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
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).
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.