolitan area in Ohio not directly covered by a Regional Bond Fund, would then deposit another $1 million into the common fund. The Dayton fund has about $10 million in reserves.