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

07-19-2023

Dayton, Ohio

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