Richmond Heights, Ohio. In an overwhelming show of support, Richmond Heights City Council voted to create the Belle Oaks New Community Authority (NCA). With this vote, Council declared that the Belle Oaks NCA is conducive to the public safety, convenience and welfare of the City.
The NCA is a City-created partnership of municipal, private and developer representatives that manages and controls the application of tax-abated funds. The board carries out the plan to finance, gathers the revenue and pays debt service on bonds. The NCA issues these bonds instead of the City and that insulation protects the City from losses. The debt is serviced from funds saved through the abatement of property taxes allowing for lower interest rates.
The NCA is created under the guidance of Chapter 349 of the Ohio Revised Code. This form of financing allows lower interest rate financing to be sought and that, according to DealPoint Merrill is necessary to gaining the funds required for this project.
With this resolution in place, DealPoint Merrill may now turn its attention to matters of financing and the agreements between the City, school districts, and themselves. These agreements must be in place before any ground-breaking can occur.
