September 2014
Dear (Contact First Name),

Much is said and written about "regionalism"; what it means and how it might impact our region. At DFA our view is we are stronger as a region when we work together. Let's benefit from our shared assets, especially to attract private investment capital. DFA has worked to expand our Jobs & Investment Bond Fund lending capacity throughout Northeast Ohio, as well as New Markets Tax Credits. Working with partners and clients, we have now financed projects in Cuyahoga, Medina, Lorain, Portage, Mahoning, Stark, Huron and Summit Counties. We hope you find this newsletter informative and entertaining.

 

 

Have you noticed the crane at Northside in Akron? Construction is underway on a new Courtyard MarriottTM hotel, with 146 rooms and an on-site bistro. Additional guest amenities include a fitness center and indoor pool. The hotel also features a 3D digital stadium-seating theater for movies, presentations and private events. Akron-based Testa Companies teamed up with Concord Hospitality Enterprises Company of Raleigh, North Carolina for this joint-venture project. The hotel will be open for business in September 2015.

 

The DFA is providing a capital lease and issuing a conduit revenue bond to help finance the $15 million construction of the hotel. M&T Bank purchased the bond, which matures in 2020, providing both construction and permanent financing for this project.


TeamNEo Award 7-9-14  

Team NEO Awards celebration   
At this year's Team NEO Economic Development Plus Awards celebration on July 9th Team NEO honored the
City of Willard, Huron County Commissioners, Huron County Economic Development Council and 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 create 77 new jobs and retain 642 jobs.

DFA is proud to be co-winner of Team NEO Plus Award for Business Retention. 
 


 
Cleveland International Fund (CiF) 
CiF is a federally sanctioned, private equity fund that raises money from foreign investors through the EB-5 Program. CiF has provided $180 million raised to date and has financed seven projects such as the Flats East Bank project in downtown Cleveland. DFA has entered into a cooperative agreement to bring CiF financing into Summit County. Recently the initial CiF investors received their permanent green card approvals, which is a significant accomplishment. We congratulate CiF on achieving this milestone. To learn more about CiF.   
 

   
 
 
 
CDFA Ohio Financing Roundtable Excellence Awards  
On September 9 at the CDFA Ohio Financing Roundtable reception, Chris Burnham, Beth Leonard, Norma Horwitz and Bryan Edwards accepted the Council of Development Finance Agencies' Excellence Agency Award presented by CDFA President Toby Rittner.

Congratulations to CiF recipients of the CDFA Program Award. The ceremony was the culmination of a conference titled Development Finance Best Practices: Programs and Tools that Work.   

Photo: l to r: Toby Rittner, CDFA president; DFA staff Beth Leonard; Norma Horwitz; Bryan Edwards and Chris Burnham.  
 


 
City of Green Summit County officials celebrate the completion of Port Green in CAK Industrial Park Phase III 
l to r: Chris Burnham, Kristie VanAuken, Bill Roemer, Paula Prentice, Russ Pry, Ilene Shapiro, Sandra Kurt, Mayor Norton, Tim Fitzwater, Rick McQueen, Grace Wakulchik. See Port Green brochure. 
 
    
 

DFA Enters Into Agreement with Summit County Land Reutilization Corporation To Help Address Blighted and Vacant Residential Properties in Summit County
  
The Summit County Land Reutilization Corporation (SCLRC), commonly known as the Land Bank, is an organization established to serve as agent to the County of Summit for the reclamation, rehabilitation, and reuse of vacant, abandoned, tax-foreclosed or other real property within the County. Through the Ohio Housing Finance Agency's (OHFA) Neighborhood Initiative Program, SCLRC received a grant not to exceed $2MM for reimbursement of costs associated with the demolition of residential homes that fall into the category of SCLRC's mission, as defined above. The program requires SCLRC to acquire a nominal non-federal loan for costs in connection with demolition of property. The loan is then repaid by OHFA upon completion of the demolition.
 
Once SCLRC learned of the $2MM reimbursement grant, they immediately approached the DFA with the opportunity to collaborate as DFA has the financial acumen and resources to take on such a project and is a qualified non-federal loan source. This unique partnership, governed by a Master Loan Agreement, allows both the DFA and SCLRC to positively impact our communities by transforming blighted and vacant properties throughout Summit County to productive use.