Guernsey County Port Authority allocated $2M grant for economic development

A $2 million federal grant will help with the construction of development sites in a 45-acre parcel to help attract new businesses to Guernsey County, according to April 4, 2022 and June 14, 2022 articles in The Daily Jeff. Dr. Glenda Bumgarner, president of the Appalachian Partnership, sponsored the grant “and will work with the [Guernsey County Port Authority] in the application process” for projects to be funded, according to the June 16 article. The grant “will require an additional nearly $2 million in matching funds” from sources including additional grants and local dollars. Ten projects “have been identified and each will be fully researched to be included in a grant application that will enhance revitalization, cultural, and recreational areas throughout the county.” For more, read the full April 4, 2022 and June 14, 2022 Daily Jeff articles. 

Economic Development, Project Finance, State Updates

Grant and TIF package approved for Worthington’s High North project

Worthington City Council has approved “an economic-development grant and tax-increment-financing package to facilitate” the High North project proposal to “rebrand and redevelop the Shops at Worthington Place mall” into a mixed-use commercial space, The Columbus Dispatch reports. Council “earmarked a $2.5 million grant to help developer Direct Retail Partners with construction,” to be paid in “five installments of $500,000” toward the six-story, 75,000-square-foot class-A office building, according to the article. Economic development director David McCorkle said the grant is a payroll grant based on the expectation that the office building “would generate at least $30 million in annual payroll,” which would generate $750,000 per year in income-tax revenue for the city. Council approved a tax increment financing (TIF) package to divert a portion of the developer’s property taxes each year “to help pay for the [public parking] garage, which is expected to cost about $12.1 million.” For more, read the full article

 

Economic Development, Financial Incentives, Project Finance, State Updates

Developer seeks state tax credit for $107M downtown Cincinnati project

NewcrestImage LLC, the developer that wants to transform the three-building Fourth & Walnut Centre complex in downtown Cincinnati into a dual-branded hotel, is seeking a second $5 million Ohio Historic Preservation Tax Credit for the $107 million project, the Cincinnati Business Courier reports. NewcrestImage was awarded $5 million in tax credits for the project in December 2018, according to the article. Cincinnati City Council “unanimously approved a property tax abatement” for the project in January 2019. Fourth & Walnut includes a 19-story tower “designed by famed architect Daniel Burnham’s Burnham & Associates” that dates to 1903, “a four-story building built in 1937 and a six-story building built in 1961.” The state historic tax credit “would allow NewcrestImage to move forward with plans.” For more, read the full article

Economic Development, Financial Incentives, Project Finance, State Updates

Downtown Sandusky’s Hogrefe Building to celebrate opening in March

Hogrefe Building owners Meghan and Rick Hogrefe will celebrate the grand opening of the mixed-use development “five years in the making” with a celebration to unveil the project to the community on March 19, the Sandusky Register reports. Of the total $12 million investment in the site, the Hogrefes contributed $8.5 million personally, and secured state and local government funding sources for the remainder (see our August 27, 2021 blog post for more). Meghan said the new building represents “economic development and the next wave of entrepreneurs building their own legacies in the downtown Sandusky historical footprint.” The space will house “retail, office and residential uses” and will “connect to the adjacent Marketplace at Cooke complex.” For more, read the full article.

Economic Development, Project Finance, State Updates

CFFA’s “strong year” in 2021 included more than a half billion in financing

The Columbus-Franklin County Finance Authority (CFFA)’s recently released annual report pronounced 2021 a “strong year,” in which the organization “provided $587.42 million in development financing — double the total for the previous year.” The CFFA noted several “firsts” for 2021, including “projects in Fairfield, Knox, and Madison Counties; tax-exempt PACE [Property Assessed Clean Energy] financing for Alvis (nonprofit); a construction loan for industrial cold storage; and a small business loan for manufacturing equipment.” The CFFA was also one of six qualified Ohio Port Authorities that “sponsor five regional investment-grade bond funds” to partner with JobsOhio “to establish the $50 million JobsOhio debt service reserve.” Bricker & Eckler was privileged to serve as counsel to CFFA for many bond fund and energy loan projects in 2021. For more, read the full report

