AKRON – (May 1, 2013) Standard & Poor’s assigned its BBB+ rating on the Development Finance Authority of Summit County Jobs & Investment Bond Fund (Bond Fund) with Stable Outlook.
Specifically, the Series 2013A bonds will be used to partly finance the University Edge project, a mixed-use development located in the University Park neighborhood which is immediately adjacent to the University of Akron. The Series 2013A bonds will be used to finance approximately $6.5 million of the $40 million redevelopment project.
Since the inception of the Bond Fund in 2004 the Development Finance Authority (DFA) has originated 18 loans and issued $61 million in development revenue bonds to finance projects in six Northeast Ohio counties. The Bond Fund currently has 13 loans outstanding.
In addition to overseeing the Bond Fund, the DFA manages other revenue bond and tax credit programs that have provided in excess of $750 million in project financing outside of the Bond Fund. Joseph Dancy, DFA Board of Directors Chairman said, “We are gratified that our hard work has resulted in the Rating confirmation with Stable Outlook. We look forward to using the Jobs & Investment Bond Fund for eligible projects to obtain access to additional private capital throughout our region.”
For more information on the Development Finance Authority of Summit County (DFA) and the Jobs & Investment Fund, please visit the DFA website www.developmentfinanceauthority.org.