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Akron Rubber Development Laboratory PACE

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$2.52M
Closing Date
September 28th, 2018
County
Summit

The DFA has closed its 5th bond fund deal of 2018 with the closing of Akron Rubber Development Laboratories PACE bond for $2.52M. ARDL represents the 3rd Property Assessed Clean Energy (PACE) bond that DFA has closed in 2018.  This was the DFA’s first A- rated deal and closed at 4.38%  rate fixed (taxable) over 15 years is which is great for our borrower. The project is located in the City of Barberton and consists of a new roof, electrical, lighting, controls, HVAC, cooling tower, exterior doors and windows, exterior wall insulation, and engineering costs constructed by Polymer Developments, Ltd. at its property located in the City.  The Project and the Project Site are leased by Polymer Developments, Ltd. to Akron Rubber Development Laboratory, Incorporated for use in its business.  The Project will qualify as an “energy efficiency improvement” under Chapter 1710 of the Revised Code, which will allow the Developer to finance the costs of the Project with special assessments on the Project Site and a Property Assessed Clean Energy (PACE) Bond.

The Authority will issue a series of bond fund bonds as a PACE Bond in a principal amount not to exceed $3,000,000 to finance the costs of the Project.  The Developer, as construction agent to the Authority, will construct the Project.  The Developer will petition the City and the Akron-Summit County Energy Special Improvement District, Inc. for the adoption of an improvement and services plan for the District, including the Project.  The Developer will also petition the City to pass an ordinance levying special assessments on the Project Site to pay the costs of the Plan. The Special Assessments will be levied in an amount at least equal to the annual debt service and administrative amounts due and payable on the Bonds.  To secure the Bonds, the City will assign the Special Assessments to the Issuer under a Cooperative Agreement, the Issuer will pledge the Special Assessments to the Trustee for the Bonds under the Indenture.

Bridge Park West Garage Project

Issuer(s)
DFA//Toledo Port//Columbus Port
Investment Amount(s)
(in millions)
$4.79M//$3.0M//$4.915M
Closing Date
2016
County
Franklin

In cooperation with Columbus Franklin County Finance Authority and Toledo Port Authority, Development Finance Authority of Summit County (DFA) issued $4,790,000 in Tax-Exempt Development Revenue Bonds under the Authority’s Jobs & Investment Bond Fund program to fund a portion of the Bridge Park Development located in Dublin, Ohio.  Total financing of the project exceeds $13,000,000.

Proceeds of the bonds will be used to refund prior bonds as well as finance the costs of the acquisition and construction of an approximately 321-space public parking garage, all as part development of a mixed-use project, including residential units, commercial and retail spaces.

Cascade PACE

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$5.75M
Closing Date
January 30, 2018
County
Summit

One Cascade Plaza is situated on 4.3 acres in Downtown Akron. It is a 23 story office tower with over 237,000 square feet of leasable office space. Constructed in the 1960s, many of the original mechanicals remain in the building and the operations are highly energy inefficient.

DFA issued $5.75M in taxable development revenue bonds to be used to fund energy efficiency improvements that should save the building owner an average of $378,718 each year in projected energy savings. Using a Property Assessed Clean Energy (PACE) financing structure, the bonds will be repaid through a special assessment tax on the building over the next 20 years.
These improvements will provide direct benefits to current and future tenants.

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

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.

City of Garfield Heights TIF

Issuer(s)
DFA // CCCPA
Investment Amount(s)
(in millions)
2.75 // 8.85
Closing Date
2004
County
Cuyahoga

City of Garfield Heights TIF Refunding

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$1.29M
Closing Date
2016
County
Cuyahoga

Cleveland Cavaliers

Issuer(s)
DFA // CCCPA // Toledo Port
Investment Amount(s)
(in millions)
6.0 // 9.5 // 5.2
Closing Date
2006
County
Cuyahoga

The Cleveland Cavaliers needed a new 50,000 square foot practice facility in Independence, Ohio. The facility, called Cleveland Clinic Courts, opened for the 2007-08 NBA season. It includes two regulation basketball courts, workout facilities, locker rooms, meeting areas, and media facilities.

