Columbus-Franklin County, OH — In another successful year in an extremely challenging credit environment, the Finance Authority showcased three recent projects it financed that promote job growth and development in Central Ohio. The projects were featured at a special presentation and breakfast on Thursday, September 10th at the Harrison Park Community Center. The Harrison Park Community Center is adjacent to a 4-acre park that is currently being developed with funding available from the Finance Authority.
“These three projects are especially significant in light of the current economic climate”, says Jean Carter Ryan, Executive Director of the Finance Authority. “It clearly shows that Central Ohio has a foundation where business growth and job creation are not only possible but are happening. These projects demonstrate that companies large and small are continuing to invest in Central Ohio. We are proud to be a partner in their success.”
To date, the Finance Authority has issued $78.7 million in bond financing closing on nine (9) projects that will invest over $139 million and create 832 jobs in Central Ohio.
Projects highlighted at the September 10th event include:
• Cardinal Health – Working with the Ohio Department of Development (ODOD) and the City of Dublin, the Finance Authority has developed an innovative financing structure to help Cardinal Health continue to grow in Central Ohio. The structure allows for Cardinal’s South Campus to become a shovel-ready site for expansion.
The ODOD provided a very low interest loan to the Finance Authority which, in turn, used the funds to purchase the 28-acre South Campus site fromCardinal. The Finance Authority entered into a 10-year lease on the property with Cardinal. During the lease term, the City of Dublin and the State of Ohio will complete water, sewer and road improvements to the site.
• OCLC – Under the American Recovery and Reinvestment Act of 2009, theOnline Computer Library Center, Inc. (OCLC) financing is the first Finance Authority financing and perhaps the first in Ohio that takes advantage of changes to the bank-qualified bond rules.
Through this new legislation, the Finance Authority issued $30 million in tax-exempt financing to facilitate the creation and retention of 29 jobs. Additionally, OCLC plans to make improvements that include upgrading office systems, computers, servers, computer software and other information databases. The project was undertaken in partnership with National City Commercial Capital Corporation.
• Dynalab – Dynalab Electronic Manufacturing Services has invested $3.5 million through the Finance Authority, bringing 73 jobs to Central Ohio. Dynalab’s project demonstrates that with a strong product and workforce, Ohio companies can compete successfully with products manufactured in Mexico, as the investment is directly tied to work formerly made in Mexico. Specifically, Dynalab invested in equipment to manufacture electronic circuit boards for electric meters. The Reynoldsburg-based company provides engineering and manufacturing support for Fortune 500 and other qualified companies.
Jules Garel, Chair of the Finance Authority Board of Directors, says, “The variety and scope of these projects are critically important to our community. Helping businesses and community institutions grow not only supports them but has a far-reaching impact on our region’s economy and the way we live.” He adds, “That’s why it’s important for the business community to understand the Finance Authority’s programs and services. The Finance Authority can offer resources that keep businesses healthy, competitive and vibrant.”
For more about the Finance Authority go to www.columbusfinance.org or contact Jean Carter Ryan at 614.225.6068.
The Columbus-Franklin County Finance Authority is a public agency designed to facilitate capital investments by the private, non-profit and public sectors in Central Ohio. The Finance Authority is an eligible issuer of tax-exempt and taxable debt. The Finance Authority works in partnership with traditional lending institutions and other public partners, acting as a valuable resource for your financing options.
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