Business Incentives | Industrial Revenue Bonds | Doing Business 2.0

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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).

Published in: Business, Economy & Finance
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Business Incentives | Industrial Revenue Bonds | Doing Business 2.0

  1. 1. William A. Liggins, DirectorDC Revenue Bond & Enterprise Zone ProgramOffice of the Deputy Mayor for Planning and Economic Development1100 4thStreet, S.W., Suite E500, Washington, D.C. 20024202-724-6199 202-724-9007 (Fax)www.dcbiz.dc.gov
  2. 2. What is the Revenue Bond/Enterprise Zone Program?The District of Columbia Revenue Bond Program providesbelow market interest rate loans to help lower the cost of fundsavailable for capital projects.These bonds are used to finance a wide variety of projectsincluding: 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 commercialdevelopment.
  3. 3. Bond IssuanceProgram funds are generated through the issuance and sale ofDistrict of Columbia revenue bonds, notes, or otherobligations.Proceeds from the sale of tax-exempt issuances may be used tofinance, refinance and reimburse costs of acquiring,constructing, restoring, rehabilitating, expanding, improving,equipping and furnishing real property and related andsubordinate facilities.Limitations may apply to the use of bond proceeds for theacquisition of land and the purchase of existing property,depending on the location of the site and the type of applicant.
  4. 4. 1APPLICANTCompletedApplication2IRB PROGRAM3DC Agencies3Bond & OAG5CLOSING4Council Approval4TEFRA Hearing3Legal and Finance Working Group Sessions10 Days 20 Days 15 Days 15 DaysTransmit ApplicationRegulatory ReviewsPublic HearingNoticeLegal ReviewsProcurement/Set ScheduleTransmitApplicationRevenue Bond Timeline
  5. 5. Fiscal Year 2012 Revenue Bond DealsClients Type Amount Issued Closing Date PurposeAssociation of AmericanMedical Colleges Association $109,335,000 11/2/2011Acquisition/Refi/ConstructionOptions PCS Education $10,642,000 11/18/2011 Refunding/RefinanceHillel Cultural $7,000,000 12/7/2011Modification/ConversionEL Haynes PCS Education $13,350,000 2/22/2012Construction/RenovationWashington Yu Ying PCS Education $10,275,000 2/23/2012Acquisition andRenovationKingsbury Center Education $11,000,000 4/2/2012Refunding andRenovationGeorgetown Day School Education $30,200,000 4/4/2012 ConversionAmerican Society ofHematology Association $33,155,000 5/2/2012 ConversionDC Consortium Bond Education $15,150,000 6/1/2012 ConversionAmerican EducationResearch Association Association $6,900,000 8/17/2012 RefundingGonzaga High School Education $12,000,000 8/31/2012 ConversionCouncil on Foreign Relations Association $62,680,000 9/4/2012 ConversionTotal FY 2012 Deals $321,687,000
  6. 6. Fiscal Year 2013(To-date) Revenue Bond DealsClients Type Amount Issued Closing Date PurposeWesley Theological Seminary Education $19,615,000 10/1/2012 Ref/Refi/RenovationJohn F. Kennedy Center Cultural $26,400,000 10/1/2012 ConversionFriendship Public Charter School Education $35,780,000 10/30/2012 Ref/Refi/RenovationPhllips Collection Cultural $12,465,000 11/1/2012 ConversionHoward Road Academy PCS Education $4,400,000 11/30/2012 ConversionNational Academy of Sciences Scientific $118,445,000 12/3/2012 ConversionEdmund Burke Education $13,000,000 2/1/2013 ConversionProvident Resources - HowardUniversity Student Housing Education $107,965,000 2/14/2013 New ConstructionAssociation of American MedicalColleges Association $42,385,000 2/28/2013 ConversionField School Education $31,235,000 3/18/2013 Construction/RenovationLowell School Education $15,000,000 4/1/2013 Construction/ RefinanceNational Public Radio (NPR) Association $87,430,000 5/2/2013 RefundingCenter for Global Development Association $13,360,000 6/3/2013 Acquisition/RenovationIndependent Sector Association $11,600,000 6/4/2013 ConversionTwo Rivers Public CharterSchool Education $14,500,000 6/7/2013 Refi/RevovationTotal FY 2013 Deals $553,620,000
  7. 7. 1329 Kenilworth Ave., NE2004 Bond Issuance: $2,800,000
  8. 8. 140 L Street, SE2005 Bond Issuance:$15,000,000
  9. 9. John F. Kennedy Center for the Performing ArtsNew Hampshire Ave. and F Streets,NW
  10. 10. Children’s Hospital111 Michigan Ave., NW2008 Bond Issuance:$250,000,000
  11. 11. The Brookings Institution1775 Massachusetts Ave, NW2008 Bond Issuance: $40,000,000
  12. 12. 3600 Georgia Avenue, NW2008 Bond Issuance: $1,510,000
  13. 13. 500 Fifth St., NW2008 Bond Issuance: $57,500,000
  14. 14. 1900 M Street, NW2008 Bond Issuance:$33,965,000
  15. 15. 5255 Loughboro Road, NW2009 Bond Issuance: $63,000,000
  16. 16. (Community Capital Corporation)1100 Harvard Street, NW$9,300,000Carlos Rosario Public Charter School
  17. 17. 39th& O Streets NW2009 Bond Issuance: $121,000,000
  18. 18. The EndFor any questions, comments, or concerns my contactinformation is listed below:Gregory Johnson, Project ManagerDC Revenue Bond & Enterprise Zone ProgramOffice of the Deputy Mayor for Planning and Economic Development1100 4thStreet, S.W., Suite E500, Washington, DC 20024202-724-7299 202-724-9007 (Fax)gregory.johnson2@dc.gov

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