Projects

A representative sample of case study bond fund financings including tax-exempt private activities, public and taxable transactions using the Jobs & Investment Bond Fund and Conduit Issues.

Filter Projects

80 Exchange

Issuer(s)
DFA
Investment Amount(s)
(in millions)
24.5
Closing Date
2013
County
Summit

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.

banner

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

n/a

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.

Akron Community Center & Urban League

Issuer(s)
DFA
Investment Amount(s)
(in millions)
3.6
Closing Date
2007
County
Summit

Akron Community Revitalization Fund

Issuer(s)
DFWR
Investment Amount(s)
(in millions)
$6.75
Closing Date
7/27/2017
County
Summit

The Akron Community Revitalization Fund is designed to create a pool of funds to leverage other funding sources and provide additional loans between $500,000 and $2,000,000 with more flexibility, less stringent credit requirements and below market rates. Eligible project areas include downtown, North Hill, and parts of east, south and west Akron that have a poverty rate of at least 30% along with an unemployment rate of at least 10%. The projects are evaluated on their readiness, investment in the community, the number and quality of jobs created and/or retained, and the impact the product or service will provide the community.

The Fund is managed by the Development Fund of the Western Reserve (DFWR), a private non-profit (501c3) affiliate of the Development Finance Authority of Summit County (DFA).

Akron General Medical Center // City of Green Wellness Center

Issuer(s)
DFA
Investment Amount(s)
(in millions)
25.6
Closing Date
2011
County
Summit

Akron YMCA/Summa

Issuer(s)
DFA
Investment Amount(s)
(in millions)
12.1
Closing Date
2009
County
Summit

American Hellenic Educational Progressive Association (AHEPA)

Issuer(s)
DFA
Investment Amount(s)
(in millions)
4.0
Closing Date
2012
County
Summit

Anaconda Road Project

Issuer(s)
Clean Ohio Assistance Fund
Investment Amount(s)
(in millions)
269,382
Closing Date
2010
County
Summit

Arhaus HQ & Distribution Center

Issuer(s)
DFA
Investment Amount(s)
(in millions)
40.0
Closing Date
2015
County
Summit

ASC Industries, Phases 1 & 2

Issuer(s)
DFA
Investment Amount(s)
(in millions)
7.25
Closing Date
1999 & 2002
County
Summit

ASC Industries manufactures water pumps for the automotive and truck industry with facilities in the U.S. and China. Since 1999, ASC’s headquarters has been located in CAK Industrial Park, Green, Ohio. The company’s steadily growing business has necessitated an 80,000-square-foot addition to the Green, Ohio plant.

The Value Provided

Find tax-efficient financing manufacturing facility expansion.
ASCBuilding

Benefits of Working with us

  • The DFA has extensive experience in structuring capital leases.
  • ASC gains tax advantages and nominal-cost ownership options from capital leasing.
  • DFA conduit financing resulted in a reduced interest rate.
  • DFA involvement exempted the project from sales tax on materials, saving $161,000.

Project Cost: $7.25 million

Source Funds

$7,250,000 – Development Finance Authority IRB, 1999 & 2002

Interest Rate

The Development Finance Authority issued Industrial Revenue Bonds on behalf of ASC. Fifth Third Bank secured the conduit financing with a letter of credit. The DFA structured a capital lease. Under the terms of the lease, the assets accrue to ASC’s balance sheet as the lease payments service the debt. This allows ASC to claim asset depreciation for tax purposes. ASC also has the option to take full ownership of the property at the end of the lease term for a nominal cost.

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.

Barberton YMCA

Issuer(s)
DFA // BCF // Barberton
Investment Amount(s)
(in millions)
4.1 // 1.9 // 2.0
Closing Date
2007
County
Summit

Boston Heights TIF

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

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.

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.

Callis Towers

Issuer(s)
DFA
Investment Amount(s)
(in millions)
12.005
Closing Date
2007
County
Summit

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 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 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

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.

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.

