March  2015
 

While we continue our practice of providing value throughout Northeast Ohio, it's worth noting that working with our many partners and clients, we have now financed projects in ten Summit County communities. This newsletter highlights the Arhaus project and also includes a brief description on an exciting initiative of the Council of Development Finance Agencies (CDFA) and partner's unique gathering of economic development professionals and foundation representatives to consider creative ways foundations can invest in economic development programs. The Arhaus project is our first in the Village of Boston Heights. We are delighted to be in the position to provide value to another one of our Summit County communities. Finally, DFA welcomes our new development manager. We hope you find this newsletter informative.  

 


ARHAUS rendering of new corporate headquarters

 Arhaus building new corporate headquarters and distribution center in Summit County

 

Site clearing is underway with physical construction set to begin this spring on the 743,000 square foot Arhaus Corporate Headquarters and Distribution Center in Boston Heights, Summit County, Ohio. This new facility will streamline the company's existing operations by consolidating two non-adjacent facilities from other Northeast Ohio locations. Arhaus will retain all 230 employees and anticipates creating over 100 additional jobs within the next three years.

 

Spencer Pisczak, President, Premier Development Partners, LLC noted,"Much is said and 

written on the topic of public/private partnership and the need for this type of relationship to positively impact economic development. The Arhaus Project is a terrific example of the public/private partnership model as the DFA issued a total of $31,000,000 of conduit taxable development revenue bonds in cooperation with FirstMerit Bank and Huntington, as the bond purchasers, and Premier Development Partners, LLC as the developer."
Link to Premier Development Partners 

   

"This is the second opportunity to work with Premier Development Partners, LLC," Mr. Chris Burnham, President of Development Finance Authority of Summit County (DFA) remarked, "and we appreciate their trust in us to deliver value to their projects. We look forward to having an opportunity to work with them again."

CDFA Blending Capital for Impact

DFA President Chris Burnham, who is also Executive Director of the Development Fund of the Western Reserve (DFWR), a certified Community Development Entity (CDE) of the U.S. Treasury, has been invited to Washington, D.C. to participate in an invitation-only event hosted by the Mission Investors Exchange, the Initiative for Responsible Investment, the Council on Foundations and Council of Development Finance Agencies (CDFA). As part of Philanthropy Week, this event is open to 15 economic development professionals and 15 foundation representatives to brainstorm how foundations can make impactful investments into traditional community & economic development finance programs. Obviously, we are very excited to be included in this event and look forward to learning what's being accomplished throughout the country and about best practices with regard to our own planned Targeted Loan Fund which will serve Akron. Link to CDFA

Gregory E. Mencer joins DFA 

Development Finance Authority of Summit County is proud to announce and welcome Gregory E. Mencer as its Development Manager. Mr. Mencer will be responsible for Jobs & Investment Bonds, as well as various Conduit Bonds, Tax Increment Financing, Brownfield Assessment Grants, as well as other general management responsibilities.

 

Mr. Mencer has over twenty-five years of experience in business management, business development, and project management. He has been involved in project planning, funding, design, and construction of numerous governmental, industrial, and commercial capital improvement projects.

 

Mr. Mencer also has been involved in the community as past Chairman of the North Canton Chamber of Commerce, Friends of Stark Parks, Stark Soil & Water Conservancy District, and served on committees for the Canton and Akron Chambers. He received his MBA from Ashland University and BSBA from the University of Akron.  

Reach Greg at 330-762-4776 or email greg.mencer@developmentfinanceauthority.org