Goodyear Tire & Rubber Company
Akron, Ohio
Goodyear’s corporate headquarters and research and development center campus are located in downtown Akron, Ohio. The facilities needed a new heating and cooling system that would lead to $3 million in annual savings as well as environmental benefits.
The Challenge:
Recent restructuring made it difficult for Goodyear to secure acceptable financing.
Project funding needed to be obtained at a favorable rate.
Coordination was required among port authorities, the State of Ohio and the City of Akron.
Benefits of Working with SCPA
SCPA’s fixed rate bonds have a low interest rate.
The SCPA secured additional low-interest financing from local and state partners.
The SCPA created working partnerships among a number of public entities.
SCPA involvement allowed tax-free purchase of construction materials.
Project Cost: $22 million
Source Funds:
$5,500,000 - Summit County Port Authority Bonds
$4,125,000 - Cleveland-Cuyahoga County Port Authority Bonds
$7,860,000 - Ohio Enterprise Bond Fund
$4,500,000 - Ohio Department of Development R&D Loan
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$ 21,985,000 - Total
Interest Rate:
SCPA Fixed Rate Bonds: 5.75%
ODOD R&D Loan: 2.25%
The Summit County Port Authority provided fixed rate bond fund financing. The City of Akron supported a portion of the SCPA bonds with credit enhancement. Additional funding at comparable interest rates came from the Cleveland-Cuyahoga County Port Authority and the Ohio Department of Development’s Enterprise Bond Fund. The SCPA also helped Goodyear obtain a research-and-development loan from the State of Ohio.
