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.
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
$3.6M low interest loan based on the A+ rating of the City of Akron
City of Akron Annual Appropriation in the amount sufficient to pay debt service on the bonds.