The Ohio House of Representatives are considering a new law to create an economic tool to assist on Ohio economic development projects. Ohio House Bill 740, introduced in October and referred to the State and Local Government Committee in November (where it received its third hearing in December), seeks to create a state bond bank called the Economic Development Bond Bank (the “Bond Bank”). The Bond Bank is intended to reduce the cost of financing for local economic development agencies by consolidating borrowing and pooling resources. The Bond Bank would be administered by the state Treasurer and be available to select Port Authorities (both “new” and “old”), certain Community Improvement Corporations, and certain Community Development Corporations (“Development Agencies”). The Bond Bank would issue special obligation bonds for purchase by third parties (at public sale or by private placement) and use the proceeds of those sales to purchase bonds issued by the various eligible local Development Agencies. By acting as an intermediary and consolidator, the state could reduce the cost of financing for local Development Agencies who, if acting alone, would pay a higher rate on their obligations, receive less favorable borrowing terms, or incur higher cost of issuance. The Bond Bank’s funds would be divided between the Improvements Account (for the purchase of Development Agency obligations), the Reserve Account and the Bond Service Account.
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
ADVERTISING MATERIAL.
© 2024 Keating Muething & Klekamp PLL. All Rights Reserved
- Partner
Richard C. Spoor practices in the Real Estate Group with an emphasis on advising public and private clients on complex real estate development financing transactions.
Richard advises public entities, underwriters, and private ...
Topics/Tags
Select- Environmental Law
- Real Estate Law
- U.S. EPA
- Clean Water Act
- SEC Enforcement
- Tax Credit
- CERCLA
- Coronavirus
- ESA
- Environmental Site Assessment
- Economic Development
- Taxation
- Energy
- Opportunity Zone
- Incentives
- Investors
- JOBS Act
- Tax Abatement
- Ohio Foreclosure Reform
- Toxic Substances Control Act
- TSCA
- Wetland
- Lenders
- Receivership Statute
- CDEs
- CDFI Fund
- Community Development Entities
- Community Development Financial Institutions Fund
- Employment Law
- New Markets Tax Credit
- NMTC
- NMTC Financing
- Pre-Start Construction
- Title Insurance
- Hazardous Waste
- RCRA
- Resource Conservation and Recovery Act
- Construction Litigation
- Ohio Consumer Sales Practices Act
- USEPA Guidance
- LEED Certification
- Brownfield
- Underground Storage Tank
- Storm Water
Recent Posts
- Recent SEC Enforcement Actions Highlight Continuing Disclosure Obligations of Municipal Bond Underwriters
- Ohio Governor Mike DeWine Signs Executive Order Requesting Relief for Small Business Commercial Tenants and Commercial Real Estate Borrowers
- COVID-19 and Commercial Real Estate
- Columbus, Ohio ICSC 2020 Recap – The LLC Membership Interest “Loophole”
- Issues for Residential Landlords Attempting to Navigate Cincinnati's New Security Deposit Legislation
- Legal Alert: EPA Repeal of 2015 "Waters of the United States" Rule
- Columbus, Ohio ICSC 2019 Recap – Land Assemblage Best Practices
- Proposed Creation of the Economic Development Bond Bank
- Proposed Ohio Opportunity Zone Tax Credit
- Ohio Opportunity Zone Designations Within the City of Cincinnati