OAQDA Approves Clean Air Financing for Projects Advancing Economic Development in Franklin and Montgomery Counties

FOR IMMEDIATE RELEASE  
June 11, 2025 

Media Contact: Lindsey Sanders 
lsanders@murphyepson.com
419-618-1708

COLUMBUS - The Ohio Air Quality Development Authority (OAQDA) has approved nearly $16 million in bond financing to support two clean air projects located in Franklin and Montgomery counties. These projects will implement significant energy-saving upgrades at an affordable housing development in downtown Columbus and a commercial building expansion in Riverside.

Together, the projects will help reduce harmful air emissions, lower energy bills and operating costs, and support job growth and economic investment in their communities.

"OAQDA is focused on furthering economic development that helps Ohio communities thrive," said Christina O'Keeffe, executive director of OAQDA. "These projects reflect partnerships with private banks using our air quality revenue bonds to invest in new development opportunities that help local businesses expand, increase housing options for our growing workforce and improve the health of our communities."

Artem on Gay, L.P. (Franklin County)

Located on Gay Street in downtown Columbus, the Artem on Gay project features significant clean air improvements as part of a new six-story, 71-unit affordable residential apartment building in the heart of the city. Managed by nonprofit developer Finance Fund, the 70,000-square-foot multi-family building will include onsite solar power generation, high-efficiency HVAC systems, LED lighting, electric water heaters, and enhanced insulation for walls, roofs and windows. The energy savings are verified at 59%, and these cost savings will be passed on to the tenants. The project has the support of the City of Columbus and Franklin County.

4406 Springfield St Property, LLC (Montgomery County)

In Riverside, OAQDA financing will support the air quality upgrades involving the expansion of a commercial facility at 4406 Springfield Street, which will be leased to Mechanical Services and Design, Inc. Upgrades include onsite solar power generation, efficient HVAC systems, LED lighting and building envelope improvements, contributing to an estimated 58% combined energy savings. The project will help sustain 231 full-time jobs and create 25 new jobs that align with local economic development strategies.

Both projects were approved by the OAQDA Board through the Clean Air Improvement Program (CAIP), which provides access to financial tools that enhance project viability. By reducing upfront costs and improving cash flow, CAIP helps air quality projects across Ohio move forward with greater financial certainty and achieve long-term benefits for businesses and communities.

To learn more about OAQDA's programs, visit ohioairquality.ohio.gov.

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The Ohio Air Quality Development Authority (OAQDA)is a non-regulatory government agency working to position Ohio as a leader in harmonizing a strong economy and a healthy environment. Since its creation in 1970, OAQDA has worked to improve air quality by supporting businesses, creating jobs and improving communities while enhancing the health and safety of all Ohioans. OAQDA manages an active portfolio of $3 billion featuring hundreds of air quality projects. For more information about OAQDA and its services, please visit ohioairquality.org.