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Creative Project-Centric Solutions

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Panelists: Matt Deptola, Jeremy Druhot, Scott Ziance

Veröffentlicht in: Business
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Creative Project-Centric Solutions

  1. 1. D E C E M B E R 6 , 2 0 1 9 Cr eative Pr oject - Centr ic Solutions
  2. 2. #ED411 1. PACE Financing: How to leverage energy efficiency financing 2. JobsOhio’s Customized Solutions 3. Creative Solutions 4. Roundtable Project Discussion agenda Today’s 2
  3. 3. #ED411 3 Manager of Programming and Projects Columbus-Franklin County Finance Authority J e r e m y D r u h o t Contact Information O: 614-429-0438 C: 419-591-6640 jdruhot@columbusfinance.org http://www.columbusfinance.org PA C E F i n a n c i n g How to leverage energy efficiency financing to modernize commercial properties in your community
  4. 4. #ED411 The Columbus-Franklin County Finance Authority is a public agency that provides creative and timely financing solutions for economic development projects in Central Ohio. We were established in 2006 by legislative action of the Columbus City Council and the Franklin County Board of Commissioners and are organized as a port authority under Ohio law. 4 Overview of the Finance Authority
  5. 5. #ED411 In partnering with economic developers, government entities and banks, the Finance Authority provides creative funding options for projects in the private, non-profit and public sectors. Our portfolio of projects includes: o Public improvement projects o Mixed-use properties o Capital leases o Energy efficiency improvements In business for over 10 years, the Finance Authority has facilitated more than $2 billion in financing and has an A- bond fund rating from Standard & Poor’s Rating Services for our Central Ohio Bond Fund 5 Overview of the Finance Authority
  6. 6. #ED411 PACE Financing 6
  7. 7. #ED411 7 EXAMPLES • Lighting • HVAC • Roofing • Windows and insulation • Solar • Electric Vehicle Charging MEASUREMENT • Retrofit: improvements that reduce energy consumption of building (or renewable) • New build: improvements that are more efficient than building code (or renewable) PACE Fi nanci ng – El i gi bl e I mpr ovements
  8. 8. #ED411  Financing is tied to the property, not to the property owner  Off-balance sheet financing  No upfront cash required. 100% of the cost of improvement is provided including evaluation and design, equipment, labor, and professional fees  Reduction of operating budget expense  Energy and maintenance savings can pay for the improvements  Improvements can be made quickly when needed  Vehicle for local governments to modernize their available commercial properties 8 PACE Financing - Benefits
  9. 9. #ED411 Energy Loans Closed 9
  10. 10. #ED411 E s t i m a t e d P r o j e c t P r o c e s s a n d Ti m e l i n e 10
  11. 11. #ED411  Financing: $325,000  Savings: $37,000 annually  Upgrades: Lighting, HVAC  Other Programs: TIF, land bank (Central Ohio Community Improvement Corporation), Worthington grant CASE STUDY 11 Trivium Worthington
  12. 12. #ED411  Financing: $941,000  Savings: $92,000 annually  Upgrades: Chillers, LEDs, control systems  Other Programs: Ohio Air Quality Development Authority Bond CASE STUDY 12 4400 North High Street
  13. 13. #ED411  Energy Service Companies (ESCOs): firms that perform energy audits  Consultants: link projects to lenders  Private PACE lenders  Contractors  Ohio Air Quality Development Authority  Ohio Development Services Agency 13 Other Enti ti es I nvol ved i n Ener gy and PACE
  14. 14. #ED411 14 THANK YOU Jeremy Druhot Manager of Programming and Projects O: 614-429-0438 C: 419-591-6640 jdruhot@columbusfinance.org http://www.columbusfinance.org
  15. 15. JobsOhio’s Customized Solutions
  16. 16. #ED411 16 Senior Project Manager, JobsOhio M a t t D e p t o l a Contact Information O: 614-300-1149 deptola@jobsohio.com
  17. 17. #ED411 17 Introduction to JobsOhio JobsOhio is a private non-profit corporation designed to drive job creation and capital investment in Ohio through business attraction, retention, and expansion efforts. House Bill 1 enacted, authorizing the creation of a nonprofit corporation to perform the state’s economic development functions FEBRUARY 2011 House Bill 153 enacted, authorizing the state to transfer the state’s liquor enterprise to JobsOhio JUNE 2011 Incorporation of JobsOhio and first meeting of its Board of Directors JULY 2011 Completion of the liquor enterprise acquisition Completion of $1.6 billion private debt offering FEBRUARY 2013 Ohio Supreme Court decision ended all outstanding legal matters surrounding the establishment of JobsOhio JUNE 2014 SEPTEMBER 2017 JobsOhio named No. 3 best U.S. state economic development organization, according to survey by Development Counsellors International (DCI)
