Projects

City of Garfield Heights City View Development
Garfield Heights, Ohio

Garfield Heights, an inner-ring suburb of Cleveland, was seeking new commercial development. The McGill Property Group developed City View, a 500,000-square foot retail center. It is anchored by multiple big-box tenants including Wal-Mart, Giant Eagle, Dick’s Sporting Goods, Circuit City, Bed Bath & Beyond and OfficeMax. Public infrastructure improvements were needed to support the development, including new roadways, utilities, lighting, signals, and parking.

The Challenge:

Finance the needed public improvements without issuing General Obligation bonds.

Benefits of Working with SCPA

SCPA tax-exempt bonds eliminate need for municipality GO bonds.
Tax-increment financing secured bonds for lower costs.
SCPA bonds have BBB+ Fitch Ratings, resulting in low interest rates.

Project Cost: $11.5 million

Source Funds:
$65,000,000 - National City Bank
$ 2,750,000 - Summit County Port Authority Bonds
$ 8,850,000 - Cleveland-Cuyahoga County Port Authority Bonds
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$76,600,000 - Total

Interest Rate: 
SCPA Tax-Exempt Bonds: 5.25%
CCCPA Bonds: 5.25%

The Summit County Port Authority issued $2.75 million in tax-exempt development revenue bonds. The bonds were secured by TIF revenues and special assessments on the retail portion of the development. The Cleveland-Cuyahoga County Port Authority issued $8.85 million in bonds at comparable interest rates to provide additional funding.

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