Development Finance

Testimonials

Jergens, Inc.

The manufacturer of fasteners and tooling components needed financing to build a 92,000-square-foot production-and-office complex on a former brownfield. The total project cost was $9 million. The Port Authority issued $5,720,000 in taxable revenue bonds.

“Jergens’ involvement with the Port Authority made for a perfect public-private partnership. Through the use of the Port Authority’s financing, we were able to turn an empty desolate lot that had been vacant for 18 years into our tax-producing, new corporate headquarters.”
Jack Schron Jr., President

 

Heidtman Steel Products

The Port Authority provided Heidtman financing to acquire 33 acres of land, construct a 210,000-square-foot building, and purchase an overhead crane. The facility supports the marketing and sales efforts of the company’s steel processing services.  The total project cost was $26 million. The Port Authority issued $4,250,000 in taxable revenue bonds.

“Working with the Port Authority made this large and complex transaction a relatively simple and painless experience for us. This facility places us close to our supply base, and closer to our customers, enhancing the cost effective service that our industry demands.”
John C. Bates, President  & CEO

  

Independence Research Park, LLC

The Port Authority assisted with the acquisition of an existing 168,000-square-foot office building and about 50 acres of land to make way for the construction and equipping of an estimated 138,800-square-foot addition.  The purpose of the project is  to accommodate the increased needs of the Cleveland Clinic, which is the anchor tenant. The total project cost is estimated to be $46 million. The Port issued $46 million in taxable revenue bonds.

“Without the Cleveland-Cuyahoga County Port Authority, we could not have gotten it going after two years of looking for financing.  None of the large banks we talked to were in the position to do that large a deal.  It was too big for smaller regional banks.”
Richard Pace, President & Owner

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