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Portage County Port Authority Inks Deal on Brimfield Crossings
Development Project
“Brimfield Crossings LTD will commercially develop 42
acres on the west side of State Route 43. As agent for the
Portage Port, the developer will construct public improvements
valued at $6.5M, which will be dedicated to the County for
public use. Brimfield Crossings LTD will pay for the public
improvements upfront and be reimbursed through a Tax Increment
Financing (TIF) over 30 years.” See News
Release for more details.
Port Authorities Provide Tax Exempt Bonds for public infrastructure:
 Cascades
of Brimfield - I-76 & Tallmadge Rd
The Project: Bond proceeds will be used to pay
for certain public improvements related to the Cascades of Brimfield
development located in Brimfield Township, Ohio.
Project Costs:
$2,475,000
Source of Funds:
Summit Port Bonds $2,475,000
Bond Reserve (LOC)
$247,500
Interest Earnings
$7,000
Total:
$2,729,500
Fixed Interest Rate: 4.875%
Security: The Bonds are secured by a pledge of the TIF Revenues
based upon the increase in real estate taxes within the TIF District
generated by the Development. The County has also agreed to
replenish the loan reserve.
Both Wal-Mart and Applebee's are now open.
Structure of TIF : The Port Authority has entered
into a cooperative agreement with Portage County and the Developer
of the Development providing for, among other things, the transfer
of the TIF Revenues from the County to the Bond Trustee, on behalf
of the Port Authority.
Under Construction: Home Savings
Permitting in Progress: Lowes
A complete list of SCPA projects and project descriptions are
available at:
http://www.summitportauthority.org/project_financing.htm
For
More Information, contact:
Diana
Fierle, Assistant Secretary
128 North Prospect Street - Ravenna,
Ohio 44266
Phone: 330-297-3470 Fax: 330-297-3472
E-Mail:
dfierle@portageco.com
Last modified:
June 13, 2007
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