Port of Cleveland Approves Refinancing
The Port of Cleveland’s Board of Directors voted today to provide up to $161 million to support the combined refinancing of four previous economic development projects, as well as approved the acceptance of a Homeland Security grant.
At its monthly board meeting, the Port approved:
- Issuing up to $5 million in lease revenue bonds in support of the Euclid facilities of Babcock & Wilcox Nuclear Operations Group, which is refinancing the outstanding balance of Port bonds issued in 2004.
- Issuing up to $16 million in tax-exempt senior housing bonds for Vista Prairie at Emerald Village, LLC, to refinance the outstanding balance of Port bonds issued in 2006.
- Issuing up to $110 million in tax-exempt development revenue bonds for Euclid Avenue Development Corporation to refinance the outstanding balance of Cuyahoga County and Port bonds issued in 2005, 2008 and 2009 in support of Cleveland State University’s student housing.
- Issuing up to $30 million in tax-exempt Cultural Facility Revenue and Refunding bonds for Playhouse Square Foundation to refinance outstanding balances of Port bonds issued in 2004 and other development related obligations.
- Accepting $99,000 grant award from the Department of Homeland Security and FEMA for security improvements.
As the only local government agency whose sole mission is to spur job creation and economic vitality in Cuyahoga County, Will Friedman, president and CEO of the Port of Cleveland, said a component of the Port’s mission is to finance development through the sale of project revenue bonds to private investors.
“Today’s actions demonstrate the diversity of the Port’s financing programs through its continued support to a variety of different, but critical organizations to the region,” Friedman said. “The Port is proud to help lower the cost of capital for a large manufacturing employer in Euclid, a senior housing development in North Olmsted, a public university in the heart of downtown and one of the nation’s premier arts districts.”