TEFRA

The Finance Authority reviews TEFRA (The Tax Equity and Fiscal Responsibility Act of 1982) projects on behalf of Franklin County to make sure projects meet certain standards to qualify for tax-exempt financing. The Franklin County Commissioners require projects go through a review that’s done by the agency’s team before signing off on the project.

If your project needs to complete this process, please submit the information outlined below to [email protected].  The fee for the TEFRA review is $5,000

TEFRA Project Review

1. Name, address and contact information of applicant

2. Public Purpose a. Cite Ohio Revised Code section on eligibility if it were to be financed in Ohio and give a brief description of the part of the Internal Revenue Code project qualifies (or would qualify) under b. Provide brief description of company and its mission c. Submit organizational tax documents (eg. 501(c)(3) determination letter)

3. Credit Worthiness a. Submit a project description (including the amount of the financing) b. Provide the financing structure including the bond amount and terms c. Identify the placement of bonds in the market place* in the following manner: i. For a private placement or limited public offering, submit the investor letter, ii. Submit the letter from the rating agency if the bonds are to be rated, or iii. Submit a commitment letter of the institution providing the project’s credit backing (either buying bonds or providing LOC).

4. Project team – Submit the contact information of all members of the project team

Fee: $5,000    *If bond placement has not been finalized, a review cannot be completed.

Benefits

Tax-exempt financing

Contact us for more information

[email protected]