The Columbus-Franklin County Finance Authority, the Ohio Department of Development and the City of Dublin have come together with an innovative financing structure to help Cardinal Health continue to grow in Central Ohio. The financing structure allows for Cardinal’s South Campus to become a shovel-ready site for future expansions with the extension of the necessary infrastructure and access roads. The financing was contingent upon Cardinal’s $60 million investment at its West Campus Headquarters which will create 675 jobs.
In order to support Cardinal’s investment in Dublin, the Ohio Department of Development provided a very low interest loan to the Finance Authority which in turn used the funds to purchase the 28-acre South Campus site from Cardinal. The Finance Authority then 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 the water, sewer and road improvements to the site. The financing structure enabled Cardinal to convert equity in the property into cash that can be used to off-set Cardinal’s expansion at its corporate headquarters.
Headquartered in Dublin, Ohio, Cardinal Health, Inc. is a $91 billion global company and the largest company in
Ohio by revenue, employing 3,500 statewide with 2,700 employees in Central Ohio. Cardinal serves the health
care industry that help hospitals, physician offices and pharmacies reduce costs, improve safety, productivity and profitability, and deliver better care to patients.
The Columbus-Franklin County Finance Authority has completed its third year of operations and has issued $90.7 million in bond financing closing on 10 projects that will invest more than $146 million and create1,200 jobs in Central Ohio. The Finance Authority offers creative and alternative financing tools, focusing on job growth, to new and existing companies looking to expand or relocate services to the area. The Finance Authority also provides assistance to community redevelopment projects.
The Fiance Authoirty can assist with:
Land, building & equipment financing
Long-term, fixed rate financing
Lease financings
For more information contact Jean Carter Ryan at 614.225.6068 or email at [email protected].