Collinson Apartments

Issuer(s)
DFA
Investment Amount(s)
(in millions)
4.0
Closing Date
2006
County
Summit

Concord-Testa Hotel

Issuer(s)
DFA
Investment Amount(s)
(in millions)
14.4
Closing Date
2014
County
Summit

Conexus (Summit Workforce)

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

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

 

East End Hotel

Issuer(s)
DFWR // PNC Bank CDE
Investment Amount(s)
(in millions)
9.0 // 2.0
Closing Date
2013
County
Summit

Eastland Woods Apartments

Issuer(s)
DFA
Investment Amount(s)
(in millions)
7.525
Closing Date
2004
County
Summit

Edgewood Apartments

Issuer(s)
DFA
Investment Amount(s)
(in millions)
11.25
Closing Date
2007
County
Summit

Edgewood Village

Issuer(s)
DFA
Investment Amount(s)
(in millions)
5.3
Closing Date
2012
County
Summit

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.

Fairlawn GIG

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$10.5M
Closing Date
2016
County
Summit

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.

Ferriot Inc.

Issuer(s)
DFA
Investment Amount(s)
(in millions)
5.4
Closing Date
2007
County
Summit

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

Gateway Center at Oberlin College

Issuer(s)
DFWR // Dudley Ventures // Chase Bank
Investment Amount(s)
(in millions)
$5.25M // $6.5M // $2.7M
Closing Date
2016
County
Lorain

The Gateway Center at Oberlin College is expanding to include community space for the LaunchU Program, musical performing arts venue, greenspace plaza improvements needed to relocate the Oberlin Farmers’ Market, and additional parking and utility improvements.  This is a significant expansion of the University into the downtown Oberlin business district.

Development Fund of the Western Reserve provided a $5.25M New Markets Tax Credits (NMTC) allocation and partnered on this project with Dudley Ventures and Chase Bank, who brought an additional $9.2M NMTC allocation.

This project creates 270 construction jobs, in addition to the creation/retention of 172 full time permanent jobs.

Goodyear Existing Headquarters Area Redevelopment Project

Issuer(s)
Clean Ohio Assistance Fund
Investment Amount(s)
(in millions)
284,007
Closing Date
2008
County
Summit

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.

Goodyear Innovation Way Parking Deck

Issuer(s)
DFA
Investment Amount(s)
(in millions)
45.895
Closing Date
2011
County
Summit

Goodyear Riverwalk

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

Goodyear Riverwalk Global Headquarters

Issuer(s)
DFA // ODOD - Loans // ODOD - Grants
Investment Amount(s)
(in millions)
97.885 // 30.0 // 17.0
Closing Date
2011
County
Summit

The Goodyear Tire & Rubber Company (Goodyear) completed their new 639,000 square foot Global and North American Headquarters building in 2013. The Development Finance Authority (DFA) worked cooperatively with Goodyear, the State of Ohio, the City of Akron and Summit County to provide over $60,000,000 of incentives to the project to retain the fortune 500 company in Akron for 25 years. Goodyear employs 3,000 people in Akron.

The Value Provided

The Development Finance Authority structured a $100,000,000 capital lease structure and taxable bond issuance to fund a portion of the project. DFA’s lease structure created State and County sales tax savings of $4,500,000. The bond issue was structured as development revenue bond with a 25 year term and was sold as a Private Placement.

Benefits of Working with usGY HQ Ribbon Cut

The Development Finance Authority also served as recipient of State grant and loan incentives through a master grant agreement between the Authority and the State. The Authority borrowed funds from the State of Ohio on behalf of Goodyear and the City of Akron using Tax Increment Financing Payments to repay State loans over a 20 year term.

Project Cost

Source Funds:

$100,000,000 – Development Finance Authority Bonds
$ 4,500,000 – Development Finance Authority Sales Tax Savings
$ 20,000,000 – State 166 Loan
$ 10,000,000 – State R&D Loan
$ 16,800,000 – State Grants
$ 10,200,000 – Summit County Contribution

$161,500,000 – Total Sources

Goodyear Riverwalk Innovation Center

Issuer(s)
DFA
Investment Amount(s)
(in millions)
46.7
Closing Date
2011
County
Summit

Goodyear/IRG Rubber City Land Acquisition

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

Great Wave Broadband

Issuer(s)
DFWR//Finance Fund
Investment Amount(s)
(in millions)
$4.5M//$5M
Closing Date
2016
County
Ashtabula

GreatWave Broadband Services provides broadband telecommunication services to residential and business subscribers located in rural Ashtabula, Lake and Geauga Counties.  Formerly known as the Conneaut Telephone Company, GreatWave has been in business over 100 years in Conneaut, Ohio.  The company currently has over 2,000 telephone customers, 1,650 cable TV subscribers, and 3,200 broadband internet users.