The Value Provided

Cleveland Cavaliers needed off-balance sheet financing.
Funding by multiple port authorities and a municipality needed to be coordinated.

Benefits of Working with us

DFA partnered with other area port authorities to fund the project.
Port authority involvement allowed tax-free purchase of construction materials.
DFA has extensive experience with off-balance sheet financing.

Project Cost: $27.845 million

Source Funds

$9,500,000 – Cleveland-Cuyahoga Port Authority Bonds
$6,000,000 – DFA Jobs & Investment Fund Bonds
$5,200,000 – Toledo-Lucas Port Authority Bonds
$1,850,000 – City of Independence land purchase
$5,295,000 – Cleveland Cavaliers cash
—————
$27,845,000 – Total

Interest Rate

CCCPA Bonds: 6.375%
DFA Bonds: 6.375%
TLCPA Bonds: 6.500%

The City of Independence acquired the project site at a cost of $1,850,000. The city also implemented a TIF district to offset the purchase costs. The city entered into a non-cancelable 20-year ground lease with the Cleveland Cuyahoga County Port Authority. Both parties have renewal options at the end of the lease term. The Cavaliers constructed the practice facility pursuant to a construction agency agreement with the CCCPA. The project was then leased to a real estate holding company created by the Cavaliers and sub-leased to the Cavaliers basketball team. Lease payments from the Cavaliers will be sufficient to repay all of the principal and interest on the CCCPA, TLCPA, and DFA Bonds. After the 50-year lease term expires, the City of Independence will assume ownership of the entire project.

Conexus (Summit Workforce)

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$1.365
Closing Date
2016
County
Summit

Crystal Clinic PACE

Issuer(s)
DFA
Investment Amount(s)
(in millions)
4.1M
Closing Date
May 9, 2018
County

Digestive Diseases Consultants

Issuer(s)
DFA
Investment Amount(s)
(in millions)
6.0
Closing Date
2008
County
Medina

Acquisition, construction, installation and equipping of a new 40,000 square foot medical office facility. The project allowed Digestive Disease Consultants to expand their practice by adding exam rooms, additional beds and procedure rooms.

The Value Provided:

The client was seeking very long-term fixed-rate financing for the project. As the project neared closing and ready to issue bonds, the credit market entered a period of multiple interest rate increases. The parties worked together to deliver a competitive financing structure, allowing the project to move forward.

Benefits of Working with us

Digestive Disease Consultants was able to access investment grade interest rates and finance their project over a 20 year long-term fixed-rate basis through the DFA Jobs & Investment Bond Fund Program. Through a capital lease structure DFA was able to deliver sales tax savings on construction materials related to the Project.

Project Cost: $6 million

Source Funds:
$6,000,000 – DFA Jobs & Investment Bond Fund
$ 119,878 – Project Fund Earnings
____________
$6,119,878 – Total

 

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.

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.

Flats East Bank TIF

Issuer(s)
DFA // CCCPA // ODOD
Investment Amount(s)
(in millions)
4.7 // 8.8 // 15.0
Closing Date
2010
County
Cuyahoga

Cleveland
The project cost totaled approximately $250M. The Cleveland-Cuyahoga County Port Authority (CCCPA) and DFA issued $8.8M and $4.7M, respectively, of tax-exempt revenue bonds. The (Office Tower) project incorporated the use of Tax Increment Financing. The term of the bonds are thirty (30) years. Additionally, the project received $15M of taxable revenue bonds issued by the former Ohio Department of Development (now Ohio Development Services Agency), through its Ohio Enterprise Bond Fund. The term of these bonds is twenty-five (25) years. The bonds were used to assist in financing the construction of the Office Tower component of the project. The total Phase I project is located on approximately 3 acres of land and includes a commercial office tower building, hotel, retail space, public parking garage and public park, all located on the banks of the Cuyahoga River, adjacent to Lake Erie in the Flats/Downtown, Cleveland area. Job creation estimated 1,800.

