OAQDA Approves More Than $4 Million in Financing for Energy-Saving Property Improvements Across Ohio

FOR IMMEDIATE RELEASE  
June 30, 2026

Media Contact: Lindsey Sanders
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OAQDA Approves More Than $4 Million in Financing for Energy-Saving Property Improvements Across Ohio

Projects utilizing OAQDA's PACE will help business owners modernize facilities, reduce operating costs, and strengthen local communities

COLUMBUS - At its June board meeting, the Ohio Air Quality Development Authority (OAQDA) approved up to $4.05 million in financing for three projects in Franklin, Montgomery, and Butler counties. The projects will improve building infrastructure, enhance operational efficiency, reduce utility costs, and support continued economic investment in Ohio communities.

Together, the projects demonstrate the flexibility of OAQDA's financing tools, leveraging private capital from banks and lenders, to support a wide range of property improvement projects that help businesses better compete by keeping their operational costs down. The projects are expected to achieve energy savings of upwards of 50%, reducing utility bills and saving these businesses money. With the additional savings, approximately 30 existing jobs across all businesses will be retained, supporting local economic development initiatives.

"We are hearing from more businesses that are looking for ways to modernize their facilities, lower operating costs, and make investments that position them for long-term success," said Christina O'Keeffe, executive director of OAQDA. "OAQDA can help by partnering with private banks and lenders to structure affordable financing options that better automate industrial facilities, upgrade commercial properties, and expand buildings for added capacity to serve their customers. These projects lead to preserving jobs for families, healthier workplaces, and saving money for businesses to reinvest in their communities."

All three property owners opted to utilize the Property Assessed Clean Energy (PACE) tool, as available through OAQDA, for eligible energy upgrades. It allows a business owner to secure the investment in the installed equipment as collateral to the property and serves as a repayment mechanism aligned with the useful life of the building improvements. Through PACE, and with approvals from local government partners, property owners access capital at lower borrowing costs for investments in energy efficiency, behind-the-meter generation, and other eligible building improvements. On these projects, OAQDA is working with the cities of Dayton, Obetz, and Monroe.

Approved Projects include:

• Zahra Investments, Ltd., a real estate investment company, owns Talbott Tower, a mixed-use property located at 118 W. First Street in Dayton. The project includes upgrades to interior and exterior lighting, installation of a new efficient roof system, improvements to the building's elevator system, and installation of rooftop solar energy generation. The project is expected to reduce energy consumption and generate approximately $160,000 in annual cost savings, with solar installation contributing an additional 52% in energy savings. These improvements are being secured by PACE in coordination with the City of Dayton that is working with the local Energy Special Improvement Districts and will help drive down long-term operating costs, enhance building performance, and support a modern, attractive environment for tenants. The Dayton Area YMCA, a major tenant in the building, is expected to benefit from these savings through improved facility efficiency and reduced occupancy costs, helping support its ongoing mission and services in the downtown community. The project is expected to help retain seven full-time jobs, create one full-time job, and is supported by up to $2.1 million in financing.

• 5661 Harrison Ave, LLC, a real estate entity owned by Neyer Properties, owns an industrial property located at 4370 Alum Creek Drive in Columbus. The project focuses on improving the efficiency of the property's roofing system. As part of replacing the existing roof, project improvements include installing new roof insulation and a new roofing membrane system. The project is utilizing PACE, as assessed alongside the OAQDA financing with approval by the City of Obetz, and will improve building efficiency, extend the life of the property, and help cushion against rising maintenance and operating cost pressures over time. The project also revitalizes a highly visible corridor in Obetz, aligning with its local economic development strategy. The project is expected to help retain 15 full-time jobs and is supported by up to $1.2 million in financing.
  
  
• Garver Road Investment, LLC, a real estate entity owned by Neyer Properties, owns two industrial buildings located at 801 N Garver Road in Monroe. The project includes interior lighting upgrades and efficiency improvements to the roofing system, including additional insulation and a new roof membrane. The improvements will reduce energy use, help manage long-term operating costs, and help maintain productive, modern industrial space for current and future tenants. The project is being secured to the property with PACE, as approved by the City of Monroe in support of local economic development opportunities, expected to help retain 15 full-time jobs, and is supported by up to $850,000 in financing.

OAQDA can work with various capital stacks and financing structures. These recent projects approved by OAQDA demonstrate its ability to work with a variety of private capital providers and leverage practical tools, like PACE, that can either utilize existing local Energy Special Improvement Districts (ESIDs) or take advantage of the streamlined process of OAQDA to offer PACE through its own programs. The Ohio General Assembly authorized OAQDA to include PACE assessments as part of its revenue bonds issued for energy-related projects, with the consent of local governments. This is another option that does not need the creation or administration of ESIDs, which can be beneficial and less costly for small projects to utilize PACE. OAQDA is working collaboratively with the local governments of Dayton, Obetz, and Monroe on these projects.

OAQDA helps businesses, developers, property owners, and community organizations access flexible financing for projects that improve facilities, reduce operating expenses, support job retention and growth, and drive continued economic investment in Ohio communities.

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The Ohio Air Quality Development Authority (OAQDA) is an independent state agency that partners with cities, counties, and other municipalities across the state to stimulate job growth, drive economic benefits, and improve community health through financing air quality projects. OAQDA's primary activity is to further economic development in Ohio by providing financing and incentives for projects that cause a reduction in air emissions, regardless of whether the project uses coal, natural gas, oil or another resource type. Since its creation in 1970, OAQDA has issued more than $6 billion in revenue bonds for air quality projects to help Ohio employers achieve energy cost reductions and improve air quality. For more information about OAQDA and its services, please visit ohioairquality.ohio.gov.