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Today, Wednesday, May 22nd City officials held the Bond Closing for permanent financing of the Robinson Grand Performing Arts Center with the USDA. The City was able to finance $8.5 million out of an approximate $20 million project at an interest rate of 3.25%.
The City also succeeded in securing New Markets Tax Credits as well as Historical Tax Credits (State and Federal) for the project in excess of $6.5 million. In addition, the City had a successful Capital Campaign to bring the project to fruition.
With the Bond Closing, Tax Credits and Capital Campaign, City officials were able to reduce the overall responsibility of the City and taxpayers. This allows the City to move forward with permanent financing as the owner of the project and opens up possibilities for the community overall.
City Manager Martin Howe stated, “This is a big milestone for the City of Clarksburg. The City succeeded by reducing the overall debt from $20 million to $8.5 million, which is a tremendous benefit to the public and tax payers. We are very conscientious with public funds and we wanted to ensure we had as much equity in the project overall. Moving forward, this will be a case study for other projects in need of financing statewide. We are very proud of that.”
In attendance for today’s Bond Closing was Mayor Cathy Goings, City Manager Martin Howe, Finance Director Kim Karakiozis, City Clerk Annette Wright, Steptoe and Johnson Bond Attorney’s Tom Aman and Jason Turner, Community Programs Specialist of Rural Development with USDA Jeffrey Owens and MVB Market President Herman DeProspero.
Also integral in the closing of the financing of the project were: Piper Jaffray Managing Director/Public Finance Investment Banker Joe Nassif, Piper Jaffray Vice President Jonathan Mccoy, Community Programs Director of Rural Development USDA Janna Lowery and Wes Banco Vice President of Corporate Trust Jan Shellburne.
The Robinson Grand Performing Arts Center provides a state-of-the-art, historical venue the entire community and the region can benefit from.