An Excise Tax District was created by the Ohio County Commission in 2003 to develop business in the County. The District began to materialize in 2004 with the development of a commercial and retail-shopping area known as “The Highlands”. Approximately 325 acres of the development is nearly complete; and the footprint has recently expanded to 500 acres. The District is a thriving multipurpose destination with approximately 96 businesses employing over 3,600 people.
The County has long operated under complicated covenants of the original 2005 debt that financed the project. Flow of funds priorities, along with make-whole call features, present obstacles to restructuring or refunding the original debt.
Crews helped create a subordinate bond anticipation note structure that captured excess revenues from the District, refunded several portions of the original taxable bonds, refunded existing tax-exempt bonds, and has underwritten several property tax increment bond issues.
The 2018 transaction represents the most recent effort with the County. Crews served as the sole manager for the County Commission’s $40,495,000 Special District Excise Tax Revenue Refunding Bonds that refinanced the Series 2011A and Series 2012A Bonds for savings. The annual debt service was reduced by approximately $270,000.
Crews has provided the County with a broad range of client profiles . . . and each has provided the County with financing advantages.
National, middle tier and local WV investors have been engaged to: