Projects
Cascades of Brimfield
Brimfield, Ohio
The Cascades of Brimfield is a 114 acre development in a growing suburb east of Akron. Plans for the mixed-use development include 600,000 square feet of retail and commercial space. Residential space is to include 216 apartments. Public water and sewer infrastructure are needed to service this new development.
The Challenge:
The developer was unable to pay for the required public infrastructure.
Portage County wanted to limit its financial exposure to the infrastructure project.
Benefits of Working with SCPA
SCPA Fixed Rate bonds have low tax-exempt interest rate.
SCPA has extensive experience with tax-increment financing districts.
SCPA involvement allowed County minimum financial exposure.
No loan covenants.
The Port Authority's focus is the infrastructure being financed.
Project Cost: $2.7 million
Source Funds:
$2,475,000 - Summit County Port Authority Bonds
$247,500 - Bond Reserve (Letter of Credit)
$7,000 - Interest Earnings
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$ 2,729,500 - Total
$21,525,000 - Total Private Investment
Interest Rate:
4.875%
The Summit County Port Authority funded the infrastructure improvements with $2.5 million in bonds. Portage County implemented a TIF district to service the bond debt. The developer provided an additional letter of credit and minimum payment guarantee to cover development risk. Portage County provided a limited guarantee through completion of project to enhance the bonds.
