business incentives | industrial revenue bonds | doing business 2.0
DESCRIPTION
The Deputy Mayor's Office for Planning & Economic Development's Industrial Revenue Bond program gave an overview of IRB process and benefits available to DC businesses at the Washington, DC Economic Partnership’s Doing Business 2.0 seminar (6/12/13).TRANSCRIPT
William A. Liggins, DirectorDC Revenue Bond & Enterprise Zone ProgramOffice of the Deputy Mayor for Planning and Economic Development1100 4th Street, S.W., Suite E500, Washington, D.C. 20024202-724-6199 202-724-9007 (Fax)www.dcbiz.dc.gov
What is the Revenue Bond/Enterprise Zone Program?
The District of Columbia Revenue Bond Program provides below market interest rate loans to help lower the cost of funds available for capital projects.
These bonds are used to finance a wide variety of projects including: health care, housing, transit and utility facilities, recreational facilities, health facilities, manufacturing, sports, convention and entertainment facilities, elementary, secondary, college, and university facilities, student loan programs, pollution control facilities, and industrial and commercial development.
Bond IssuanceProgram funds are generated through the issuance and sale of
District of Columbia revenue bonds, notes, or other obligations.
Proceeds from the sale of tax-exempt issuances may be used to finance, refinance and reimburse costs of acquiring, constructing, restoring, rehabilitating, expanding, improving, equipping and furnishing real property and related and subordinate facilities.
Limitations may apply to the use of bond proceeds for the acquisition of land and the purchase of existing property, depending on the location of the site and the type of applicant.
1
APPLICANTCompleted Application
2
IRB PROGRAM
3
DC Agencies
3
Bond & OAG
5
CLOSING
4
Council Approval
4
TEFRA Hearing
3
Legal and Finance Working Group Sessions
10 Days 20 Days 15 Days 15 Days
Transmit Application Regulatory Reviews
Public Hearing Notice
Legal Reviews
Procurement/Set Schedule
Transmit Application
Revenue Bond Timeline
Fiscal Year 2012 Revenue Bond Deals
Clients Type Amount Issued Closing Date Purpose
Association of American Medical Colleges Association $109,335,000 11/2/2011
Acquisition/Refi/Construction
Options PCS Education $10,642,000 11/18/2011 Refunding/Refinance
Hillel Cultural $7,000,000 12/7/2011Modification/Conversion
EL Haynes PCS Education $13,350,000 2/22/2012Construction/Renovation
Washington Yu Ying PCS Education $10,275,000 2/23/2012Acquisition and Renovation
Kingsbury Center Education $11,000,000 4/2/2012Refunding and Renovation
Georgetown Day School Education $30,200,000 4/4/2012 Conversion American Society of Hematology Association $33,155,000 5/2/2012 Conversion
DC Consortium Bond Education $15,150,000 6/1/2012 Conversion American Education Research Association Association $6,900,000 8/17/2012 Refunding
Gonzaga High School Education $12,000,000 8/31/2012 Conversion
Council on Foreign Relations Association $62,680,000 9/4/2012 Conversion
Total FY 2012 Deals $321,687,000
Fiscal Year 2013(To-date) Revenue Bond Deals
Clients Type Amount Issued Closing Date Purpose
Wesley Theological Seminary Education $19,615,000 10/1/2012 Ref/Refi/Renovation
John F. Kennedy Center Cultural $26,400,000 10/1/2012 Conversion
Friendship Public Charter School Education $35,780,000 10/30/2012 Ref/Refi/Renovation
Phllips Collection Cultural $12,465,000 11/1/2012 Conversion
Howard Road Academy PCS Education $4,400,000 11/30/2012 Conversion
National Academy of Sciences Scientific $118,445,000 12/3/2012 Conversion
Edmund Burke Education $13,000,000 2/1/2013 Conversion
Provident Resources - Howard University Student Housing Education $107,965,000 2/14/2013 New Construction
Association of American Medical Colleges Association $42,385,000 2/28/2013 Conversion
Field School Education $31,235,000 3/18/2013 Construction/Renovation
Lowell School Education $15,000,000 4/1/2013 Construction/ Refinance
National Public Radio (NPR) Association $87,430,000 5/2/2013 Refunding
Center for Global Development Association $13,360,000 6/3/2013 Acquisition/Renovation
Independent Sector Association $11,600,000 6/4/2013 Conversion
Two Rivers Public Charter School Education $14,500,000 6/7/2013 Refi/Revovation
Total FY 2013 Deals $553,620,000
1329 Kenilworth Ave., NE
2004 Bond Issuance: $2,800,000
140 L Street, SE
2005 Bond Issuance: $15,000,000
John F. Kennedy Center for the Performing Arts
New Hampshire Ave. and F Streets, NW
2008 Bond Issuance: $30,700,000
Children’s Hospital
111 Michigan Ave., NW
2008 Bond Issuance: $250,000,000
The Brookings Institution
1775 Massachusetts Ave, NW
2008 Bond Issuance: $40,000,000
3600 Georgia Avenue, NW
2008 Bond Issuance: $1,510,000
500 Fifth St., NW
2008 Bond Issuance: $57,500,000
1900 M Street, NW
2008 Bond Issuance: $33,965,000
5255 Loughboro Road, NW
2009 Bond Issuance: $63,000,000
(Community Capital Corporation)1100 Harvard Street, NW
$9,300,000
Carlos Rosario Public Charter School
39th & O Streets NW
2009 Bond Issuance: $121,000,000
The End
For any questions, comments, or concerns my contact information is listed below:
Gregory Johnson, Project ManagerDC Revenue Bond & Enterprise Zone ProgramOffice of the Deputy Mayor for Planning and Economic Development1100 4th Street, S.W., Suite E500, Washington, DC 20024202-724-7299 202-724-9007 (Fax)[email protected]