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