Projects
The Job Center
Akron, Ohio
The Job Center provides businesses and residents access to career services at one state-of-the-art location. Administered by the Summit County Workforce Policy Board, an independent, 501c3 nonprofit organization, The Job Center opened in 2007 in a former DIY Warehouse. The new center provides 55,000 sq. ft. of space to the Job Center partners and 45,000 sq. ft. to be leased to other tenants. The services provided include:
- Business resources
- Labor market information
- Job matching
- Employment screening
- Workshops, training and education
“This is a coup for the region,” said Chuck Byrd, the Board’s executive director. “People here need jobs, employers have jobs to fill, and businesses need a place where they can find answers to their workforce issues. The Job Center will be the place for everyone to find those solutions.”
The Challenge:
Financing a multi-tenant real estate project is often difficult.
Lease terms did not line up with bond financing terms.
Summit County wanted to preserve its borrowing capacity.
Benefits of Working with SCPA
SCPA Bonds financed the project.
Bonds rated BBB+ by Fitch, resulting in a very favorable interest rate
Project Cost: $6.83 million
Source Funds:
$4,830,000 - SCPA Series 2005 E & F Bonds
$2,000,000 - Summit County Loan
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$6,830,000 - Total
Interest Rate:
Series 2005 E Bonds: 5.000%
Series 2005 F Bonds: 4.875%
Summit County Port Authority sold $4.8 million in development revenue bonds to finance the project. The debt will be serviced from tenant leases. Summit County also contributed a loan to be funded by non-tax revenues on an annual appropriation basis. Additional support was provided by the Greater Akron Chamber of Commerce, Akron Tomorrow, and the John S. and James L. Knight Foundation.
