CITY OF UPPER ARLINGTON

  • September 30, 2021
SUMMARY OF SALE
$25,465,000
Special Obligation Nontax Revenue Bonds, Series 2021A
Arlington Gateway Mixed‐Use Development

About the Project

A new mixed‐use development, located in Arlington, OH, that includes office, retail and residential space.
The office portion includes approximately 130,000 square feet of Class A commercial space, and retail. The 235 multi‐family housing units have an estimated 843 parking spaces.

Authorization & Purpose

The Bonds are authorized by Ordinance No. 56‐2021 passed by City Council on August 9, 2021 and are issued pursuant to Section 13 of Article VIII, Ohio Constitution, which permits the City to issue special obligation revenue bonds, such as the Bonds. The Developer has proposed a new mixed‐use development of certain real property located on West Lane Avenue southeast of the intersection of West Lane Avenue and North Star Road. The Development includes office, retail and residential uses as well as a parking garage facility. More specifically, the development of the office portion will include the construction of approximately 130,000 square feet of Class A commercial office space, approximately 27,000 square feet of retail space, and approximately 235 multi‐family housing units. An approximately 843‐space parking facility (part of the Project) would be surrounded by the Development. The Development is estimated to generate approximately 600 jobs.

Security

The Series 2021A Bonds are limited special revenue obligations of the City, payable solely from non-tax Revenues as described in the Official Statement, subject to Chapter 9 of the Federal Bankruptcy Code and other laws affecting creditors’ rights. Neither the general credit of the City, nor that 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 2019 Bonds. The City and Developer have entered into a Development Agreement, dated July 23, 2021, whereby the City has agreed to issue the Bonds in order to provide $25.4 million in net proceeds to fund the Project in support of the Development. In consideration of the City’s agreement to provide such Bond proceeds for the Project, the Developer has agreed to cooperate with the City to implement a tax increment financing program (“TIF”), which TIF is estimated to generate annual revenues sufficient to pay the debt service charges on the Bonds. As a backstop to the TIF, the Developer has agreed to a special assessment available to the City if needed should there be a shortage of TIF revenues available to cover debt service on the Bonds.
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