Cuyahoga

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City of Garfield Heights TIF

Issuer(s)
DFA // CCCPA
Investment Amount(s)
(in millions)
2.75 // 8.85
Closing Date
2004
County
Cuyahoga

City of Garfield Heights TIF Refunding

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$1.29M
Closing Date
2016
County
Cuyahoga

Cleveland Cavaliers

Issuer(s)
DFA // CCCPA // Toledo Port
Investment Amount(s)
(in millions)
6.0 // 9.5 // 5.2
Closing Date
2006
County
Cuyahoga

The Cleveland Cavaliers needed a new 50,000 square foot practice facility in Independence, Ohio. The facility, called Cleveland Clinic Courts, opened for the 2007-08 NBA season. It includes two regulation basketball courts, workout facilities, locker rooms, meeting areas, and media facilities.

The Value Provided

Cleveland Cavaliers needed off-balance sheet financing.
Funding by multiple port authorities and a municipality needed to be coordinated.

Benefits of Working with us

DFA partnered with other area port authorities to fund the project.
Port authority involvement allowed tax-free purchase of construction materials.
DFA has extensive experience with off-balance sheet financing.

Project Cost: $27.845 million

Source Funds

$9,500,000 – Cleveland-Cuyahoga Port Authority Bonds
$6,000,000 – DFA Jobs & Investment Fund Bonds
$5,200,000 – Toledo-Lucas Port Authority Bonds
$1,850,000 – City of Independence land purchase
$5,295,000 – Cleveland Cavaliers cash
—————
$27,845,000 – Total

Interest Rate

CCCPA Bonds: 6.375%
DFA Bonds: 6.375%
TLCPA Bonds: 6.500%

The City of Independence acquired the project site at a cost of $1,850,000. The city also implemented a TIF district to offset the purchase costs. The city entered into a non-cancelable 20-year ground lease with the Cleveland Cuyahoga County Port Authority. Both parties have renewal options at the end of the lease term. The Cavaliers constructed the practice facility pursuant to a construction agency agreement with the CCCPA. The project was then leased to a real estate holding company created by the Cavaliers and sub-leased to the Cavaliers basketball team. Lease payments from the Cavaliers will be sufficient to repay all of the principal and interest on the CCCPA, TLCPA, and DFA Bonds. After the 50-year lease term expires, the City of Independence will assume ownership of the entire project.

Flats East Bank TIF

Issuer(s)
DFA // CCCPA // ODOD
Investment Amount(s)
(in millions)
4.7 // 8.8 // 15.0
Closing Date
2010
County
Cuyahoga

Cleveland
The project cost totaled approximately $250M. The Cleveland-Cuyahoga County Port Authority (CCCPA) and DFA issued $8.8M and $4.7M, respectively, of tax-exempt revenue bonds. The (Office Tower) project incorporated the use of Tax Increment Financing. The term of the bonds are thirty (30) years. Additionally, the project received $15M of taxable revenue bonds issued by the former Ohio Department of Development (now Ohio Development Services Agency), through its Ohio Enterprise Bond Fund. The term of these bonds is twenty-five (25) years. The bonds were used to assist in financing the construction of the Office Tower component of the project. The total Phase I project is located on approximately 3 acres of land and includes a commercial office tower building, hotel, retail space, public parking garage and public park, all located on the banks of the Cuyahoga River, adjacent to Lake Erie in the Flats/Downtown, Cleveland area. Job creation estimated 1,800.

In addition the CCPA issued $108.9M of taxable first mortgage bonds to assist in the financing of the toFlats East images 3tal Phase I project to include the Office Tower, Hotel and Retail components, as well as $11M of City of Cleveland taxable annual appropriation bonds, the term of the bonds being twenty-five (25) years. The bonds will be used to assist in financing the costs associated with the acquisition of real property for the public rights-of-way in the project.

$250 Million Project
•500,000 Square Ft. Class ‘A’ Office Building
•150 Room Aloft Hotel
•545 Space Garage, Over 400 Surface Spaces & Light Rail Access
•1,200 foot Boardwalk, 14 Acre Public Park

TIF Bonds
$8.8M Cleveland Port
$4.7M Development Finance Authority
$15M Ohio Enterprise Bond Fund
$28,500,000

Port Authority Financing Lease
$111,000,000 Lease Bonds Issued By Cleveland Port

EB-5 Investment
$45M Cleveland International Fund

Lincoln Electric Welding Technology Center

Issuer(s)
DFWR//Chase//CDFI
Investment Amount(s)
(in millions)
$5.0M//$1.0M//$5.0M Federal NMTC//$2.6M State NMTC
Closing Date
2016
County
Cuyahoga

The new Center will focus on the training of welding educators and industry leaders to address the rising demand for welding education and career pathways in welding and advanced manufacturing and expand Lincoln’s local, national and global reach in its recognition as the global leader in welding education.

This project is utilizing $5.0M of Federal New Markets Tax Credits provided by the Development Fund of the Western Reserve.

This project creates approximately 194 construction jobs and 40 full time permanent jobs, in addition to retaining 20 existing permanent full time jobs.