  18. 18. #ED411 18 FY-2019 Results JobsOhio’s lease of the state’s liquor franchise runs through 2038GOES TO JOBSOHIO BEVERAGE SYSTEM TO OPERATE LIQUOR BUSINESS IN OHIO 12%GOES TO THE STATE 71% 17% GOES TO $21 $0 FY2019 Liquor Profits Granted to JobsOhio $350 Million Economic Development Programs $112 Million Marketing Expenses $10 Million Operating Expenses $26 Million Available for Future Use $188 Million JobsOhio Network Funding $14 Million
  19. 19. #ED411 JobsOhio and Ohio Development Services Agency funds cover a wide-range of project drivers:  Up-front costs (JobsOhio Economic Development Grant)  Longer-term operational costs (Ohio Job Creation Tax Credit / Data Center Tax Exemption)  Workforce quality (JobsOhio Workforce Training Grant)  Workforce quantity (JobsOhio Talent Acquisition Services)  Public infrastructure (629 Roadwork Grant)  Financing (through JobsOhio or ODSA) 19 Frequently Used Tools Structured on a project-by-project basis
  20. 20. #ED411 Talent Services  JobsOhio’s team designs a customized talent attraction and/or talent development strategy to improve hiring outcomes JobsOhio Economic Development Grant  Flexibility with eligible costs (on case-by-case basis): IT infrastructure, software development, employee relocation or relocation of machinery & equipment, etc. Extension of Project Window  Some flexibility to looking at 5-year job creation window as opposed to traditional 3-year window, based on hiring ramp-up Use of ODSA’s Volume Cap allocation or OWDA / OAQDA financing  Projects with large capital investment requirements tapping into other state resources 20 Trends at JO…
  21. 21. #ED411 Workforce:  Research analysis to build confidence in Ohio labor market  Connections to local and regional workforce groups to create pipelines, identify training partners, and identify available funds for training  Connection to local transportation group to assist with public transportation routes Site Development:  Coordination with local municipalities to plot construction timeline against necessary permitting timelines  Shovel-ready property was identified at the Dayton Airport (Colliers represented) that was a speculative build already under construction Tax Policy:  Facilitated call w/Ohio Dept. Taxation to understand Sales Tax Exemption for Logistics & Distribution equipment to confirm eligibility, which created significant cost savings when combined with Ohio’s 0% tax on personal property Incentives:  Structured incentive package to address main drivers:  JobsOhio Talent Services: to build workforce pipelines and create local training program for candidates and new hires  Job Creation Tax Credit: to reward hiring w/uncapped and reimbursable value  Local groups supported workforce, fixed asset purchases, and job creation Business case: state tax advantages, comprehensive workforce solutions, and financial incentives 21 Crocs Relocation to Dayton
  22. 22. #ED411 22 THANK YOU
  23. 23. B u i l d i n g t h e R i g h t S o l u t i o n f o r Y o u r C l i e n t - C h a l l e n g i n g p r o j e c t s r e q u i r e c r e a t i v e s o l u t i o n s
  24. 24. #ED411 24 Partner, Vorys, Sater, Seymour and Pease LLP S c o t t J . Z i a n c e Contact Information O: 614-464-8287 sjziance@vorys.com http://www.vorys.com Scott Ziance is a partner in the Vorys Columbus office. He leads the firm’s multi-disciplinary economic development incentives team – utilizing economic development incentives, public-private partnerships and special economic development entities to assist developers, operating businesses and political subdivisions in developing and redeveloping property and creating jobs and economic growth throughout the United States. A Harvard Law School and Bowling Green State University graduate, Scott is recognized as a national leader in the economic development incentives practice. He has represented a number of large businesses, including multiple West Coast-based Fortune 50 companies, on their tax incentives transactions throughout the United States. He also has drafted or assisted in the drafting of 18 statutory amendments related to economic development incentives, and he has served as incentives counsel in connection with three of the largest five incentives projects in the history of the Ohio Department of Development. He represents a number of the country’s largest developers and currently serves as president of NAIOP of Ohio, president of NAIOP Central Ohio Chapter, and as a member of the national NAIOP board of directors.
