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

$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