In addition the CCPA issued $108.9M of taxable first mortgage bonds to assist in the financing of the toFlats East images 3tal Phase I project to include the Office Tower, Hotel and Retail components, as well as $11M of City of Cleveland taxable annual appropriation bonds, the term of the bonds being twenty-five (25) years. The bonds will be used to assist in financing the costs associated with the acquisition of real property for the public rights-of-way in the project.

$250 Million Project
•500,000 Square Ft. Class ‘A’ Office Building
•150 Room Aloft Hotel
•545 Space Garage, Over 400 Surface Spaces & Light Rail Access
•1,200 foot Boardwalk, 14 Acre Public Park

TIF Bonds
$8.8M Cleveland Port
$4.7M Development Finance Authority
$15M Ohio Enterprise Bond Fund
$28,500,000

Port Authority Financing Lease
$111,000,000 Lease Bonds Issued By Cleveland Port

EB-5 Investment
$45M Cleveland International Fund

Goodyear Hall East End TIF

Issuer(s)
DFA
Investment Amount(s)
(in millions)
6.24
Closing Date
2014
County
Summit

Goodyear Headquarters & Technical Center 2005

Issuer(s)
DFA // CCCPA // ODOD
Investment Amount(s)
(in millions)
5.5 // 4.25 // 10.0
Closing Date
2005
County
Summit

Goodyear’s corporate headquarters and research and development center campus are located in downtown Akron, Ohio. The facilities needed a new heating and cooling system that would lead to $3 million in annual savings as well as environmental benefits.

The Value Provided

Recent restructuring made it difficult for Goodyear to secure acceptable financing.
Project funding needed to be obtained at a favorable rate.
Coordination was required among port authorities, the State of Ohio and the City of Akron.
Goodyear

Benefits of Working with us

  • DFA’s Jobs & Investment Bond Fund fixed rate bonds have a low fixed interest rate.
  • The DFA secured additional low-interest financing from local and state partners.
  • The DFA created working partnerships among a number of public entities.
  • DFA involvement allowed tax-free purchase of construction materials.

Project Cost: $22 million

Source Funds

$5,500,000 – DFA Jobs & Investment Fund Bonds
$4,125,000 – Cleveland-Cuyahoga County Port Authority Bonds
$7,860,000 – Ohio Enterprise Bond Fund
$4,500,000 – Ohio Department of Development R&D Loan
————–
$ 21,985,000 – Total

Interest Rate

DFA & CCPA, (Rated BBB+ by S&P) Fixed Rate Bonds: 5.75%
ODOD R&D Loan: 2.25%

The Development Finance Authority provided fixed rate bond fund financing. The City of Akron supported a portion of the DFA bonds with credit enhancement. Additional funding at comparable interest rates came from the Cleveland-Cuyahoga County Port Authority and the Ohio Department of Development’s Enterprise Bond Fund. The DFA also helped Goodyear obtain a research-and-development loan from the State of Ohio.

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.

HPC Integrated Graphic Solutions

Issuer(s)
DFA
Investment Amount(s)
(in millions)
1.535
Closing Date
2006
County
Summit

Lockheed Martin Airdock

Issuer(s)
DFA // ODOD
Investment Amount(s)
(in millions)
2.215 // 10.0
Closing Date
2006
County
Summit

Lockheed Martin won contracts with the U.S. Department of Defense to build a High Altitude Airship as well as Persistent Threat Detector Systems (PTDS) . To fulfill the contracts, Lockheed Martin needed to remediate and improve its air dock facility. The facility had been largely vacant and under utilized. The company also required equipment for the manufacture of specialized material for the airships for the U.S. Army.

