City of Macedonia Project
Macedonia, Ohio
Through a cooperative agreement with the SCPA, City of Macedonia and Mary Maria @ Summit Pointe, LLC, the developer will construct public improvements, financed by SCPA conduit-issued bonds, on behalf of the City of Macedonia. The developer will install a road connecting Valley View Road and S.R. 82 including sidewalks and handicap ramps, street lighting, water lines, storm and sanitary sewer lines, fire hydrants and landscaping. The public improvements will benefit an Independent Living/Assisted Living Facility and an Active Adult Community to be constructed on property included in an incentive district (the "TIF District") created by the City.
The Challenge:
Fund the public improvements at the least cost to the developer, and as non-recourse to the City of Macedonia and the SCPA.
Benefits of Working with SCPA
SCPA has extensive experience with tax-increment financing districts.
Early project start with swift closing and interim financing.
No sales tax on hard construction costs.
Project Cost: $2.5 million
Source Funds:
$2,500,000 - Summit County Port Authority Tax-exempt Revenue Bonds
$31,000,000 - Private Investment for Senior Housing Development
Interest Rate:
The City adopted the TIF Ordinance exempting the property in the TIF District for a period of 30 years.
