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Akron-Canton Regional Foodbank, Stark County Campus

Issuer(s)
Investment Amount(s)
(in millions)
Closing Date
County
Stark

Each year, the Akron-Canton Regional Foodbank provides millions of meals to families within its 8-county service area in Northeast Ohio. With many families still facing food insecurity, however, it became clear that a second facility was needed to expand capacity. DFWR allocated $6.5 million in New Markets Tax Credits to this project along with Capital One, the NMTC Investor, who provided an additional $1 million of allocation; the Foodbank funded the remainder of the cost through its capital campaign donations and reserves.
At the time of investment, approximately 200,000 people (1 of every 7) in the Foodbank’s service area are food insecure, with about 70% of residents surrounding the project’s census tract in Canton eligible to receive food assistance benefits. DFWR’s financial support enabled construction to begin on this new distribution hub, which will provide over 14,000 square feet of food storage and processing space and feature a volunteer center, pantry, marketplace, teaching kitchen, and a unique community collaborative area for network partners.
The Foodbank has been a community leader in Northeast Ohio since 1982; the Stark facility will ultimately make food more accessible for its network partners and families alike, and enable to Foodbank its continue their mission of empowering people to experience healthy and hunger-free lives.

Hall of Fame Stadium & Youth Sports Complex Public Improvements

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$10M
Closing Date
June 28, 2018
County
Stark
The Hall of Fame Village Stadium Project is located on the 120 acres owned by the Pro Football Hall Of Fame. The Hall of Fame Village, LLC and the Pro Football Hall of Fame have partnered to complete the anticipated $ 900,000,000.00 of new development to the site. Once completed, this project has the potential to positively affect the lives of hundreds of thousands of future Hall of Fame visitors, and in addition, have a positive effect on our regional economy.
The Development Finance Authority of Summit County issued $10M in bonds to finance for public infrastructure, the Tom Benson Hall of Fame Stadium, and Youth Sports Fields.  The stadium has a seating capacity of 23,000 for football and 27,000 for live concerts and other public events. The Youth Sports Fields are currently being used for football, soccer, lacrosse, marching bands and other large tournament events.
In Addition, during the construction phase of this project approximately 150-200 new jobs will be created. Upon completion there will be many new opportunities for staffing the new facilities in the hotel, retail and food industries.

Hercules Motors Company

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$2.46 M
Closing Date
2017
County
Stark
The Hercules Motors Company Building is a 610,000-sq. ft. industrial complex of buildings located on a 26-acre site at Market Avenue South in the City of Canton in Stark County, Ohio. Phase I of the rehabilitation project, which is currently under construction, consists of the redevelopment of 90 units of market rate housing, totaling 125,000 sq. ft. located on 3 acres.
The $2,460,000 taxable bond proceeds is secured by TIF revenue and will be used to reimburse land acquisition costs to the developer. Phase One is the initial of three phases anticipated to be completed over the next 5 years. The end result will be the creation of new market rate residences, Class A office space, and additional retail development. The total private capital investment is projected to be over $50,000,000 and create 150 new jobs in the City of Canton.

Bonds were placed with an institutional investor at a fixed rate of 4.75% for a 17.5-year term.  The Bonds are secured by Tax Increment Financing (“TIF”) Net Service Payments, generated from the property taxes on the Private Development.

In addition to the Bond Fund and owner equity, this project will also use Federal and State of Ohio Historic Tax Credits, New Markets Tax Credits, program related investment from a private foundation, and grants/incentive programs from local/county governments to finance the project.

Roetzel and Andress served as Bond Counsel and DiPerna Advisors served as Financial Advisor for the project.

Shearer’s Foods Inc.

Issuer(s)
2010
Investment Amount(s)
(in millions)
4.0 // 2.5 // 3.4
Closing Date
2010
County
Stark

The Development Finance Authority, in cooperation with the State of Ohio, the Ohio Water Development Authority (OWDA) and Stark County Port Authority funded a 62,000 square foot production plant and warehouse expansion for Shearer’s Foods, Inc. in Massillon, Ohio. Additionally, the OWDA loan funded a portion of an onsite water treatment facility needed for the production of Shearer’s kettle style potato chips.

The Value Provided

Shearers color logo

Coordinating and closing three separate financing sources simultaneously and meeting the company’s project schedule.

Benefits of Working with us

The Development Finance Authority worked cooperatively with the Stark County Port to issue bonds within the DFA Jobs & Investment Bond Fund (Rated BBB+ by S&P) to fund a portion of the project. Additionally, the DFA worked closely with the State of Ohio and the OWDA to fund $5,900,000 of low interest rate loans. The expansion is expected to retain 105 jobs and create 31 new jobs at the project site over the next three years.

Project Cost

Source Funds:

$4,000,000 DFA Jobs & Investment Bond Fund
$2,500,000 Chapter 166 Direct Loan
$3,400,000 OWDA Loan
$3,000,000 Shearer’s contribution
$12,900,000 Total

Interest Rate

All in interest rate of approximately 5.00%