The Value Provided

The airdock site was a brownfield requiring environmental remediation. Lockheed Martin required off-balance sheet financing.

Benefits of Working with us

DFA partnered with state and local authorities to fund project.
DFA’s experience enabled a creative financing solution.
DFA has extensive experience in real estate and equipment leasing.
Lockheed MS2 IDT

Project Cost

Source Funds:

$2,215,000 – DFA Jobs & Investment Bond Fund
$5,000,000 – Ohio Enterprise Bond Fund
$4,952,000 – Ohio Department of Development 166 Direct Loan
$2,000,000 – Brownfield Cleanup Revolving Loan Fund
$3,000,000 – Clean Ohio Revitalization Fund Grant
—————
$17,167,000 – Total

$20,300,000 – Lockheed Environmental Private Investment
$40,000,000 – HAA program investment

Interest Rate

DFA Fixed Rate Bonds(for equipment) 5.55%
OEBF Bonds(for equipment) 5.35%
ODOD 166 Loan(for facilities) 1% in years 1-5, 3% in years 6-20
BCRLF .05%

Airdock Real Estate

  • The City of Akron gifted the airdock to the Development Finance Authority.
  • The DFA structured at 20-year operating lease with Lockheed Martin.
  • Lockheed Martin can renew the lease, return the asset, or purchase it for fair market value at the end of the lease.
  • Lockheed Martin will pay 85% of the lease payments.
  • 15% of the lease payments are funded through Tax Increment Financing (TIF).
  • The State of Ohio has a 1st mortgage on the airdock.

Manufacturing equipment

  • The DFA acquired machinery and equipment using state and DFA proceeds.
  • The DFA leased the equipment to Lockheed.
  • Lockheed Martin was able to renew the lease, return the assets, or purchase them for fair market value at the end of the lease.
  • Lockheed Martin pays 85% of the lease payments.
  • 15% of the lease payments are funded through Tax Increment Financing (TIF).
  • The State of Ohio and the DFA Bond Fund share a 1st lien on the equipment.

Brownfield Remediation

  • The cleanup was funded by the U.S. Environmental Protection Agency, the State of Ohio and Lockheed Capital.
  • The DFA arranged funding for the cleanup.

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

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%

Spray Products

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$5.5M
Closing Date
February 15, 2018
County
Medina

Spray Products Corporation is a manufacturing company headquartered in suburban Philadelphia, PA, with operations there and in California.  Due to increased business, the company is adding a second manufacturing location in Medina, Ohio.

DFA issued $5.5M in Taxable Development Revenue Bonds to assist in financing the $9.2M project. Bond proceeds funded acquisition of a 270,000 square foot former paint manufacturing factory as well as machinery and equipment. This new plant will create 40 FTE jobs within the first year of operations and an additional 10 FTE jobs within 3 years.

The project also received grant funding from Jobs Ohio, the City of Medina, the Ohio Rail Development Commission, and the company made a significant equity investment.

Spray Products is the 30th project funded within the DFA’s Jobs & Investment Bond Fund.  Initially established in 2004, the Bond Fund has a BBB+ rating from S&P.  To date, the Fund has issued $99,795,000 in development revenue bonds.  Currently, $56,975,000 is outstanding with reserves to outstanding of 41.97%.  To learn more about the Bond Fund, contact DFA at 330-762-4776.

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

St. Ed’s Springhill Assisted Living

Issuer(s)
Development Finance Authority
Investment Amount(s)
(in millions)
$25M
Closing Date
July 2018
County
Summit

The Project is the acquisition, construction, equipping and improvement of an approximately 133,000 square foot assisted living facility containing approximately 50 independent living units, 49 assisted living units and 28 memory care units on approximately 12.2 acres in the City of Green.  Spring Hill Senior Living, LLC or its assigns (the “Lessee”) will ground lease the Project site to the Authority and the Authority will issue revenue bonds (the “Bonds”) in a principal amount not to exceed $25,000,000 to finance a portion of the costs of constructing the Project.  The Lessee, as construction agent of the Authority, will construct the Project.  The Authority will lease the Project under a capital (the “Lease”) to the Lessee.  A commercial banking institution selected by the Lessee will purchase the Bonds from the Authority in a direct purchase.  The rental payments made by the Lessee to the Authority under the Lease will secure the debt service on the Bonds.

