Community Development

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Akron Civic Theater Restoration

Issuer(s)
DFA
Investment Amount(s)
(in millions)
14.5
Closing Date
2001
County
Summit

Akron Civic Theatre is the magnificent jewel in Akron’s downtown revival. Just six months before the stock market crash of 1929, the historic building opened its doors bringing live performances and quality entertainment to the Akron community. After seventy years of community service, Akron’s exquisite landmark was deteriorating. In 2000 the Civic joined forces with the City of Akron, Summit County and the Development Finance Authority (DFA) with the goal of restoring the theater to its former elegance and expanding it into a premier performance space. The renovation was begun in October 2001 and completed in November 2002.

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The Value Provided

Find financing for an ambitious community development project.
Facilitate the financial collaboration of public and private partners in the project.
Benefits of Working with us
DFA acted as a public revenue source for $14.5 million of the total funding.
DFA’s flexible bidding procedures enabled effective balancing of costs and benefits for on-time and on-budget completion.
DFA was pivotal in attracting funding to this public-private project.
DFA insurable bonds resulted in a reduced interest rate for lower overall costs.

Project Cost: $21 million

Source Funds

$14,500,000 – Development Finance Authority Bonds
$6,000,000 – Private Funding
$1,000.000 – State of Ohio Funding
—————-
$21,500,000 – Total

Interest Rate

3.6%

Development Finance Authority issued $14.5 million in fixed rate bonds to fund the project. The debt will be serviced from Summit County’s “bed tax” revenue. Additional funding for the project was raised by the Akron Civic Theater, local companies, and state, local and national foundations.

Austen BioInnovation Institute in Akron

Issuer(s)
DFA // ODOD // First Energy // ABIA
Investment Amount(s)
(in millions)
7.0 // 2.5 // 2.0 // 1.0
Closing Date
2011
County
Summit

The Austen BioInnovation Institute in Akron (ABIA) was developed as a conduit for life-enhancing and life-saving biomedical innovation for the 21st century. Positioned to become a leader in biomaterials and medical research, education, clinical services and commercialization, the Institute draws on Akron’s rich legacy in materials science to develop a world-renowned biomaterials and medicine program with special focus on orthopedic and wound care. The institute serves as a research, learning and training center for current/future healthcare professionals in new and advanced technology tools.

ABIA’s Operating collaborators include Akron Children’s Hospital, Akron General Health System, Northeastern Ohio Universities College of Medicine (NEOMED), The University of Akron, the John S. and James L. Knight Foundation, FirstEnergy Foundation and Summit County.

The Value Provided

Focused on improving economic development and attracting business in downtown Akron, Ohio, the 45,000 sq ft ABIA Silver LEED Certified renovated portion of the the 76,000 sq ft facility at 47 N. Main St. will support Akron’s transition from a manufacturing center to a healthcare, biomedical, educational and service industry center. The Institute will also have a significant financial impact on the Akron area, with $150 million in annual academic and clinical research, $50 million in annual commercialization investments and new jobs for the Akron area.

Benefits of Working with us

Development Finance Authority (DFA) assisted as developer and property manager for the project. In addition to serving as the new headquarters of Austen BioInnovation Institute in Akron, DFA will maintain its offices on site. The DFA issued tax-exempt lease revenue bonds, and holds a mortgage on the property.

Project Cost

Source Funds:

$7.0M DFA Development Revenue Bonds
$2.0M First Energy grant
$1.0M Austin BioInnovation Institute in Akron
$2.5M State of Ohio R&D Loan

Interest Rate

n/a

20 year lease between ABIA and Development Finance Authority’s pledge to the repayment of the Bonds.
Summit County pledge of non-tax revenue to guarantee debt.

Boston Heights TIF

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$5.0
Closing Date
2015
County
Summit

Bridgestone Americas Tech Center & Parking Facility

Issuer(s)
DFA
Investment Amount(s)
(in millions)
70.0
Closing Date
2010
County
Summit

Construction of a 260,500 square foot state of the art Akron Technical Center coupled with an approximately 400,000 square foot Parking Facility. Both structures will be joined by a 260 foot Pedestrian connector to allow Bridgestone employees to safely access the Technical Center from the Parking Facility.

The Value Provided

Present a viable and competitive offer to enable Bridgestone and its nearly 1,000 employees to remain in Akron, OH., building on a 100 plus year history.

