Easton Tax Increment Financing Revenue Consultant

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Easton Tax Increment Financing Revenue Consultant

In May of 2020, DiPerna Advisors acted as the Tax Increment Financing (“TIF”) Revenue Consultant for the sale of $29,480,000 non-rated, TIF Revenue Bonds. 

DiPerna Advisors analyzed over 120 parcels to project the future TIF Service Payments to be generated from two TIF districts encompassing the majority of the Easton Town Center in Columbus, Ohio. The projections contemplated existing and future development with parcel uses including hospitality, retail, commercial, and for- rent apartments. Varying levels of tax abatement were also considered in the analysis. 

The bond underwriter relied on the TIF Revenue Report in its marketing campaign to investors while the analysis in the TIF Revenue Report allowed investors to make a more informed investment decision. 

DiPerna Advisors is able to leverage their advanced knowledge of TIF laws and regulations to provide the capital markets a reliable, third-party, source of information – aiding to the credibility of its TIF projections. 

Pizzuti Aurora Industrial, LLC Spec Industrial Building-Public Improvements TIF Project

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Total Project Costs – $2,827,550

In January of 2019, The city of Aurora, Illinois (the “City”) entered into a Redevelopment Agreement (the “RDA”) with Pizzuti Aurora Industrial, LLC (the “Developer”), which provides for a Tax Increment Financing incentive (“TIF Incentive”) to fund Public Improvements. The Project is for the development of a 274,000 sq. ft. industrial warehouse and distribution facility on 16 acres of land at 211 Mitchell Road in Aurora, Illinois. The RDA stipulates that the TIF Incentive will be for a term of 15 years, which serves as the repayment source for an approximately $2.9 million bond issue to fund the public improvements.

DiPerna Advisors Background

Located in Columbus, Ohio, DiPerna Advisors is a structured and public finance firm that assists both private sector and public sector clients in identifying and structuring capital sources for development projects; often leveraging development incentives to strengthen the project’s return on investment.

Contact Us

If you have a commercial, industrial, retail, infrastructure, mixed-use, assisted living, or energy efficiency financing need, or you want to explore more creative and efficient financing structures to improve the cost of your overall financing stack, please contact us at (614) 826-2135 or see our “Contact Us” link below.

Since its founding in 2011 by Michael DiPerna, DiPerna Advisors has structured and closed over 240 transactions for approximately $1.95 billion in capital investment. Visit https://www.dipernafinancial.com or click one of the links below to learn more about how DiPerna can assist in financing your project. DiPerna Advisors is a registered Municipal Advisor with the Securities & Exchange Commission and the Municipal Securities Rulemaking Board.

The Dayton-Montgomery County Port Authority in conjunction with Ohio Treasurer of State and The Ohio Department of DevelopmentIssued Bonds totaling $33,070,000 for the Delco Garage Project

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  • Funding Sources – Southwest Ohio Regional Bond Fund (SORBF) (Rated A- by S&P); Ohio Enterprise Bond Fund (OEBF) (Rated AA+ by S&P);
  • Bond Issuers – Dayton-Montgomery County Port Authority issued $8.40MM; Ohio Treasurer of State issued $24.67MM;
  • The Bonds – DiPerna served as the Financial Advisor to the Ohio Treasurer of State (“TOS”) and the Dayton-Montgomery County Port Authority (the “Port”), and structured a financial plan designed to fund the construction of a 482-space public parking facility within the Delco District.
  • Project – An over 500,000SF manufacturing and warehouse facility since 1916, the former Mendelson’s Liquidation Outlet is being converted into an expansive mixed-use project that will with over 536,200 square feet of usable space. The Delco building will include 160 residential apartment units, 77,400 square feet of office space, 19,600 square feet of ground floor retail space and the aforementioned parking facility (the “Delco”). The Delco, along with six other projects recently completed by the Developer comprise the “Delco District” located in the heart of downtown Dayton and anchored by the Day Air Ballpark, home of the Dayton Dragons Minor League Baseball team. 
  • Pledged Revenues – (1) Parking Garage Revenues, (2) TIF Service Payments, (3) Minimum Payments and (4) NCA Charges 
  • Financing Term –31.48 Years (SORBF Bonds); 24.52 Years (OEBF Bonds)
  • Tax Status – Tax-Exempt
  • Interest Rate – 5.41% (Port Bonds); 4.21% (OEBF),
  • Closing Date – May 23, 2023

Gravity II Garage Project

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  • Funding Source – The Columbus-Franklin County Finance Authority issued two non-rated tranches of bonds, $24.485MM of tax-exempt bonds and $2.105MM of taxable bonds (the “Bonds”) to finance a 877-space parking deck for the second phase of the Master Development.
  • Master Development – The Master Development, known as the “Gravity Project”, is a newly constructed $170MM+ mixed-use development by Kaufman Development. It is situated on an approximately 10-acre site located in the Franklinton neighborhood of Columbus, Ohio along the west side of the Scioto River and on the north and south sides of Board Street. The first phase of the Gravity Project, Gravity I, is located on the north side of Broad Street and was completed in 2019. The second phase of the Gravity Project, Gravity II, is located on the south side of Broad Street and is expected to be completed by Q4 2024. When complete, the Gravity Project will deliver approximately 225,640 SF of Class A office, 52,250 SF of retail, 617 apartment units, and 877 structured parking spaces.
  • Project – The Project is a multi-story 877-space parking garage and other certain public improvements necessary to support the public infrastructure needs of the Master Development. The Project is owned by the Columbus-Franklin County Finance Authority.
  • Location – Columbus, Ohio
  • Security – Net Operating Income Revenues of the Garage/Project, Tax Incremental Financing Payments from the south side private development parcels, and New Community Authority Charges, when required.
  • Financing Term – 30 Years for the tax-exempt issuance and 15 Years for the taxable issuance.
  • Initial Fixed Interest Rate – 4.10% tax-exempt issuance and 4.66% for the taxable issuance. The interest rates are subject to resets every 10 years at a new rate determined by the prevailing market interest rates at the time of the reset but are also subject to a minimum and maximum interest rate determined at the closing of the Bonds.
  • Closing Date – May 12, 2021

