The Port Supports Municipalities with Bond Issuances for Two Projects
The Board of Directors of The Port approved refinancing bonds for the Village of Woodlawn for a residential development and the issuance of new TIF bonds for the City of Springdale for a commercial development.
The Village of Woodlawn requested that The Port refinance bond notes issued in 2016 by the Village of Woodlawn that financed public improvements for a new 43 single family residential development known as Woodlawn Meadows. The City of Springdale also requested The Port’s public finance assistance to issue Tax Increment Finance (TIF) Bonds to finance the public improvements portion of the redevelopment of a former 135 acre golf course. The new commercial/industrial development located just north of 275 and west of I-75 will be known as Springdale Commerce Park.
Resolutions in support of both developments were approved by the Board of Directors of The Port on August 15, 2018. The Port will issue up to $2MM tax‐exempt bonds via the Southwest Ohio Regional Bond Fund (SORBF) to refinance the existing notes issued by the Village of Woodlawn.
The Port will issue up to $7.75MM tax‐exempt TIF Revenue Bonds through the SORBF to finance the Springdale Commerce Park a mixed‐use commercial and industrial business park. The first phase provides for 43 acres of development, including two industrial spec buildings that are 207,200 and 369,600 square feet.
The expected $41MM project by Strategic Capital Partners, LLC is projected to create 250 temporary construction jobs. The economic inclusion plan presented by Strategic Capital Partners was accepted by the SORBF.
The SORBF, jointly operated by the Dayton-Montgomery County Port Authority and The Port, was developed to allow long term, fixed rate debt to be lent to potential borrowers in the entire Southwest Ohio region.