Posts Authored by John Caleb Bell

Columbus-Franklin County Finance Authority, partners earn CDFA Excellence in Development Finance Award

The Columbus-Franklin County Finance Authority was given the 2018 Council of Development Finance Agencies’ (CDFA) Distinguished Development Finance Project Award for its work on the Bridge Park parking garage project in Dublin, Ohio. The City of Dublin, Summit County Development Finance Authority and Toledo-Lucas County Port Authority were also recognized for their partnership on the project.

The award spotlights outstanding development finance programs, agencies, leaders and projects for excellence in the use – and championing –  of financing tools for economic development. Bridge Park is a $500 million public-private development project that gives Dublin’s Bridge Street District a walkable, urban community featuring more than one million square feet of office, retail, restaurant and housing space. The Columbus-Franklin County Finance Authority began work on the project with developer Crawford Hoying in 2015, having issued over $280 million in bonds. 

Bricker & Eckler served as bond counsel for many elements of the financing and has represented Crawford Hoying for the Bridge Park project.

Economic Development, Financial Incentives

PACE Financing Resource Center and whitepaper

Bricker's Economic Development team recently launched a collection of online resources highlighting the opportunities, challenges and mechanics of PACE financing. In addition to an interactive map identifying all of the state's PACE programs, the resource center also features a free, downloadable white paper describing the details of using this financing tool in Ohio.  

Economic Development, Energy Efficiency, Financial Incentives, Project Finance, State Updates

S&P Global upgrades Central Ohio Bond Fund to A- investment rating

Bricker & Eckler LLP congratulates the Columbus-Franklin County Finance Authority on its Central Ohio Bond Fund achieving an A- investment rating. 

In the authority’s news release, President Jean Carter Ryan said, “[a]long with our Financial Advisor, DiPerna Advisors, we’ve been able to provide creative financing solutions through our Central Ohio Regional Bond Fund to fund impactful projects in the region. With the rating upgrade, we’ll provide our clients a lower cost of funds on new and existing development projects in Central Ohio.” For more, read the full release.

Project Finance, State Updates

Lorain approves energy special improvement district

A project to rehabilitate The Broadway Building in Lorain will be eligible for a state energy direct loan, after Council members recently approved the creation of an energy special improvement district (ESID), The Chronicle reports. Developer Ariel on Broadway will be able to obtain a PACE (Property Assessed Clean Energy) loan of $1.6 million for energy improvements, a “crucial piece of financing,” according to Port Authority Director Tom Brown. Brown and attorney Caleb Bell of Bricker & Eckler LLP explained the ESID agreement to members of Council in a Committee of the Whole session. Bell explained that the $8 million project “will not have full financing” without the PACE loan. For more, read the full article

Economic Development, Energy Efficiency, Project Finance, State Updates

CDFA and PACENation events – September 25-26

On September 25-26, join CDFA and PACENation in Dublin, Ohio, for the CDFA Ohio Financing Roundtable and the PACENation Ohio Regional Conference. Bricker attorney Rob McCarthy will present on Downtown Redevelopment Districts at the CDFA Roundtable, while attorneys Caleb Bell and Colin Kalvas will present on PACE and C-PACE at the PACENation conference. More information, including ticket pricing and registration, are available here.

Economic Development, Project Finance

Bexley offering seminar for residential PACE program

Bricker & Eckler LLP and the City of Bexley will present a seminar for the city’s recently created PACE (Property Assessed Clean Energy) program on September 24, 2018, from 5:00 p.m. to 7:00 p.m. at Bexley City Hall. Caleb Bell of Bricker & Eckler and Bexley Mayor Ben Kessler will explain how solar companies can participate in the program and provide financing to residential property owners. PACE financing allows property owners to finance energy efficiency or renewable energy upgrades to their properties and repay the costs through special assessments on their real property tax bills. To register, click here.

Energy Efficiency, Project Finance, Renewable Energy

S&P upgrades Development Finance Authority bond fund to A-

Rating agency S&P Global has announced an upgrade of the Development Finance Authority of Summit County (DFA)’s Jobs & Investment Bond Fund from a BBB+ rating to an A- with a positive outlook. All bonds within the fund now carry the A- rating.  The bond fund was established in 2004 and “has issued bonds for 32 projects in and around Summit County,” totaling approximately $107.5 million, Cleveland.com reports. In announcing the upgrade, S&P Global “cited the fund’s strong financial risk profile, operating performance history and financial policies.” For more, read the full article.

Economic Development, State Updates

Interactive Map: Ohio PACE Programs

For your reference, our team recently developed a comprehensive Ohio map featuring all active and inactive PACE programs in the state. Scroll over each dot for additional information, including jurisdiction name, ESID and management identification, and the number of closed projects.

Financial Incentives, Project Finance, State Updates

Pennsylvania joins Ohio, other states offering PACE financing

Congratulations to Ohio’s neighboring state Pennsylvania for joining a group of more than 30 states, including Ohio, that authorize Property Assessed Clean Energy (PACE) programs to help finance energy upgrades. Pennsylvania Governor Tom Wolf recently signed legislation establishing the state’s PACE program, which enables funding for energy upgrades to be paid back through property assessments, according to a news release on the governor’s website. The legislation “represents a triple win,” creating new clean energy jobs, saving small businesses money on energy bills, and promoting cleaner air and water by increasing clean energy sources. For more, read the full release

Energy Efficiency, Environmental, Project Finance, Renewable Energy

Ohio offers $11M in tax credits as Amazon eyes two more facilities in state

Monroe and North Randall could be the newest Ohio locations for Amazon distribution centers, and the state is offering $11.6 million in tax credits to help make that happen, The Columbus Dispatch reports. Amazon “officially announced plans for the North Randall project” that includes a $100 million investment “to develop an 855,000-square-foot center employing 2,000 workers earning $55.4 million a year,” according to the article. Amazon would invest $30 million in the Monroe project, which is expected to create “1,000 jobs with an annual payroll of $26.7 million if the company goes ahead with the project.” The Dayton Business Journal reports that a JobsOhio spokesperson “said it will continue to work with the company” and that the combined $11.6 million tax credit from The Ohio Tax Credit Authority was “an important step.” For more, read the full Columbus Dispatch and Dayton Business Journal articles. 

Federal Updates, Project Finance, State Updates
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