Occasionally, CFFA works with other Ohio finance authorities to finance projects that exceed an individual finance authority’s bonding capacity or to limit individual risk. Our collaboration to support the $95 million Crystal Clinic Orthopaedic Center in Fairlawn, Ohio, is a great example of this.
Working with the Development Finance Authority of Summit County (DFA), we issued $3.75M in taxable development revenue bonds (3.41% rate) that will help finance a portion of the project’s tax increment financing (TIF) eligible costs.
The 167,000 sf specialty hospital facility will be built on 12.9 acres. The facility will include 60 inpatient beds, 12 operating rooms, urgent orthopedic care services, imaging, and other support services.
“We are always open to working in communities beyond Columbus and Franklin County when there is a need that cannot be met by the local Port Authority,” said CFFA President Jean Carter Ryan. “DFA does great work in northeast Ohio, and the collaboration with them has been very positive.”
DFA issued $4.15M in bonds through the Jobs & Investment Bond Fund. DiPerna Advisors served as financial advisors, Roetzel & Andress served as bond counsel, and KeyBanc Capital Markets served as placement agent.
To see live progress of this project view the Crystal Clinic webcam.