Development Finance Authority of Summit County News
December 2013
 
Since our inception in 2000 we have worked to provide diverse financing services to our communities. We have expanded our Jobs & Investment Bond Fund throughout Northeast Ohio, financing 16 projects in 6 counties, and created a certified CDE to allocate federal and state New Markets Tax Credit (NMTC) in a 16 county area of Northeast Ohio. With that goal in mind, recently we completed a cooperative agreement with the Cleveland International Fund to bring the EB-5 financing program to Summit County. Highlighted in this newsletter are two projects of regional importance in the communities we serve.  
 
DFA partners with Cleveland International Fund (CiF)
The Cleveland International Fund's unique funding program allows foreign entrepreneurs to invest in U.S. projects in exchange for immigration to the United States. The program, EB-5 Immigrant Investment, was created by Congress in 1990 to stimulate the U.S. economy through job creation and capital investment by foreign investors and is administered by U.S. Citizenship and Immigration Services.

In Cleveland CiF has provided financing for the mixed use Flats East Bank Phase I Project. CiF successfully retained 90 foreign investors totaling $45 million of financing into the capital stack which led to the creation of over 2,400 jobs. CiF, again through the EB-5 program, identified 120 investors which provided $60 million in financing for the construction of new, state-of the- art facilities, the Ahuja Medical Center and the Seidman Cancer Center. In December of 2013, CiF was selected over 400 other entities as the EB-5 Regional Center of the Year from EB5NewsBlog.org by Artisan Business Group, Inc. 


The Development Finance Authority of Summit County (DFA) has entered into an agreement with CiF to take advantage of attracting funds for qualifying projects within Summit County.

 

 
Construction Underway on the East End Hilton Garden Inn
Groundbreaking marks start of first new hotel in  Akron since 1980
It is very rewarding to be able to assist in financing projects in economically challenged areas of our region. The new Hilton Garden Inn hotel under construction at the corner of Market & Kelley Avenue will provide jobs and economic revitalization in the historic East End neighborhood of Akron When the project is completed next summer, the hotel will be full-service with conference rooms, indoor pool and 135 guest rooms.
East Akron Hilton Garden Inn rendering

In addition to private equity sources and EB-5 funding, DFA assisted in financing $6.5 million federal New Markets Tax Credit (NMTC) and
$2.5 million State of Ohio NMTC for the hotel project through its community development entity, the Development Fund of the Western Reserve. PNC Bank purchased the credits and also allocated $2 million federal NMTC. In addition to investing in the tax credits, PNC provided a traditional construction loan. The project will create 200 construction jobs and 40 permanent and part-time jobs.

 

The hotel is part of the East End neighborhood redevelopment, a live, work, play project in the former Goodyear world headquarters campus located on East Market Street. The project encompasses 1.7 million square feet of space for office, residential, retail, medical and restaurant clients.

Hotel owner and developer, Industrial Realty Group (IRG), is also slated to begin Goodyear Hall renovations before the end of the year. Upon its expected completion in early 2015, this project will feature 107 one- and two-bedroom apartments, indoor parking, a fitness center and other amenities.

 

 
Summit County Combined General Health District New Headquarters 

In an effort to better serve the public, the Summit County Health District combined with the City of Akron and City of Barberton Health Districts to create the Summit County Combined General Health District (SCCGHD) in 2011. This consolidation created demand for an efficient operation model so the newly created SCCGHD began to search for adequate space as their new main campus. In December 2012, the SCCGHD purchased the Fairway Center Building Complex located at 1867 Market Street in Akron, a site with free and ample parking and conveniently located along the METRO bus route. After the purchase SCCGHD began planning renovations to accommodate its needs to assure access to health district services throughout the County.

 

SCCGHD approached the DFA to assist with financing the renovation. The DFA issued $5,000,000 tax-exempt bank qualified bonds in collaboration with FirstMerit Bank to fund the SCCGHD improvements. The SCCGHD will consolidate five (5) locations into one (1) to more conveniently and effectively serve the citizens of Summit County.

 
Please feel free to forward this email to a business contact who may be interested in Development Finance Authority's services. As 2013 draws to a close, our staff wishes you a peaceful holiday season.

Best Regards,
Chris Burnham 2011
Chris Burnham, President
Development Finance Authority of Summit County