The Columbus-Franklin County Finance Authority issued $3.45 million in bonds to refinance existing debt at BalletMet’s facility on Mount Vernon Avenue in the City of Columbus. BalletMet and the Finance Authority are financing the project in partnership with Huntington National Bank which purchased the bonds.
Under the American Recovery and Reinvestment Act of 2009, the BalletMet refinancing is the second Finance Authority financing that is permitted under changes to the bank qualified bond rules from the Federal Stimulus package. These changes allow each 501(c)(3) institution to issue up to $30 million in tax-exempt financing annually for capital projects and benefit from lower interest rates as a result.
“We are very pleased to help one of Central Ohio’s most significant arts organizations refinance its debt. The Finance Authority was created to help facilitate investment across many sectors, including the arts” said Richard Barnhart, Chair of the Finance Authority.
The Ballet Metropolitan was founded in September of 1974 by parents of dancers interested in providing training and performance opportunities to talented area dancers and has served Central Ohio with professional dance since 1978. BalletMet is among the nation’s top dance companies and employs 53 full-time and 74 part-time staff.
The Finance Authority can facilitate capital investments across a broad breadth of business types: commercial, manufacturing, government and non-profits. BalletMet is the first arts organization that the Finance Authority has supported.
The Columbus-Franklin County Finance Authority is in its fourth year of operations and has issued $252 million in bond financing closing on 13 projects that will invest more than $304 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.