HPC Integrated Graphic Solutions
Akron, Ohio
HPC Integrated Graphic Solutions, also known as Hiney Printing Company, is an award-winning printing company located in Akron, Ohio. For nearly 60 years Hiney Printing has supplied its clients with high quality service by continually updating equipment and processes. To continue its growth, the company needed funds for building acquisition and renovations.
The Challenge:
Obtain funds with favorable financing terms for building acquisition and renovation.
Benefits of Working with SCPA
Long term fixed-rate for relatively new ownership.
Debt service equaled rent payment, so Hiney Printing didn’t incur an increase in expenses.
Project Cost: $1.778 million
Source Funds:
$1,535,000 - Summit County Port Authority Bonds
Interest Rate:
SCPA Fixed Rate Bonds: 6.00%
The Summit County Port Authority provided a $1.535 million taxable development revenue bond issue. The SCPA holds the first mortgage in the land and building as security. Personal and corporate guarantees were also provided. City of Akron provided a three-year guarantee of the SCPA Bonds from their non-tax revenues.
