On May 27th, the Columbus-Franklin County Finance Authority issued $159 million in bonds for the Ohio Capital Fund, a fund of funds overseen by the State’s Venture Capital Authority. The taxable research and development revenue bonds will be used to refinance existing debt and raise additional funds to support venture capital investments in Ohio. The Ohio Capital Fund invests in private-capital venture funds to raise money for local technology firms.
The bonds, rated AA- by Standard & Poor’s, carry a refundable tax credit as credit-enhancement from the state. The Ohio Venture Capital Authority has the ability to issue up to $380 million in tax credits for this program, capped at $20 million per year beginning July 1, 2012.
“The Finance Authority was awarded the project after completing a Request for Proposal that was issued to five Ohio port authorities who competed for the project. The Finance Authority’s price and overall competence brought it to the top of our list. Our financing team could not have been happier with the cooperation and professionalism of the staff and board in meeting our needs and timeframe,” said Dan Blank of RBC Capital.
The Columbus-Franklin County Finance Authority is in its fourth year of operations and has issued $248 million in bond financing closing on 12 projects that will invest more than $300 million and create over 1,200 jobs in Central Ohio. The Finance Authority offers creative and alternative financing tools to new and existing companies looking to expand or relocate services to the area. The Finance Authority also provides assistance to community development projects.
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