Posts Authored by John Caleb Bell

Ohio SB 8 would authorize tax credits for Opportunity Zone investments

A bill that would authorize tax credits for investments in an Ohio Opportunity Zone (see our August 13, 2018 blog post) received support from the Summit County Executive and the Greater Cleveland Partnership, Gongwer reports. Senate Bill 8 (SB 8) would amend and enact sections of the Revised Code to authorize tax credits including job creation, job retention, historic preservation and other tax credits for investments in designated Opportunity Zones. Summit County Executive Ilene Shapiro said Opportunity Zones in Summit County are areas that “have seen great difficulty drawing private capital for development projects necessary to move these communities forward,” according to the article. Alesha Washington, vice president of government advocacy for the Greater Cleveland Partnership, said, “[w]e believe Senate Bill 8 offers much needed support to local economic development efforts to attract and keep potential Opportunity Zone investors interested in Ohio.” 

Economic Development, Financial Incentives, State Updates

Two Columbus projects awarded Historic Preservation Tax Credits

The Ohio Development Services Agency recently granted Ohio Historic Preservation Tax Credits to The Hayden in downtown Columbus and Brad DeHays’ Trolley Barn on the Near East Side of Columbus, Columbus Underground reports. The $19M Hayden project, a 13-story building at 16 E. Broad Street and a 4-story building at 20 E. Broad Street that dates to 1869, received a total tax credit of $1,940,000. Brad DeHays’ Trolley Barn, a trio of buildings that will be converted into office space, a residential building and a coffee shop, received a total of $361,000 in tax credits. Bricker & Eckler LLP served as PACE counsel for The Hayden. For more, read the full article

Economic Development, Financial Incentives, State Updates

Summary of 2018 PACE transactions in Ohio

2018 PACE Financing in Ohio

Economic Development, State Updates

Largest C-PACE deal in U.S. for 2018: $16.3M for Columbus project

Petros PACE Finance, LLC announced “the closing of a $16.3 million Commercial Property Assessed Clean Energy (C-PACE) transaction in Columbus, Ohio with UPH Holdings, LLC, an affiliate of Continental Hospitality Group and Concord Hospitality Enterprises,” according to a Business Insider press release. The deal, which “will fund eligible upgrades to a 354-room dual branded Marriott Hotel & Residence Inn” near The Ohio State University, is “the largest publicly-announced C-PACE deal in the country to date in 2018,” according to the release. Continental secured the C-PACE financing through the Columbus Regional Energy Special Improvement District PACE program; Bricker & Eckler LLP served as PACE counsel for the project. For more, read the full press release.

Economic Development, Financial Incentives, Project Finance, State Updates

Warren County lays groundwork for CRA to draw “top companies”

Commissioners in Warren County voted to establish a tax abatement zone on large parcels of undeveloped land in order to help draw “top companies shopping for new places to bring expansions and quality jobs,” the Dayton Daily News reports. Commissioner Dave Young “expressed reluctance about setting up the community investment area [CRA]” before the vote but agreed “the county needed the economic development tool in its toolbox,” according to the article. Projects to bring industrial or commercial developments to the CRA along Interstate 75 between Cincinnati and Dayton could receive tax abatements “of up to 75 percent for 15 years” and would likely be offered in conjunction with a joint economic development district that would enable Turtlecreek Township to collect income tax.  For more, read the full article

Economic Development, Financial Incentives, State Updates

Lorain Port Authority new 5-year plan includes name change and business financing

A “slight name change” reflects the goal of the Lorain Port Authority’s new five-year strategic plan: to continue to do what the agency does well and expand its role in business financing for the area, The Morning Journal reports. The plan has three visions that reflect the new name, the Lorain Port & Finance Authority. The visions include the Port establishing itself “as the community and economic development leader in Lorain,” and utilizing “the finance capacity allowed under Ohio law to development finance programming and investment,” according to the article. The plan “was developed over 10 months with the Council of Development Finance Agencies, or CDFA, a Columbus-based nonprofit group.” Port Executive Director Tom Brown said the “Port has touched the surface of business financing and will do more of that with the help of the CDFA.” For more, read the full article

Economic Development, State Updates

Forbes magazine says C-PACE financing is “Poised for Breakout”

Commercial Property Assessed Clean Energy (C-PACE) financing may still be “a well-kept secret,” but Forbes magazine reports that the “recent sale of a $103 million bond backed by C-PACE assets to institutional investors” may raise the program’s profile and lead to a breakout. Greg Saunders, CEO of CleanFund Commercial PACE Capital, the lender that originated the bond offering, “expects Wall Street’s acceptance of the deal to bring more attention to the tool and, ultimately, more securitizations,” according to the article. Saunders said C-PACE financing “has topped $700 million since inception and will surpass $1 billion by next year” as property owners increasingly find C-PACE “to be a superior long-term option for major upgrades.” For more, read the full article

Economic Development, Project Finance

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
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