Benefits of Working with us

The Development Finance Authority (DFA) structured a Capital Lease with the bank comprising Bridgestone’s credit facility. The bank then structured an Operating Lease with Bridgestone Americas Tire Operations, LLC who in turn was able to take advantage of the DFA’s sales tax exemption on construction materials related to the project and obtain the maximum use of Tax-Increment Financing (TIF) payments to leverage the project financing.

Project Cost: $70M

Source Funds

Public Partnership
Of the $70M, the County of Summit pledged $7.3M for the Parking Facility and Pedestrian Connector and the City of Akron pledged $500,000 toward the Pedestrian Connector. The County of Summit and the City of Akron allocated $7.8M of their respective Recovery Zone Bond Allocations to the project. The Development Finance Authority of Summit County (fka Summti County Port Authority) issued $70M for the Akron Technical Center on behalf of the company and an additional $7.3M on behalf of the County of Summit for the Parking Facility and the County agreed upon a share of the Pedestrian Connector ($500,000).

Interest Rate

N/A

Through a public-private partnership the parking structure is available to the general public during off business hours and weekends for an adjacent municipal-owned ballpark.

City of Akron Canal Park Stadium Improvements

Issuer(s)
DFA
Investment Amount(s)
(in millions)
3.6
Closing Date
2012
County
Summit

Construction of various improvements to the City of Akron owned Canal Park Stadium including a new scoreboard/video board, LED Lights and associated camera, audio/video and operations equipment to manage and use the new scoreboard/video board, a new left field group seating area, a new right field corner dining area along main street and two sponsored outdoor party decks on the Loge Level of the Stadium. These improvements to Canal Park have enabled to the City of Akron to secure a new 25 year Lease to ensure Minor League Baseball will be a part of the City of Akron for the next quarter century.

The Value Provided

Provided a viable long term tax-exempt financing structure using our ability to issue Development Revenue Bonds to allow the City of Akron to work with the new owner of the Akron RubberDucks to enter into a new 25 year lease agreement with an additional 5 year option. The DFA was able to expedite the financing arrangements using the powers granted to Port Authorities under Ohio Revised Code Section 4582 to ensure the first phase of improvements will be completed in time for the opening of the 2013 Akron RubberDucks season.
CanalBallfield1

Benefits of Working with us

Through a Cooperative Agreement between the DFA, City of Akron and Akron Baseball, LLC, the DFA was able to provide a Sales Tax Exemption on all building materials purchased by the Construction Agent (Akron Baseball, LLC) for the improvements.

Project Cost: $3,600,000

Source Funds

$3.6M low interest loan based on the A+ rating of the City of Akron

Interest Rate

N/A

City of Akron Annual Appropriation in the amount sufficient to pay debt service on the bonds.

City of Green & DeHoff Dev. TIF Revenue Bonds

Issuer(s)
DFA
Investment Amount(s)
(in millions)
2.5
Closing Date
2003
County
Summit

City of Macedonia TIF

Issuer(s)
DFA
Investment Amount(s)
(in millions)
2.5
Closing Date
2007
County
Summit

Through a cooperative agreement with the DFA, City of Macedonia and Mary Maria @ Summit Pointe, LLC, the developer will construct public improvements, financed by DFA conduit-issued bonds, on behalf of the City of Macedonia. The developer will install a road connecting Valley View Road and S.R. 82 including sidewalks and handicap ramps, street lighting, water lines, storm and sanitary sewer lines, fire hydrants and landscaping. The public improvements will benefit an Independent Living/Assisted Living Facility and an Active Adult Community to be constructed on property included in an incentive district (the “TIF District”) created by the City.

The Value Provided

Fund the public improvements at the least cost to the developer, and as non-recourse to the City of Macedonia and the DFA.

Benefits of Working with us

  • DFA has extensive experience with tax-increment financing districts.
  • Early project start with swift closing and interim financing.
  • No sales tax on hard construction costs.

Project Cost: $2.5 million

Source Funds:

$2,500,000 – Development Finance Authority Tax-exempt Revenue Bonds
$31,000,000 – Private Investment for Senior Housing Development

Interest Rate

The City adopted the TIF Ordinance exempting the property in the TIF District for a period of 30 years.

