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Cascades of Brimfield TIF

Issuer(s)
DFA
Investment Amount(s)
(in millions)
2.475
Closing Date
2005
County
Portage

The Cascades of Brimfield is a 114 acre development in a growing suburb east of Akron. Plans for the mixed-use development include 600,000 square feet of retail and commercial space. Residential space is to include 216 apartments. Public water and sewer infrastructure are needed to service this new development.

The Value Provided

The developer was unable to pay for the required public infrastructure.
Portage County wanted to limit its financial exposure to the infrastructure project.

Benefits of Working with us

  • DFA Fixed Rate bonds have low tax-exempt interest rate.
  • DFA has extensive experience with tax-increment financing districts.
  • DFA involvement allowed County minimum financial exposure.
  • No loan covenants.
  • The DFA’s focus is the infrastructure being financed.

Project Cost: $2.7 million

Source Funds

$2,475,000 – DFA Jobs & Investment Fund Bonds
$247,500 – Bond Reserve (Letter of Credit)
————–
$ 2,722,500 – Total

$21,525,000 – Total Private Investment

Interest Rate

4.875%

The Development Finance Authority funded the infrastructure improvements with $2.5 million in bonds. Portage County implemented a TIF district to service the bond debt. The developer provided an additional letter of credit and minimum payment guarantee to cover development risk. Portage County provided a limited guarantee through completion of project to enhance the bonds.

Family & Community Services

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$2.67M
Closing Date
2016
County
Portage

DFA’s Jobs & Investment Bond Fund issued $2.65M in tax exempt bonds to finance a building expansion in the downtown of Kent, Ohio. The building is currently owned and occupied by Family and Community Services, Inc and the expansion will house AxessPointe Community Health Center. Bringing these two non-profit health centers together in one building provides low income residents in Portage County access to affordable and quality psychological and medical care. This partnership is a cutting edge, innovative approach to healthcare. Many services will be brought together under one roof, with AxessPointe providing medical, dental and pharmaceutical care and F&CS continuing to provide behavioral health and addiction services. The anticipated construction completion is in fall 2017, and will result in the creation of 15 full time and 9 part time jobs.

Kent State University Hotel & Conference Center

Issuer(s)
DFWR // Finance Fund // Chase Bank CDE
Investment Amount(s)
(in millions)
7.0 // 10.5 // 2.0
Closing Date
2012
County
Portage

Maplecrest TIF

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$3.64M
Closing Date
July 31, 2018
County
Portage

Plaza/Schroer TIF

Issuer(s)
DFA
Investment Amount(s)
(in millions)
.94
Closing Date
2008
County
Portage