Development Finance

bonds issued

$3.577 Billion

Leveraged in construction

$5.2 Billion

issued in new development

$2.979 Billion (83%)

issued in refinanced debt

$592 Million (17%)

123 TOTAL PROJECTS SINCE 1993

Financing Options

Tailored Financing to Meet Project Needs

Fixed-Rate Financing

Gives smaller organizations the ability to borrow money in the capital market at investment grade rates.  The program benefits larger businesses that would otherwise find an investment grade rating costly and difficult to maintain.

  • Pooled bond program managed & administered by the Port Authority
  • Financing between $1.5 million and $9 million
  • Financing of fixed assets, land, buildings and select machinery & equipment
  • Fixed interest rates that are based on the taxable or tax-exempt bond rates, which are set when the bonds are sold
  • BBB+ credit rating

Providing tax and liquidity advantages to businesses during construction and beyond.  Ideally suited for organizations that want to construct a new facility, but may not want to own it during the loan term.  The Port Authority can own the facility and lease to the borrower.

  • State sales tax exemptions
  • Lease options customized for project needs

Infrastructure Financing

Helps municipalities and developers finance public infrastructure improvement projects.  Attractive for mixed-use developments.

  • Tax increment and/or special assessment
  • Sales tax exemptions on construction materials

Stand-Alone Financing

Giving larger businesses access to the capital market on their own credit.

  • Land, buildings, select M&E
  • Taxable or tax-exempt rate options
  • Long-term, 100% financing

Structured Leasing

Providing tax and liquidity advantages to businesses during construction and beyond.

  • Sales tax exemptions on construction materials
  • Lease options customized for project needs

 Projects

American Greetings

American Greetings Corporate World Headquarters

Cost
Total Project Cost: $161.5M
Location
Westlake, OH

Structured Leasing Program (taxable)

Financing Partners:

  • City of Westlake
  • State of Ohio
  • Crocker Park
Avery Dennison Corporation

Avery Dennison Corporation

Cost
$50.1M
Location
Cleveland, OH

Stand-Alone Financing Program Total Project Cost - $50.1M Port Authority Issue - $39.8M

Cleveland Cavaliers Player Development Center

Cost
Total Project Cost: $30.5M
Location
Independence, OH

Common Bond Fund Program (taxable)

Financing Partners:

  • Summit County Port Authority ($6M)
  • Toledo-Lucas County Port ($5.2M)

Cleveland Clinic Medical Office Building & Garage

Cost
Total Cost: $39.5M
Location
Euclid/E. 93rd Street, Cleveland, OH

Lease Revenue Bond Program (tax-exempt)

Financing partners:

  • City of Cleveland
Eaton World Headquarters

Eaton World Headquarters

Cost
Port Authority Issue: $152M
Date
1994
Location
Beachwood, OH

Financing Partners:

  • Development Serves Agency/JobsOhio
  • Cities of Beachwood & Warrensville
  • Ohio Enterprise Bond Fund Loan
  • Chapter 166 Direct Loan

 

East Bank of the Flats

Flats East Bank

Cost
Total Project Cost: $131.7M
Date
Phase I completed 2015
Location
Cleveland, OH

Bond Fund, Structured Lease, Infrastructure TIF Programs (taxable)

Financing Partners:

  • City of Cleveland
  • State of Ohio
  • Cuyahoga County
  • Cleveland Development Partners

Rock & Roll Hall of Fame & Museum

Cost
Port Authority Issue:
Date
1994
Location
Cleveland, OH

MBE/FBE Policy & Track Record

20% MBE/FBE combined goal

contracts since 2011

$203.5M

contracts since inception

$432.1M