Summit Workforce Refunding

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$3.135M
Closing Date
2016
County
Summit

Superior Roll Forming

Issuer(s)
DFA
Investment Amount(s)
(in millions)
3.145
Closing Date
2006
County
Medina

Superior Roll Forming is a family-owned metal forming company in Medina County, Ohio. They have been supplying parts for the automotive, construction, environmental, furniture, and retail fixture industries for over 50 years.

The company needed to modernize its plant and equipment to address the complexity of their customers’ applications. Additional equipment enabled the company to perform additional secondary operations to add value for their customers.

The Value Provided:

The Borrower was looking to finance the new building over a 20 year term as well as realize operating cost savings from the consolidation of off site facilities on their main campus.

Benefits of Working with us

Superior was able to access investment grade interest rates and finance their project over a 20 year long-term fixed-rate basis through the Development Finance Authority Jobs & Investment Bond Fund Program at a rate of 6.375%
Through a capital lease structure the Port was able to deliver sales tax savings on construction materials related to the Project.

Project Cost: $3.145 million

Source Funds:
$3,145,000 Development Finance Authority Bonds

Interest Rate: 
DFA Fixed Rate Bonds: 6.375%

The Job Center

Issuer(s)
DFA
Investment Amount(s)
(in millions)
4.83
Closing Date
2005
County
Summit

The Job Center provides businesses and residents access to career services at one state-of-the-art location. Administered by the Summit County Workforce Policy Board, an independent, 501c3 nonprofit organization, The Job Center opened in 2007 in a former warehouse. The new center provides 55,000 sq. ft. of space to the Job Center partners and 45,000 sq. ft. to be leased to other tenants. The services provided include:

  • Business resources
  • Labor market informationOLYMPUS DIGITAL CAMERA
  • Job matching
  • Employment screening
  • Workshops, training and education

The Value Provided

  • Financing a multi-tenant real estate project is often difficult.
  • Lease terms did not line up with bond financing terms.
  • Summit County wanted to preserve its borrowing capacity.

Benefits of Working with us

  • DFA Bonds financed the project.
  • Bonds rated BBB+ resulting in a very favorable interest rate

Project Cost: $6.83 million

Source Funds:

$4,830,000 – DFA Series 2005 E & F Bonds
$2,000,000 – Summit County Loan
————–
$6,830,000 – Total

Interest Rate

Series 2005 E Bonds: 5.000%
Series 2005 F Bonds: 4.875% (tax-exempt)

Development Finance Authority sold $4.8 million in development revenue bonds to finance the project. The debt will be serviced from tenant leases. Summit County provided a guarantee on debt service payable solely from non-tax revenues. Additional support was provided by the Greater Akron Chamber of Commerce.

University Edge Bond Fund TIF

Issuer(s)
DFA
Investment Amount(s)
(in millions)
6.645
Closing Date
2013
County
Summit

The University Edge – Akron Project was comprised of a mixed use development project incorporating student housing and retail into two (2) adjacent buildings. The first building was designed as a five (5) story, 94,000 sq. ft. facility with 18,500 sq. ft. dedicated to retail on the first level and floors two (2) through five (5) and forty housing units. The second building was designed as a five (5) story, 194,000 sq. ft. building consisting of 108 housing units and nearly 5,000 sq. ft. of community facilities.

The Value Provided:

The Development Finance Authority of Summit County (DFA) issued two series of Bonds using two different financing structures for the benefit of the developer, University Square Investors II, LLC and the City of Akron.

