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.

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.

• 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

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