With the $9.5M NMTC allocation, GreatWave anticipates adding 650 new broadband telecommunication customers per year by expanding their services in areas where it was previously unavailable due to lack of infrastructure.  Additionally, with the NMTC financing, GreatWave will be able to retain 37 full time jobs and create 17 additional full time positions with comprehensive benefit packages over the next 7 years.

This project marks DFWR’s first use of its allocation in a non-metro county.

HPC Integrated Graphic Solutions

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

Hy-Ko Products, Inc.

Issuer(s)
DFA
Investment Amount(s)
(in millions)
5.5
Closing Date
2003
County
Summit

Hy-Ko Products is a leading manufacturer of numbers, letters, signs, keys and display products. They provide these products to some of the largest hardware, home center, grocery, drug and mass merchandise chains in North America. The company sources its parts globally and exports products to Canada and Mexico. Hy-Ko’s steady growth necessitated a new headquarters, manufacturing, distribution and warehouse facility. Plans were developed to move over 100 employees into Summit County. A new 125,000-square foot facility was planned in the Village of Northfield, Ohio.

The Value Provided:

Find the most effective means of financing new construction.
Provide a favorable environment for international business in Summit County.

Benefits of Working with us

Hy-Ko was able to finance the project without a construction loan.
As a conduit, the DFA issued debt to Hy-Ko at a reduced interest rate.
Due to DFA involvement, construction materials were tax-exempt, saving $102,000.
The DFA has extensive capital leasing experience.
The DFA lobbied the Department of Commerce to establish a Foreign Trade Zone.

Project Cost: $5.5 million

Source Funds:
$5,500,000 – Development Finance Authority Industrial Revenue Bonds

Interest Rate: 
Variable

The Development Finance Authority provided conduit financing with industrial revenue bonds. KeyBank issued a letter of credit to secure the financing. Hy-Ko obtained an IRS-approved, tax-exempt variable interest rate. DFA also structured a capital lease with the following features:
Hy-Ko designs and builds the facility to its specifications
Hy-Ko claims the tax advantages of depreciation
Hy-Ko will become the owner for a nominal cost at the end of the lease term

Jetro/Restaurant Depot

Issuer(s)
DFWR // Capital One CDE
Investment Amount(s)
(in millions)
5.5 // 1.0
Closing Date
2015
County
Summit

Restaurant Depot is a membership based wholesaler that serves local restaurants, non-profits, caterers, and other small businesses with their food and equipment needs. There are successful locations in 30 states nationwide with 3 located in Ohio (Cleveland, Columbus, and Cincinnati). The site is a former brownfield that was purchased by the City of Akron for development. Restaurant Depot has created approximately 250 construction jobs using primarily local contractors. In addition to the construction jobs, 33 full time permanent union jobs were also created with that number expected to rise to over 50 jobs in the next 5 years. Capital One, in addition to being the NMTC investor, provided a $1.0M allocation through its CDE. Among other financing sources, Development Fund of the Western Reserve (DFWR) allocated $5.5 million in Federal New Markets Tax Credits.

Restaurant Depot Ribbon Cutting

KB Bio Energy, Inc.

Issuer(s)
DFA
Investment Amount(s)
(in millions)
5.0
Closing Date
2006
County
Summit

KB Bio Energy, Inc.

Issuer(s)
DFA
Investment Amount(s)
(in millions)
28.0
Closing Date
2012
County
Summit

Kent State University Hotel & Conference Center

Issuer(s)
DFWR // Finance Fund // Chase Bank CDE
Investment Amount(s)
(in millions)
7.0 // 10.5 // 2.0
Closing Date
2012
County
Portage

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.

Lawrence School

Issuer(s)
DFA
Investment Amount(s)
(in millions)
10.475
Closing Date
2005
County
Summit

Development Finance Authority of Summit County issued $7,700,000 Tax-Exempt Refunding Revenue Bonds, Series 2015 in December to refinance and refund $8,945,000 of Series 2005 Variable Rate Demand Bonds as issued by the Summit County Port Authority. The proceeds of the original issue were used for the School’s campus locations in Broadview Heights, Ohio and Sagamore Hills, Ohio. A TEFRA Hearing was held on November 16, 2015 and closed on December 2, 2015.