The first series of Bonds, totaling $30,000,000, were issued as conduit lease revenue bonds with the assistance of Huntington Bank . By ground leasing the project site to the DFA, who then leased the site back to the developer and entered into a Construction Agency Agreement, University Square Investors II, LLC was able to utilize the DFA’s Sales Tax Exemption on building materials.

The DFA then issued $6,645,000 of TIF bonds through the DFA Jobs and Investment Bond Fund Program for infrastructure improvements and installation to fully serve the two (2) new facilities to be located at 270 E. Exchange Street in Akron. This debt instrument also provided the Sales Tax Exemption on all building materials.

Benefits of Working with us

The total project costs were $47.599M. To assist the community project, DFA and Huntington Bank collaborated to provide $30M for building construction costs. The University Edge project provided 400 construction jobs and created 35 new jobs.

Project Cost: $47, 599,000

Source Funds:
$30,000,000 -Conduit Lease Revenue Bonds purchased by Huntington Bank
$6,645,000 -DFA Jobs & Investment Bond Fund Program-TIF (4.25% fixed rate fully amortizing debt)
$10,954,000 -Equity
————-
$47,599,000 -Total Project Cost

Village of Seville

Issuer(s)
DFA
Investment Amount(s)
(in millions)
2.0
Closing Date
2005
County
Medina

The Village of Seville, Ohio is a relatively small municipality in southern Medina County. The village planned to renovate an existing building to house an expanded Town Hall. The municipality’s water filtration facility, serving over 1100 customers, also needed to be upgraded.

The Value Provided

The Village of Seville had never issued municipal bonds and did not have a bond rating.
The bond issue process had to be streamlined for timely project completion.

Benefits of Working with us

  • The DFA provided access to the capital markets. The Village of Seville was able to finance 100% of the project.
  • The BBB+ rating of the DFA bond fund provided secure funding and a low interest rate.

Project Cost: $3.022 million

Source Funds:

$2,030,000 – Development Finance Authority Bonds
$600,000 – Equity
—————-
$2,630,000 – Total

Interest Rate

DFA Fixed Rate Bonds 5.10%

The Village of Seville worked with the Development Finance Authority (DFA) to secure fixed interest rate financing. The DFA Jobs & Investment Bond Fund is rated BBB+. The village’s partnership with the DFA streamlined the potentially lengthy process of bringing an issue to market.

Village of Seville Refunding

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$1.315M
Closing Date
2016
County
Medina

Yankee Trace Public Improvements

Issuer(s)
DFA/DMCPA/TLCPA
Investment Amount(s)
(in millions)
$4.0M/$5.5M/$5.0M
Closing Date
2017
County
Montgomery
Randall Residence at Yankee Trace, LLC will finance and construct approximately $11.4 million of public improvements to support the Yankee Trace Assisted Living Campus located in Centerville, Ohio. This 9.82-acre site located on Social Row Road is the last phase of the Yankee Trace Golf Community in Centerville.
The public improvements include road, water, sewer, utility improvements, landscaping and common area improvements to support the Yankee Trace assisted living, independent living, and memory care facility located in the Yankee Trace Master Planned Community in Centerville, Ohio. The Community is one of the larger land users in the southwest portion of Centerville, covering 550 acres, and has been one of the bestselling community’s in all Southwestern Ohio with approximately 1,000 existing homes in or near the subdivision.
Community amenities include hiking and biking trails, swimming pool, tennis center and championship level golf course. The community is part of the Golf Club at Yankee Trace, a publicly-owned 27-hole course and a 32,000-square foot clubhouse which includes a pro shop and indoor practice area.
The Bonds will be secured and repaid from New Community Authority Charges placed on the private improvements which will involve the construction of 60 independent living units, 56 assisted living units and 48 memory care units on the 9.82 acre site at a

projected cost of $33,230,000.

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