Economic Development, Financial Incentives, Project Finance, State Updates

Port Authority tops $200M in deals for Dayton area in 2021

The Dayton-Montgomery County Port Authority had “a record year of successful funding opportunities” with “$218.8 million in capital lease bond transactions” supporting projects including new NorthPoint Development industrial buildings near Dayton International Airport, the Dayton Daily News reports. Capital lease transactions “allow the Port to shield new construction projects from sales taxes on the purchase of construction materials,” the article reports. The Dayton-Montgomery County Port Authority jointly operates the Southwest Ohio Regional Bond Fund with the Port of Greater Cincinnati Development Authority; the fund supported projects for Economy Linen & Towel Services, White Castle, the 130 West Second St. office building, and the Dayton-Phoenix Group, Inc. in 2021. For more, read the full article.

Economic Development, Project Finance, State Updates

ARPA final rule – The “B-sides collection”: Funding capital projects

Much has been written by various prognosticators regarding the January 6, 2022, release by the U.S. Treasury of its final rule as to the use by state and local governments of federal stimulus funding under the American Rescue Plan Act (ARPA). One head-turning change under the new guidance is the Treasury presuming up to $10 million in revenue has been lost by each local government due to the public health emergency.

Rather than rehash key takeaways from the Final Rule (radio’s “A-side” singles), we share this first of a series regarding lesser publicized aspects of the new ARPA guidance (the “B-sides”). Here, we focus on funding capital projects.

For more, read the full article

Economic Development, Federal Updates, Project Finance

Cincinnati Port approves financing tools for $100M in area projects

The Port of Greater Cincinnati Development Authority recently “approved financing tools that will be used to build more than $100 million in local commercial and residential real estate projects,” the Cincinnati Business Courier reports. The Port agreed to formal ownership of project properties, including the $59 million Graphite Oakley apartment project and the $41 million redevelopment of the former Sheraton Hotel in Springdale, according to the article. Under the Port’s ownership, developers are exempt from sales tax on building materials, “which is really, really needed in the current market,” said Todd Castellini, the Port’s vice president for industrial development and finances. The Port also approved issuing $7 million in revenue bonds for “the 383-unit Park at Springdale project,” which the Port will also own. The Port approved “up to $35 million in education revenue bonds for the IDEA Valley View” charter school’s gut rehabilitation of a two-story industrial office. For more, read the full article.

Economic Development, Project Finance, State Updates

Dayton Arcade developer plans to invest $124M for next phases

The next phases of the “massive Dayton Arcade complex” will represent an investment of more than $124 million, and its developers are seeking funding including state and federal historic tax credits, property assessed clean energy (PACE) financing, and the new transformational mixed-use development tax credit, among others, the Dayton Business Journal reports. The Arcade is “a university-anchored, mixed-use innovation district that aims to catalyze the $1 billion redevelopment of two million square feet of vacant and underutilized buildings,” according to the article. The project is expected to create 200 new businesses and “2,500 new jobs that have average salaries between $50,000 and $75,000.” Plans include retail and office space, housing, a shared-use commercial kitchen, a hotel, and Arts Underground, which “aims to include a dynamic mix of arts, theater and food entrepreneurs.” For more, read the full article

Economic Development, Financial Incentives, Project Finance, State Updates

Toledo-Lucas County Port Authority’s 2022 plans include expansion of bond fund lending

President of the Toledo-Lucas County Port Authority Thomas Winston recently outlined plans for the organization to expand its role in financing business expansion in the region in 2022, The Toledo Blade reports. The port authority owns the Northwest Ohio Bond Fund, which “loans for regional economic development projects,” such as the recent issuing of “$8.8 million in tax-exempt bonds for improvement in H.B. Magruder Memorial Hospital in Port Clinton,” according to the article. The bond fund’s most recent report shows $133.2 million in total outstanding loans; Winston said within 18 months the bond fund could be at $200 million. “There are a number of projects around that require access to capital and many entities are looking to the Northwest Ohio Bond Fund to provide that source of capital,” Winston said, adding that the port authority’s top priority is maintaining financial stability. For more, read the full article

Economic Development, Project Finance, State Updates
  • 1
  • 2
  • 3