Lawrence Schools Refunding

Issuer(s)
DFA
Investment Amount(s)
(in millions)
7.7
Closing Date
2015
County
Summit

Lincoln Electric Welding Technology Center

Issuer(s)
DFWR//Chase//CDFI
Investment Amount(s)
(in millions)
$5.0M//$1.0M//$5.0M Federal NMTC//$2.6M State NMTC
Closing Date
2016
County
Cuyahoga

The new Center will focus on the training of welding educators and industry leaders to address the rising demand for welding education and career pathways in welding and advanced manufacturing and expand Lincoln’s local, national and global reach in its recognition as the global leader in welding education.

This project is utilizing $5.0M of Federal New Markets Tax Credits provided by the Development Fund of the Western Reserve.

This project creates approximately 194 construction jobs and 40 full time permanent jobs, in addition to retaining 20 existing permanent full time jobs.

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.

Lorain County Health & Dentistry

Issuer(s)
DFWR // PNC Bank CDE
Investment Amount(s)
(in millions)
9.0 // 2.0
Closing Date
2013
County
Lorain

Mercy Medical

Issuer(s)
DFWR // Finance Fund
Investment Amount(s)
(in millions)
5.0M // 5.0
Closing Date
2015
County
Mahoning

Mercy Health’s St. Elizabeth Hospital in Youngstown, Ohio is renovating a 32,000 SF section of its current facility and creating a Behavioral Health Institute (BHI). The $10,970,396 renovation consists of modifications to vacant floors of St. Elizabeth in an effort to adapt to the changing needs of the Youngstown community, particularly the need for increased geriatric care. The project is also in response to a community health assessment of Mahoning County which indicated that behavioral health is one of the top needs in the community. St. Elizabeth is the only provider of behavioral health services within a 90 mile radius. The BHI will expand the hospital’s current behavioral health services from just adult care, to include geriatric care, outpatient services, and increased inpatient admission. The BHI will have 24 adult acute beds and 14 senior medically frail beds, with the ability to service up to 100 patients per day. In addition, the creation of post-acute services and intensive outpatient programs is expected to reduce the need for frequent inpatient hospitalization. This project will create approximately 80-90 construction jobs, and allow BHI to create 20 new full time permanent jobs primarily in the health care field, and retain at least 50 existing full time permanent jobs. Development Fund of the Western Reserve provided a $5M NMTC allocation and partnered on this project with another CDE, Finance Fund, who brought an additional $5M Federal NMTC Allocation and $2.5 State NMTC Allocation.
The Behavioral Health Institute is an ideal NMTC project because it serves a federally designated medically underserved area that has a 42% poverty rate, median family income of 45.5% of statewide median family income, and a 23.9% unemployment rate (more than 1.5 times the national average). NMTC financing allowed Mercy Health to immediately fund construction and expand the scope of its renovations to include specialized equipment for treating behavioral health patients, instead of waiting years for funding from the operating budget to become available.

New Castle School of Trades East Liverpool Campus

Issuer(s)
PNC Bank CDE // DFWR // State of Ohio
Investment Amount(s)
(in millions)
5.2 // 2.5 // 2.4
Closing Date
2015
County
Columbiana

New Castle Ground Breaking2New Castle School of Trades is a vocational school with successful campuses in Western Pennsylvania. Their new location, in downtown East Liverpool Ohio will provide job-ready training to thousands each year while revitalizing the downtown area. The New Castle School of Trades will be located in soon-to-be renovated historic buildings in downtown East Liverpool that have sat vacant for years. The East Liverpool Campus created 33 new jobs. In addition to historic tax credits and other financing sources, Development Fund of the Western Reserve (DFWR) allocated $2.5 million in State of Ohio New Markets Tax Credits.

Pepperidge Farms

Issuer(s)
DFA
Investment Amount(s)
(in millions)
40.0
Closing Date
2013
County
Huron

Pepperidge Farm, Incorporated based in Norwalk, Connecticut is a leading provider of premium quality fresh bakery products. It is a subsidiary of Campbell’s Soup Company. Pepperidge Farm chose to invest $93M for a 227,000 square foot expansion of its facility located in Willard, OH. The plant expansion will create 50 new jobs and retain 524 jobs in Huron County. To help with the expansion, the Huron County Development Council partnered with DFA to provide $40M for the building construction.

