The Project involves land acquisition in connection with the construction in the City of Columbus, Ohio, of a planned 342-unit apartment complex, 14,000 square feet of retail and 50 attached condos by WTD Development, LLC, as well as a future hotel, 42 detached condo units, and a senior living facility. In connection with the Founders Park Development, the Developer and the City are creating a New Community Authority (NCA), the Harrison Market New Community Authority. The City also adopted a TIF ordinance covering the Founders Park Development. The DFA assisted the City, the Columbus Franklin County Finance Authority (CFCFA), the Developer and the New Community Authority (NCA) with financing the costs of the Project under a Cooperative Agreement entered into with the City, the Columbus Finance Authority, the New Community Authority and the Developer.
The DFA issued Jobs & Investment Bond Fund bonds in a principal amount of $5,250,000 under the Authority’s Jobs & Investment Bond Fund program to finance a portion of the costs the Project, together with bonds issued by the Columbus Finance Authority under its Bond Fund program in a principal amount of $5,300,000. To secure the New Bonds, the NCA will assess NCA charges on the Development and the City will collect payments in lieu of taxes on the Development. Under Cooperative Agreement, the City assigns the Service Payments to the NCA and the NCA assigns the Service Payments and the NCA Charges to secure the Bond Fund Bonds on a pari passu basis.
The Huntington National Bank, as trustee and disbursing agent, collects the Service Payments and the NCA Charges and distributes them to each Bond Fund Bond trustee for payment of debt service on the Bond Fund Bonds. The Disbursing Agent will also disburse the proceeds of the Bond Fund Bonds to pay Project costs. Roetzel and Andress served as Bond Counsel for DFA and DiPerna served as Financial Advisor.