$42,750,000 of Economic Development Revenue Bonds issued for the Foundry Project Located on Fountain Square in Cincinnati, Ohio

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  • Funding Sources – Ohio Enterprise Bond Fund (OEBF) (Rated AA+ by S&P); Southwest Ohio Regional Bond Fund (SORBF) (Rated A- by S&P); and the Northwest Ohio Bond Fund (NWOBF) (Rated A- by S&P)  
  • Bond Issuers – Ohio Treasurer of State issued $29MM; the Port of Greater Cincinnati Development Authority issued $8MM; the Toledo-Lucas County Port Authority issued $5.75MM
  • Project – The redevelopment of the former 3-story Macy’s department store located on Fountain Square in downtown Cincinnati into approximately 165,000 SF of class A office space and 35,000 SF of ground-floor retail space (the “Project”). Overall Project costs were approximately $69.7MM. The Project is owned by a subsidiary of 3CDC, a 501(c)3 tax-exempt, non-profit corporation formed in 2003. 3CDC’s mission is to strengthen the core assets of downtown Cincinnati by revitalizing and connecting the Central Business District and Over-the-Rhine.
  • Location – 50 West Fifth Street, Cincinnati, Ohio
  • Security – (1) Shared first mortgage, (2) a shared first assignment of all present and future lease revenues, and (3) an additional operating reserve of $2MM funded at closing by 3CDC. 
  • OEBF & Port Authority’s Financing Term –  ~ 25 years
  • OEBF & Port Authority’s Tax Status – Taxable.
  • OEBF Bond Yield – 4.624%.
  • SORBF Bond Yield – 5.130%
  • NWOBF Bond Yield – 5.190%
  • Closing Date – June 21, 2022

Tax Increment Financing (TIF) Revenue Projection Consultant Services for the Valor Acres Mixed-Use Development

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In addition to serving as a financial advisor to municipal issuers and private developers on a multitude of tax increment financing transactions (TIF), the professionals at DiPerna Advisors can leverage their knowledge of TIF laws, TIF collection processes and projected TIF cash flows to negotiate recorded service payments/charges on behalf of master developers to finance site infrastructure needs. DiPerna can produce TIF revenue reports to provide bond issuers a reliable, third-party, verification – aiding the credibility of the project’s TIF revenue projections for sale into the national capital markets.

For the Valor Acres Project, DiPerna Advisors utilized two methodologies for producing comprehensive TIF revenue projections including total obligations by parcel, buildout assumptions, school district compensation, comparative values, among other relevant details (the “Report”). DiPerna can also serve as District Administrator and Reporting Agent to the Project. The Report was used by KeyBanc Capital Markets in their successful placement efforts to solicit and educate potential investors.

  • Project – The Valor Acres Mixed-Use Development Project is located off of I-77 along Parkview Drive in the City of Brecksville. The Development is a multi-phased project situated on approximately 180 acres and consists of four major components: the Residential Phase, the Office/Commercial Phase, the Mixed-Use Phase, and the Sherwin-Williams Research & Development Facility. Proceeds of the bonds are being used to finance the public improvements in connection with the for-rent portion of the Residential Phase (the “For-Rent Phase”), which will include 168 multi-family units. The For-Rent Phase will consist of a five-story, 157-unit luxury apartment building and a townhome building with 11 three-bedroom units.  
  • Security – First and Senior lien position of Net TIF Revenues & Minimum Service Payments on the For-Rent Phase of the project.
  • Financing Term – 31.50 Years
  • Tax Status – Tax-Exempt
  • Rating Status – Non-Rated
  • Interest Rate – 5.625% 
  • Closing Date – May 24, 2022

Stark County Port Authority Issued TIF Bonds totaling $18,100,000 for the Phase II Hall of Fame Village Development Project

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The Bonds

DiPerna served as the Financial Advisor to Hall of Fame Resort & Entertainment Company (the “Company”) and assisted by advising and structuring comprehensive plans of finance for necessary public improvements associated with the Phase II development of the Hall of Fame Village.

Project

Positioned on 100 acres of land, the Company has invested over $290MM and completed the first two phases of a multi-phase, master-planned development that seeks to build a tourism and entertainment district surrounding the longstanding Pro Football Hall of Fame & Museum. Private project developments include the demolition and reconstruction of the 23,000-seat Tom Benson Stadium, the construction of a sports complex which encompasses eight youth fields that have brought it more than 850,000 athletes and their families since 2017, The Center for Excellence – a 73,000 SF class A office building, The Center for Performance – a 100,000 SF multi-use indoor sport and event facility, The Retail Promenade – a combined 75,000 SF retail and restaurant space, and the Play-Action Plaza which sits on three acres of developed land that features two amusement attractions. TIF bond proceeds were primarily dedicated towards the South Gateway Roadway site, which includes all related curbing, sidewalks, lights, and other site improvements installed on the roadway (the “Public Improvements”). The South Gateway Roadway connects to dedicated public streets and will allow improved access to private assets located within the Village.

  • Security – TIF & Minimum Service Payments
  • Financing Term – 25.91 Years
  • Tax Status – Tax-Exempt
  • Fixed Interest Rate – 6.375%
  • Closing Date – February 2, 2023