The Value Provided

Find the most reasonable and cost effective method to finance new construction.

Benefits of Working with us

    • DFA’s extensive experience in structuring capital leases.
    • Pepperidge Farm gains tax advantages and nominal-cost ownership options from capital leasing.
    • DFA conduit financing resulted in a reduced interest rate.

Project Cost: $93,235,649

Source Funds:

$40,000,000 – DFA Capital Lease
$53,235,649 – Machinery & Equipment Private Capital
—————
$93,235,649 – Total

Interest Rate

N/A

Plaza/Schroer TIF

Issuer(s)
DFA
Investment Amount(s)
(in millions)
.94
Closing Date
2008
County
Portage

Ramco Associates, LLC

Issuer(s)
DFA
Investment Amount(s)
(in millions)
13.6
Closing Date
2015
County
Summit

Riverside Rail Industrial Park

Issuer(s)
Clean Ohio Assistance Fund
Investment Amount(s)
(in millions)
158,920
Closing Date
2007
County
Summit

Ronald McDonald House of Akron

Issuer(s)
DFWR//Chase
Investment Amount(s)
(in millions)
$7.5//$2
Closing Date
2016
County
Summit

The Ronald McDonald House of Akron serves the Akron Children’s Hospital.  Akron Children’s Hospital is the 9th largest children’s hospital in the United States.  With 20 rooms currently, the Ronald McDonald House of Akron was able to provide service to 821 families in 2014 with over 75% of those families being Ohio residents, and over 50% of the patients’ families served  by the House are low income, Medicaid-eligible families.

The Ronald McDonald House of Akron serves families not just from Northeast Ohio, but from many parts of the state, country, and world.  In 2014, they accommodated families from 46 Ohio counties, 23 states, and 8 countries.

The need far outweighed the resources currently available.  In the same year that 821 families were accommodated by the Ronald McDonald House of Akron, over 6,000 families were turned away due to lack of space.  This project will triple the number of rooms available from 20 to 60.

Additionally, this project will create 135 construction jobs, 8 full time and 3 part time quality jobs available to qualified local residents.

Construction on the facility expansion is anticipated to begin in late summer 2016.  Akron-based contractor, Thomarios, has been hired for both the new construction and the renovation of the existing rooms.

Shaw Jewish Community Center

Issuer(s)
DFA
Investment Amount(s)
(in millions)
5.0
Closing Date
2005
County
Summit

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%

Snap-on Business Solutions Inc.

Issuer(s)
DFA
Investment Amount(s)
(in millions)
16.5
Closing Date
2008
County
Summit

Snap-on Business Solutions Inc., a division of Snap-on Incorporated, is a leading provider of integrated content and software solutions for the global Automotive, Powersports, Construction and Outdoor Power markets. The company provides manufacturers and their dealership networks with the information tools needed to sell more parts, repair vehicles and equipment more efficiently, and to profitably grow their parts and service operations business. Snap-on Business Solutions planned a new 105,000 square foot HQ building in Richfield, Ohio on an 8.5 acre site in the Kinross Lakes Office Park.
Snap-on building

The Value Provided

Find the most reasonable and cost effective method to finance new construction.

Benefits of Working with us

By utilizing the services offered by the Development Finance Authority (DFA), Snap-on Business Solutions was able to take advantage of sales tax savings on construction materials related to the project. Under a Cooperative Agreement between the DFA, the Village of Richfield, and Snap-on Business Solutions, the Village approved tax increment financing (TIF) to support the project. 300 jobs were retained in the County of Summit, Ohio with an additional 50 new jobs forecast over the next three years.

Project Cost: $16,500,000

Source Funds:

$16,500,000 – Development Finance Authority taxable revenue bond

Interest Rate

7%

The DFA provided conduit financing with taxable revenue bonds. DFA also structured a capital lease with the following features: Through use of a construction agency agreement, Snap-on Business Solutions designs and builds the facility to its specifications. Snap-on claims the tax advantages of depreciation. Snap-on has the ability to become the owner for a nominal cost at the end of the lease term.

