Bridgestone Americas Technical Center & Parking Facility Project
Akron, Ohio

Construction of a 260,500 square foot state of the art Akron Technical Center coupled with an approximately 400,000 square foot Parking Facility. Both structures will be joined by a 260 foot Pedestrian connector to allow Bridgestone employees to safely access the Technical Center from the Parking Facility.

The Challenge:

Present a viable and competitive offer to enable Bridgestone and its nearly 1,000 employees to remain in Akron, OH., building on a 100 plus year history.

Benefits of Working with SCPA

The Summit County Port Authority structured a Capital Lease with the bank comprising Bridgestone’s credit facility. The bank then structured an Operating Lease with Bridgestone Americas Tire Operations, LLC who in turn was able to take advantage of the Port Authority’s sales tax exemption on construction materials related to the project and obtain the maximum use of Tax-Increment Financing (TIF) payments to leverage the project financing.

Project Cost: $70M - Akron Technical Center, Parking Facility, & Pedestrian connector

Source Funds:
Public Partnership
Of the $70M, the County of Summit pledged $7.3M for the Parking Facility and Pedestrian Connector and the City of Akron pledged $500,000 toward the Pedestrian Connector. The County of Summit and the City of Akron allocated $7.8M of their respective Recovery Zone Bond Allocations to the project to enable the Parking Facility and Pedestrian Connector bonds to be issued tax exempt. The Summit County Port Authority will be the issuer the bonds in their entirety.

Interest Rate: 
N/A

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