Development Finance Authority of Summit County News
June 2014
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| Greetings!
Since our inception in 2000 we have worked to provide diverse financing services to communities throughout Northeast Ohio. We have expanded our Jobs & Investment Bond Fund, financing 16 projects in 6 counties, and created a certified Community Development Entity (CDE) to allocate federal and state New Markets Tax Credits (NMTC) in 18 Northeast Ohio counties.
In 2013 we completed a cooperative agreement with the Cleveland International Fund (CiF) to bring the EB-5 financing program to Summit County. Highlighted in this newsletter are projects of regional importance to the communities we serve.
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Finance Energy Efficiency Improvements...and Save Money
Many buildings have outdated lighting, windows, doors, HVAC or other features that, if updated, would reduce energy costs. But how do you finance these improvements? The Development Financing Authority (DFA) can help.
Whether your project involves less expensive smaller improvements (like lighting) or more expensive larger improvements (like HVAC), property owners can access financing through the Property Assessed Clean Energy (PACE) Program for a single property or multiple sites. PACE provides upfront financing to complete the improvements, based on project costs and an energy audit identifying significant operating savings based on the energy efficient upgrades.
DFA can use PACE to issue bonds, which provides capital to complete the energy efficiency improvements. The bonds are repaid by special assessments, paid semi-annually as part of property taxes on the improved property over the term of the bond. Call the DFA staff to learn more about this innovative way to finance your improvements, reduce your energy costs and save money.
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2014 Team NEO Economic Development Plus Awards
Huron County & City of Willard finalists for Business Retention Project of the Year for Pepperidge Farm facility expansion.
Team NEO, a nonprofit business attraction and growth organization that markets Northeast Ohio to the world, helps attract new businesses and retain established businesses.
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Bryan Edwards tours Pepperidge Farm
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At this year's 8th Annual Team NEO Economic Development Excellence Plus Awards celebration on July 9th, Team NEO will recognize the City of Willard, Huron County Commissioners, Huron County Economic Development Council and the DFA for combined efforts in assisting Pepperidge Farm with a $93 million expansion of its Willard, Ohio plant in Huron County, resulting in the installation of a new Goldfish cracker production line and a 227,000 sq.ft. expansion.
The project will retain 642 jobs and create 77 new jobs. As of May 2014 with 130,000 construction hours worked, the project has zero lost time and zero recordable incidents.
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CREW Akron Urban Revitalization Bus Tour
CREW(Commercial Real Estate Women) Greater Akron held its annual Bus Tour on May 1, 2014. This year's tour, chaired by DFA Finance Manager Beth Leonard, was themed as an Urban Revitalization Tour of Akron. Highlights of the tour included the new Bridgestone Akron Technical Center, a stop at the President's Suite at Infocision Stadium to hear an informative report from Candace Campbell-Jackson, UA Vice President for Strategic Partnerships & Chief of Staff, about university developments and its surrounding neighborhoods. Tour attendees enjoyed a bird's eye view of the campus and surrounding developments.
The tour route included new student housing, a drive-by of the new Goodyear Global Headquarters, Innovation Center and a 2,900 space parking deck and the still under construction Hilton Garden Inn on East Market St. Chris Burnham served as the event emcee and described the financing of each of the projects and the role of the DFA and the Development Fund of the Western Reserve. The approximately 50 attendees enjoyed perfect weather that day. Thanks to CREW for a successful, informative event.
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Please feel free to forward this email to a business contact who may be interested in Development Finance Authority's services.
Best Regards,
Chris Burnham, President
Development Finance Authority of Summit County
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