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.
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
$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
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.