Kutak Rock is proud to serve as bond counsel to the Columbiana County Port Authority in a financing transaction supporting a new industrial and office facility in Columbiana County, Ohio.

The Columbiana County Port Authority recently authorized the issuance and sale of up to $11 million in port authority revenue bonds to finance a portion of the costs associated with the project. The transaction is expected to support the construction of a 63,224-square-foot facility for OH-LLN, LLC or an affiliate, an entity connected with Hickey Metal Fabrication.

Kutak Rock attorneys Jessica Ice and Russ Balthis are advising on the bond transaction which was featured in the Salem News. The financing uses a capital-lease structure under which the port authority will hold a ground lease interest, issue the bonds and contract for construction of the facility, which will then be leased to the company. The structure is designed to facilitate the project and may allow a sales tax exemption for qualifying construction materials.

The project reflects the port authority’s use of its statutory financing tools to encourage investment and economic development in Columbiana County. The project is expected to create approximately five to 15 jobs at the new facility, in addition to construction-related employment.

Construction is anticipated to begin later this year, with completion expected next year.

Kutak Rock’s Public Finance team advises issuers, borrowers, underwriters, financial institutions and other participants on a broad range of public finance and economic development matters. The team helps clients structure and execute complex transactions that support infrastructure, facilities, job creation and community investment.

Full article here.