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.