The Columbus-Franklin County Finance Authority issued $83 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.
“Buckeye Venture Partners, through our management of the Ohio Capital Fund, has had the pleasure of working with the Finance Authority on financings in 2013 and 2010. Our financing team could not have been happier with the cooperation and professionalism of the staff and board in meeting our needs and timeframe. The financing structure was complicated and layered and the Finance Authority was a key partner every step of the way.” said Paul Cohn, Managing Director, Fort Washington Capital Partners Group.
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.
The Columbus-Franklin County Finance Authority has issued $485 million in financing that will invest over $634 million and create over 1,950 jobs in Central Ohio.