Mahoning

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Exal Corp

Issuer(s)
DFA // ODOD
Investment Amount(s)
(in millions)
3.0 // 7.0
Closing Date
2006
County
Mahoning

Exal Corporation, located in Youngstown, Ohio, is part of an international group that manufactures extruded aluminum containers for a variety of industries. The Youngstown plant’s production capacity is nearly 400 million units annually. Growing demand necessitated a 170,000-square foot plant expansion.

The Value Provided:

Preserve Exal’s credit for capital equipment purchases.

Benefits of Working with us

DFA’s Jobs & Investment Fund (rated BBB+, S&P) fixed rate bonds have a low interest rate.
DFA helped secure additional low-interest financing from state sources.

Project Cost: $10.2 million for building expansion
$30 million for capital equipment

Source Funds:
$3,000,000 – DFA Jobs & Investment Bond Fund bonds
$5,000,000 – ODOD Bonds
$2,000,000 – ODOD 166 Loan
$225,000 – Company Equity
$30,000,000 – Bank Financing
————–
$ 40,225,000 – Total

Interest Rate: 
DFA Fixed Rate Bonds: 5.75%
ODOD Enterprise Bonds: 5.40%
ODOD 166 Loan: 3.25%

The Development Finance Authority provided a $3 million taxable development revenue bond issue. Additional funding was obtained through an Ohio Department of Development Bond and a 166 Loan. Exal Corporation arranged separate bank financing of approximately $30 million for equipment.

Mercy Medical

Issuer(s)
DFWR // Finance Fund
Investment Amount(s)
(in millions)
5.0M // 5.0
Closing Date
2015
County
Mahoning

Mercy Health’s St. Elizabeth Hospital in Youngstown, Ohio is renovating a 32,000 SF section of its current facility and creating a Behavioral Health Institute (BHI). The $10,970,396 renovation consists of modifications to vacant floors of St. Elizabeth in an effort to adapt to the changing needs of the Youngstown community, particularly the need for increased geriatric care. The project is also in response to a community health assessment of Mahoning County which indicated that behavioral health is one of the top needs in the community. St. Elizabeth is the only provider of behavioral health services within a 90 mile radius. The BHI will expand the hospital’s current behavioral health services from just adult care, to include geriatric care, outpatient services, and increased inpatient admission. The BHI will have 24 adult acute beds and 14 senior medically frail beds, with the ability to service up to 100 patients per day. In addition, the creation of post-acute services and intensive outpatient programs is expected to reduce the need for frequent inpatient hospitalization. This project will create approximately 80-90 construction jobs, and allow BHI to create 20 new full time permanent jobs primarily in the health care field, and retain at least 50 existing full time permanent jobs. Development Fund of the Western Reserve provided a $5M NMTC allocation and partnered on this project with another CDE, Finance Fund, who brought an additional $5M Federal NMTC Allocation and $2.5 State NMTC Allocation.
The Behavioral Health Institute is an ideal NMTC project because it serves a federally designated medically underserved area that has a 42% poverty rate, median family income of 45.5% of statewide median family income, and a 23.9% unemployment rate (more than 1.5 times the national average). NMTC financing allowed Mercy Health to immediately fund construction and expand the scope of its renovations to include specialized equipment for treating behavioral health patients, instead of waiting years for funding from the operating budget to become available.

Youngstown YMCA

Issuer(s)
DFWR // DFWR
Investment Amount(s)
(in millions)
$5.5M // $2.5M
Closing Date
2016
County
Mahoning

The Youngstown YMCA is renovating nearly 20,000 square feet of its 100 year old downtown Central YMCA creating modified spaces for continuing its transformational work in providing healthy living, youth development, and strengthening families in its downtown community.

This project is utilizing $5.5M of Federal New Markets Tax Credits and $2.5M of State New Markets Tax Credits provided by the Development Fund of the Western Reserve.

This project creates 50 construction jobs and 19 full time permanent jobs, in addition to retaining at least 55 existing permanent full time jobs.