SUMMARY OF SALE
September 17, 2020
$31,900,000
Taxable Special Obligation Nontax Revenue Bonds, Series 2020
Non‐Bank Qualified
About the Project
The issued bonds will be used to provide grants to the Community Improvement Corporation of Hamilton, Ohio for ongoing reinvestment, acquisition, rehabilitation, improvement, and redevelopment of properties in the city’s downtown business district and other areas of the city.
Authorization & Purpose
As authorized by the Bond Legislation, the proceeds of the Series 2020 Bonds will be used to (i) provide grants, loans or otherwise make funds available to The Community Improvement Corporation of Hamilton, Ohio (the “CIC”), and The Consortium for Ongoing Reinvestment Efforts (“CORE”) for the purpose of facilitating the acquisition, rehabilitation, improvement, development and redevelopment of properties in the City’s downtown business district and other areas of the City, (ii) currently or advance refund the City’s $28,655,000 Taxable Special Obligation Nontax Revenue Bonds, Series 2020 (Champion Mill Project) (the “Prior 2020 Bonds”), (iii) fund capitalized interest and (iv) pay the costs of issuance associated with the Series 2020 Bonds. The project financed using a portion of the proceeds received from the sale of the Prior 2020 Bonds shall include two principal components, an approximately 650,000 square foot sports, recreation and entertainment facility with 30 foot high ceilings, and an approximately 360,000 square foot hotel, restaurant, convention, retail, meeting and commercial space.
Security
The Series 2020 Bonds are limited special revenue obligations of City, secured by the City’s pledge of its Nontax Revenues. Neither the general credit or taxing authority of the City, nor the general credit or taxing authority of the State of Ohio or of any political subdivision thereof, is pledged to the payment of the principal of, or premium, if any, or interest on the Series 2020 Bonds. Nothing in the Bond Ordinance shall be construed as requiring the City to use or apply to the payment of principal of and interest on the Series 2020 Bonds any funds or revenues other than Nontax Revenues. The Series 2020 Bonds are not general obligations of the city, the state of Ohio, or any political subdivision thereof, and are not secured by the full faith and credit of the city, the state, or any political subdivision.