Snap-on Business Solutions
Richfield, Ohio

Snap-on Business Solutions Inc., a division of Snap-on Incorporated, is a leading provider of integrated content and software solutions for the global Automotive, Powersports, Construction and Outdoor Power markets. The company provides manufacturers and their dealership networks with the information tools needed to sell more parts, repair vehicles and equipment more efficiently, and to profitably grow their parts and service operations business. Snap-on Business Solutions planned a new 105,000 square foot HQ building in Richfield, Ohio on an 8.5 acre site in the Kinross Lakes Office Park.

The Challenge:

Find the most reasonable and cost effective method to finance new construction.

Benefits of Working with SCPA

By utilizing the services offered by the Summit County Port Authority, Snap-on Business Solutions was able to take advantage of sales tax savings on construction materials related to the project. Under a Cooperative Agreement between the Summit County Port Authority, the Village of Richfield, and Snap-on Business Solutions, the Village approved tax increment financing (TIF) to support the project. 300 jobs were retained in the County of Summit, Ohio with an additional 50 new jobs forecast over the next three years.

Project Cost: $16,500,000

Source Funds:
$16,500,000 - Summit County Port Authority taxable revenue bond

Interest Rate: 
7%

The Summit County Port Authority provided conduit financing with taxable revenue bonds. SCPA also structured a capital lease with the following features: Through use of a construction agency agreement, Snap-on Business Solutions designs and builds the facility to its specifications. Snap-on claims the tax advantages of depreciation. Snap-on has the ability to become the owner for a nominal cost at the end of the lease term.

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