Fountain Square, Fifth and Vine Streets, Cincinnati, Ohio

In July 2009 the Port Authority served as conduit issuer for $16.4 million in bonds to refinance the senior debt of Fountain Square, LLC.

In 2005, Fountain Square, LLC, a subsidiary of the Cincinnati Center City Development Corporation (3CDC), leased Fountain Square and the u underground parking garage at Fountain Square from the City of Cincinnati.  To finance the lease and the subsequent improvements, Fountain Square, LLC issued senior and subordinated debt in 2006.

 The 2009 refinancing of the senior debt allowed Fountain Square, LLC to significantly lower its interest rate and increase funds available to the subordinated debtholders.  The bonds were issued in two series, a tax-exempt Series A and a taxable Series B.

The bonds took advantage of the temporary changes in law regarding bank qualified transactions authorized by the American Recovery and Reinvestment Act (ARRA, or the Stimulus Act).

Fountain Square is the heart of Cincinnati, Ohio.  Located at the Corner of Fifth and Vine Streets in the middle of downtown, Fountain Square is a public space where Cincinnatians gather, celebrate and connect as a city.