  25. 25. #ED411  Consider the project as broadly as possible  Some incentive programs may require a narrower approach, but cast your net wide  Consider the positives and negatives of every potential incentive  Match uses, including private uses, to sources, including private sources CREATIVE PROJECT SOLUTIONS COME IN MANY FORMS 25 Creative Solutions
  26. 26. #ED411  Ohio Water Development Authority financing  Local Economic Development Loans  Construction financing for local government entities  Tax Exempt Bonds for Privately Owned Facilities (Volume Cap/DSA)  Drinking Water, Wastewater, Stormwater and other purposes  Brownfield Loans (apply through DSA)  Construction and Planning and Design  Alternative Stormwater Infrastructure Loans (apply through DSA)  Construction AN EXAMPLE OF A CREATIVE PROJECT SOLUTION 26 Creative Solutions
  27. 27. #ED411 Multiple options to allow assessment of real property to support financing, such as:  Special Improvement Districts  60% of owners that front to public improvement or  75% of the owners in the land area  No more than 10 years from approval (with exceptions – energy SIDs)  TIFs  No owner consent (unless minimum service payment obligation)  Up to 30 years  Special assessments  Limited uses – generally public infrastructure  Current and prior five years’ assessments cannot exceed 33 1/3% of actual value of parcel  New Community Authority  Developer owns or controls land  Not time limited and very flexible uses, including land acquisition, land development, construction, acquiring community facilities and providing services DESIGNING A CREATIVE SOLUTION IS ONE THING – YOU STILL HAVE TO PAY FOR IT 27 Paying for Creative Solutions
  28. 28. #ED411  New Community Authorities:  Used effectively in Columbus, New Albany, Dublin, Grove City, and in Delaware County  Chapter 349 of the Ohio Revised Code provides flexibility for the Authority  Community facilities can include property, structures and furnishings to benefit the community  Buildings, auditoriums, educational facilities, health care facilities, day care, natural resources (parks) and more  Also includes infrastructure, water and sewer, energy and other community facilities DESIGNING A CREATIVE SOLUTION IS ONE THING – YOU STILL HAVE TO PAY FOR IT 28 P a y i n g f o r C r e a t i v e S o l u t i o n s C o n t . :
  29. 29. #ED411  Authorities can generate revenue a variety of ways:  Authorities can charge user fees and other charges  Community development charges, similar to real estate taxes or special assessments  Charges similar to taxes on income or gross receipts  Uniform fees on each parcel owned, sold or conveyed  Community development charges may run with the land, and are a lien if unpaid DESIGNING A CREATIVE SOLUTION IS ONE THING – YOU STILL HAVE TO PAY FOR IT 29 P a y i n g f o r C r e a t i v e S o l u t i o n s C o n t . :
  30. 30. #ED411  Corporate Offices (JobsOhio, City and Port)  Rehabilitation and New Build (JobsOhio and City)  Brownfield Issues (OWDA and DSA)  Infrastructure Challenges (OWDA, ODOT, DSA, JobsOhio and City)  Mixed Use Development Opportunity (City)  Monetize Tax Abatement (City)  Grant Opportunities (City)  Key Partners  Port Authority, City, JobsOhio, OWDA, DSA Challenging Projects Require Creative Solutions 30 Case Study
  31. 31. #ED411 31 THANK YOU