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
$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
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.