Goodyear Riverwalk

Issuer(s)
DFA
Investment Amount(s)
(in millions)
15.815
Closing Date
2012
County
Summit

Goodyear/IRG Rubber City Land Acquisition

Issuer(s)
DFA
Investment Amount(s)
(in millions)
17.2
Closing Date
2009
County
Summit

Kent State University Twinsburg Campus Project

Issuer(s)
DFA
Investment Amount(s)
(in millions)
13.745
Closing Date
2010
County
Summit

kent-state-twinsburgThe 44,000 sq. ft. Kent State University Twinsburg facility can accommodate up to 1,500 students and replaces the academic center previously housed on Route 91 in the “Old School,” still owned by the city of Twinsburg. The $13.7 million project was financed by Development Finance Authority of Summit County through the federal Build America Bonds program. The university will lease the building over a 30-year period, at which point it will own it outright.

The state-of-the-art building was completed by Premier Development Partners. The Regional Academic Center is an extension of the university’s Geauga campus which has offered classes in Twinsburg since 1990. The first students were employees of the Chrysler stamping plant who took onsite classes in basic mathematics, shop drawing and basic English, according to David Mohan, dean of the Kent State University at Geauga. As enrollment increased classes were moved to the school building in 1995, and the public was invited to take courses alongside the automotive workers. “This is a remarkable success story,” said David Mohan, dean of the Kent State University at Geauga, adding that Twinsburg had 175 students enrolled in 2004.

The Twinsburg center offers core Kent State courses, two- and four-year degree programs and now, even graduate-level programs. The building boasts large conference rooms in which the university will offer executive-level education and training.

Summit County Combined General Health District

Issuer(s)
DFA
Investment Amount(s)
(in millions)
5.0
Closing Date
2013
County
Summit

In an effort to better serve the public in a time where collaboration fosters efficiency and growth, the Summit County Health District combined with the City of Akron and City of Barberton Health Districts to create the Summit County Combined General Health District (SCCGHD) in 2011. The consolidation of the three (3) entities created the demand for an efficient operation model so the newly created Health District began to search for adequate space to serve as the new main campus. In December 2012 the Health District purchased the Fairway Center Building Complex located at 1867 Market Street, Akron, OH and began planning the required renovations needed to accommodate their needs to continue to assure access to health district services throughout the County. The site has free and ample parking and is located on a METRO RTA route.

The Summit County Combined General Health District approached the Development Finance Authority of Summit County (DFA) to assist with financing the renovation. The DFA issued $5,000,000 tax-exempt bank qualified bonds in collaboration with FirstMerit Bank to fund the SCCGHD improvements. The SCCGHD consolidated five (5) locations into one (1) to more conveniently and effectively serve the citizens of Summit County.

University of Akron Student Housing Project

Issuer(s)
DFA
Investment Amount(s)
(in millions)
33.77
Closing Date
2011
County
Summit

Village of Reminderville Rec Center

Issuer(s)
DFA
Investment Amount(s)
(in millions)
5.1 new // 3.1 refinance
Closing Date
2015
County
Summit

Located in the far northeast corner of Summit County, the Village of Reminderville is city-close and country-quaint. The residents range from young families planting roots to senior citizens who have watched their family tree grow in the Village for decades. “A community recreation center has been a civic vision for years,” said Mayor Sam Alonso, “and we are excited and honored to have the opportunity to work with the DFA to present this facility to our residents as well as to those in the surrounding suburbs.” The DFA issued $5.1M in appropriation lease revenue bonds to help finance the facility.

The Reminderville Community Recreation Center will provide numerous amenities including around-the-clock access to the fitness center, the conveniences of chain-store gyms, while two basketball courts and three volleyball courts will allow Reminderville to play host to competitive leagues and tournaments. Specialized fitness programs, a much anticipated suspended walking track, and top of the line fitness equipment will ensure the correct workout for members, regardless of their individual fitness level. Community rooms will offer a perfect solution for senior group activities and private parties, and the facility will be home to community family events throughout the year. The latchkey program will provide peace of mind for those hard-working families that struggle to beat the bus home at the end of the day. A lap pool will be a valuable benefit for many and paired with a more casual kiddie zone, will be an ideal environment for everyone.

“As our motto states,” Mayor Alonso said, “Reminderville is ‘a great place to call home.’ And working with the DFA is making it possible to make it even greater.”