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For more than 35 years, IBC Properties (IBC) has played a key role in revitalizing the Toledo region, redeveloping over 65 properties and nearly 4.8 million square feet of space. Recently, IBC completed a $10 million transformation of the former Spicer-Dana manufacturing facility on Bennett Road, bringing new life to a long-vacant historic structure.
The 400,000-plus-square-foot building, previously impacted by a collapsed roof, fire hazards, and significant safety issues, has been rehabilitated to support industrial, light assembly, manufacturing, and warehousing uses. Through the Port Authority’s BetterBuildings Northwest Ohio (BBNWO) program, IBC financed an energy-efficient roof replacement, which is anticipated to generate an annual energy savings of more than $77,834! Additional improvements include upgraded electrical systems and lighting, environmental remediation, window repairs, heating system upgrades, and installation of a new water main.
“The Port Authority's energy program provided a critical portion of our funding stack needs with the extended terms and long-term rate lock,” said Chris Miller, VP & Chief Financial Officer of IBC Properties. “This [program] allowed us to incorporate additional energy saving components to our project and allow us to see long-term energy savings, along with the long-term financial benefit.”
In addition to BBNWO financing, IBC received both a grant and loan through the Ohio Site Inventory Program (OSIP), administered by JobsOhio. The project also leveraged historic tax credits from the State of Ohio and the National Park Service. Key project partners also include the Regional Growth Partnership and the City of Toledo.
This redevelopment converted a once-blighted facility into a valuable community asset, supporting economic growth and neighboring businesses while preserving the site’s rich automotive manufacturing legacy that dates back to World War II.
By offering competitive, fixed-rate financing, the Port’s BetterBuildings Northwest Ohio program helps property owners invest in energy-efficient upgrades that reduce operating costs and environmental impact, advancing a more sustainable and resilient future for our region.
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