Port Authorities Provide Tax Exempt Bonds for public infrastructure: Cascades of Brimfield – I-76 & Tallmadge Rd

May 1, 2007

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.

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.