Star of the West Milling Co. of Ohio

Issuer(s)
DFA
Investment Amount(s)
(in millions)
10.0
Closing Date
2014
County
Huron

Summa Enterprise Group (Hudson Wellness Institue)

Issuer(s)
DFA
Investment Amount(s)
(in millions)
15.405
Closing Date
2006
County
Summit

Summa Health Systems Center for Excellence

Issuer(s)
DFA
Investment Amount(s)
(in millions)
10.0 tax-exempt // 17.0 taxable
Closing Date
2002
County
Summit

Summa Health System is one of the largest integrated health systems in Ohio. The Heart Center and Specialty Health Center added approximately 80,000 square feet of space to the Akron City Hospital Campus. The addition brought a wide range of patient services under one roof. The building provides a mix

The Value Provided:

Find optimum financing for Summa’s mixed for-profit and non-profit development.
Maintain Summa’s control of the facility’s construction and operation.

Benefits of Working with us

Summa financed 100% of the project with the Development Finance Authority (DFA) as substantive issuer.
The DFA’s non-profit status meant sales tax exemption on construction materials.
DFA-structured financing took advantage of the tax-exempt portion.
Lease end options will allow Summa to share in appreciation of the project.
Summa enjoys enhanced cash flow from off-balance sheet financing.
Fixed or floating rate financing means flexibility in capital and debt management.

Project Cost: Taxable: $17 million
Tax-exempt: $10.5 million

Source Funds:
$17,000,000 – Development Finance Authority Taxable Bonds
$10,500,000 – Development Finance Authority Tax-exempt Bonds
—————
$27,500,000 – Total

Interest Rate: 

The DFA issued a total of $27.5 million in tax-exempt and taxable bonds to finance the project. The DFA structured a synthetic lease financing agreement with Summa. The lease was facilitated and underwritten by NatCity Investments, Inc. Under the terms of the agreement, Summa leases the buildings from the DFA, which owns the assets. Lease payments service the bond debt. During the lease term, Summa reports these payments as an operating expense, but may also take depreciation for tax purposes.

Summa Refunding

Issuer(s)
DFA
Investment Amount(s)
(in millions)
13.675
Closing Date
2014
County
Summit

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.

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

Issuer(s)
DFA
Investment Amount(s)
(in millions)
30.0
Closing Date
2013
County
Summit

The University Edge project is located on East Exchange Street between Sumner and Allyn Streets, adjacent to the University of Akron. The development site included 15 parcels assembled and financed privately by the developer. The completed project consisted of two five story buildings; one with retail on the ground floor and the other with a community facility for tenants on the ground floor. Both have private housing units, 40 in the retail building and 108 in the second building, on floors 2-5.

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 $3M 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.

For the second series of bonds DFA issued $6.645M of TIF bonds through the DFA Jobs and Investment Bond Fund program for infrastructure improvements servicing the two buildings. This debt instrument also provided the Sales Tax Exemption on all the building materials.

Project Cost: $47.599M

Source Funds:
$30M – Conduit Lease Revenue Bonds purchased by Huntington Bank
$6.645M – DFA Jobs & Investment Bond Fund program-TIF (4.25% fixed rate fully amortizing debt)
$10.954M – Equity
$47.599M

 

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

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.”

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

Western Reserve Academy

Issuer(s)
DFA
Investment Amount(s)
(in millions)
19.6
Closing Date
2011
County
Summit

Western Reserve Academy

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$7.93
Closing Date
2017
County
Summit

Development Finance Authority of Summit County (DFA) issued $7,930,000 in Tax-Exempt Revenue Bonds to fund the construction, renovation, installation, furnishing or equipping of real and/or personal property of Seymour Hall owned by Western Reserve Academy in conjunction with its private secondary education facility.

This project creates 90 construction jobs.

 

 

Western Reserve Academy Refunding

Issuer(s)
DFA
Investment Amount(s)
(in millions)
$19.82
Closing Date
2017
County
Summit

Youngstown YMCA

Issuer(s)
DFWR // DFWR
Investment Amount(s)
(in millions)
$5.5M // $2.5M
Closing Date
2016
County
Mahoning

The Youngstown YMCA is renovating nearly 20,000 square feet of its 100 year old downtown Central YMCA creating modified spaces for continuing its transformational work in providing healthy living, youth development, and strengthening families in its downtown community.

This project is utilizing $5.5M of Federal New Markets Tax Credits and $2.5M of State New Markets Tax Credits provided by the Development Fund of the Western Reserve.

This project creates 50 construction jobs and 19 full time permanent jobs, in addition to retaining at least 55 existing permanent full time jobs.