Posts Authored by DevelopOhio

Refinancing will net JobsOhio additional $81M to be invested in economic development

Bricker & Eckler LLP served as underwriter’s counsel for a refinancing transaction recently completed to assist JobsOhio, the state’s private economic development group. The Dayton Business Journal reports that JobsOhio announced “a new financing solution that will generate nearly $81 million in savings over the next 18 years, helping fuel additional investment” in Ohio’s economy. JobsOhio is funded through “revenue from the Beverage System,” which it acquired in 2013. Recently, CFO Brian Faust led a team that “made a case to credit rating agencies for an upgrade” based on a notable uptick in profits and operational successes, according to the article. In response, Moody’s “affirmed the current rating of Aa3 with stable outlook” and Standard & Poor’s announced a ratings upgrade to AA+. JobsOhio then closed on Series 2020A bonds with “an all-in interest cost well below 3 percent.” For more, read the full article.

Economic Development, State Updates

Opportunity Appalachia forum features ideas for attracting community investment

The Opportunity Appalachia forum, held in Marietta, Ohio, on January 14, brought together approximately 75 local leaders in southeastern Ohio to learn more about the federal Opportunity Zone program. Created as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones allow investors with significant capital gains to make investments in eligible areas in Ohio to delay and/or reduce their federal tax obligations. Bricker & Eckler was represented by Public Finance attorney Jeff Harris as one of many state and national speakers addressing the audience on how to attract investments to their communities. Harris specifically talked about how to create an Opportunity Zone prospectus, to be published online and in print form, to highlight eligible investment projects in one’s local community. For more, read the full story.

Economic Development, Federal Updates, Financial Incentives, State Updates

Team NEO, Ohio Economic Development Association and Bricker & Eckler to host an event focused on strengthening communities

Team NEO, Ohio Economic Development Association (OEDA) and Bricker & Eckler will host a half-day economic development conference, Thursday, January 16, 2020, 7:30 a.m. - 1:00 p.m., at Corporate College East in Warrensville Heights, Ohio. The conference will include presentations, panel and roundtable discussions on the importance of having a strategic plan, competitive-ready communities and innovative economic development tools. Lt. Governor Jon Husted will provide keynote remarks during lunch.

Economic Development, Energy Efficiency, Financial Incentives

Dayton Arcade awarded $2.75M in state tax credits for Third Street Arcade rehab

The “most complicated project in the city of Dayton’s history,” the Dayton Arcade redevelopment project, was awarded state historic tax credits for the $27.6 million rehab of the Third Street Arcade, the Dayton Daily News reports. The state of Ohio awarded $2.75 million for “a second phase of the arcade’s restoration focused on two northern buildings in the nine-building complex,” according to the article. This is the third time the Dayton Arcade has won state historic tax credits, bringing the project’s total awards to $11.75 million. The Third Street Arcade project will “rehab an elaborate façade and two-story, sky-lit arcade into a mix of uses,” including a new kitchen incubator, retail and restaurant spaces, apartments and office space. For more, read the full article.

Economic Development, Financial Incentives, State Updates

New authority formed to own and operate Dayton Convention Center

The Montgomery County Board of Commissioners agreed to create a new joint city and county entity to own and operate the Dayton Convention Center, a move “hailed as an important step to ensuring the convention center will have the funding needed to make capital investments to keep the facility competitive and attract more business,” the Dayton Daily News reports. The Montgomery County Convention Facilities Authority “has the power to increase the lodgings tax to pay to upgrade the aging facility,” according to the article. A task force that studied the convention center “estimated it needed between $20 million to $28 million in improvements.” The new authority will also “help the community compete for convention groups . . . and many other types of business that will bring outside dollars and visitors in,” Dayton Convention & Visitors Bureau President Jacquelyn Powell said. For more, read the full article.

Economic Development, State Updates

Bricker & Eckler partners with Ohio advancement groups to host economic development seminars

Bricker & Eckler is partnering with APEG, JobsOhio and OEDA, with assistance from Buckeye Hills Regional Council, Ohio Valley Regional Development Commission, Ohio Mid-Eastern Governments Association and Ohio University Voinovich School of Leadership and Public Affairs, to offer two economic development training events: October 25 in Piketon, Ohio, and November 20 in Cambridge, Ohio. These events, titled ED NOW!, will empower participants to guide their communities’ futures with cutting edge economic development insights and strategies. For more information, visit the event page

Economic Development, Energy Efficiency, Project Finance

Bell announced as board member for relaunched PACENation initiative

Caleb Bell, PACE attorney and chair of the firm’s Public Finance practice, was announced as one of nine board members for PACENation, a recently relaunched nonprofit organization that advocates for expanded access to property assessed clean energy (PACE) financing. The elected board is made up of distinguished clean energy finance and policy leaders from around the country.

As part of its relaunch, PACENation publicized that it is now an independent, membership-funded nonprofit organization that will provide public officials, other stakeholders and its members with resources and educational materials related to PACE financing. Some specific initiatives include a commitment to diversity, equity and inclusion, a webinar series for state and local officials, and industry insights and market data. The organization – as well as its newly-elected board members – will continue its mission of helping property owners improve the efficiency and resiliency of their homes and businesses with PACE.

Economic Development, Miscellaneous, Project Finance

Sidney approves city-wide ESID district

Sidney City Council members passed a resolution establishing a city-wide energy special improvement district (ESID), making commercial buildings within the city eligible for the Property Assessed Clean Energy (PACE) program, the Sidney Daily News reports. PACE “is a flexible financing tool to help commercial building owners pay for energy efficient building improvements with no money out of pocket,” the article reports. Michael Katz of Bricker & Eckler LLP answered council members’ questions about PACE, and “outlined the duties, composition and function of the [ESID] board.” Katz noted “the current district would apply to commercial, industrial and multi-family properties,” and that a residential PACE program could “soon be available in Ohio.” For more, read the full article.

Energy Efficiency, Project Finance, State Updates

Bell featured on Debtwire: PACE financing likely to expand as a result of regulation, securitization

Issued by local government entities, PACE (Property Assessed Clean Energy) bonds allow residential or commercial property owners to finance energy improvement upgrades to their properties. Bonds may be issued and sold directly to the property owner, to a third-party lender, or to institutional investors. Until recently, as Bricker’s Public Finance Chair Caleb Bell notes in a recent article on Acuris’ Debtwire, PACE bonds have been mostly unregulated with only state and local legal requirements. In California, where stricter lending standards are taking shape, Bell notes, “those protections broaden into the actual ability of the homeowner to repay the loan,” resulting in a “much more solid product.” Bell adds that securitizations are becoming increasingly common in this sector and that commercial PACE financing is “becoming its own unique asset class.” These new developments in standardization and regulation are likely to increase the popularity of PACE bonds with investors.

Economic Development, Energy Efficiency, Financial Incentives, State Updates

Bricker attorney Caleb Bell to moderate C-PACE discussion at PACENation Summit

On April 4, 2019, Bricker & Eckler attorney Caleb Bell will moderate a PACENation Summit panel discussion entitled, “C-PACE Project From Start to Finish.” Participants will dig into the details of a C-PACE project from multiple angles: origination, administration, financing and more. For additional information, visit the event page.

Economic Development, Energy Efficiency, Project Finance
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