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State of Ohio - Controlling Board Request
STATE OF OHIO
CONTROLLING BOARD
30 East Broad Street, 34th Floor
Columbus, Ohio 43215-3457
(614) 466-5721 FAX:(614) 466-3813
OPERATING REQUEST Controlling Board No.
DEV0103240
Status:  Approved
Meeting Date:  12/4/2017

GENERAL INFORMATION
Agency
Development Services Agency


Division/Institution
Development Services Agency
Waiver of Competitive Selection  (Revised Code Section 127.16B)
      No Competitive Opportunity
      Agency Released Competitive Opportunity
Agency Released Competitive Opportunity (Revised Code Section 127.162)
Other Statutory Authority/Bill Section:166.07
Operating Transfer Request  (Revised Code Section 127.14)
      Appropriation
      Cash
      Other Statutory Authority/Bill Section:
Fiscal Year(s)
2018
Bill No.
HB 49
Eligible for OBM
Director Approval?
No

VENDOR INFORMATION
For FYAmountNameAddressCityStateCountyZip Code
   

FUNDING INFORMATION
Fund GroupFund CodeAppropriation Line ItemAppropriation Line Item NameFYAmountFYAmount
7037 195615 Facilities Establishment 2018 $360,000.00 $.00

SIGNATURES
     
David Goodman 12/04/2017
   
Agency Director or Authorized Agent On The Date Of
   
11/13/2017 Christine Morrison
   
Date Controlling Board President/OBM Director
   
AGENCY CONTACT
Name:  Rachel Near Title:  Director of Legislative Affairs
Phone:  (614) 644 - 8630 Fax:  (614) 728 - 4920 E-Mail:  Rachel.Near@development.ohio.gov
REQUIRED EXPLANATION OF REQUEST
  The Development Services Agency (DSA) respectfully requests Controlling Board approval to release $360,000 from fund 7037, ALI 195615, Regional 166 Direct Loan in FY18 to TBT Investments LLC for financing the acquisition and construction of commercial real estate located at 6331 Fiesta Drive, Columbus, Ohio 43235 (Franklin County).  
  The Regional 166 Loan Program provides low interest loans for land and building acquisition, construction, expansion or renovation, and equipment purchases for eligible businesses. The program is administered by local economic development agencies. Eligible projects include those related to industry, commerce, and distribution or research activities. This item is not a new release of money but rather an approval of the project - this program is funded through Facilities Establishment Fund dollars released prior to 1992 to Local Economic Development Agencies.

TBT Investments LLC is a real estate holding company for Cahill Construction, Inc.

Cahill Construction, Inc. (the operating company) (CCI) is a full-service general contractor on leasehold improvement projects for large corporate businesses throughout North America.

CCI's customers include L Brands, Williams-Sonoma, Men's Warehouse, J. Crew, Lane Bryant, Abercrombie & Fitch, Kroger, and Huntington National Bank.

Sources of Funds
$   360,000 Regional 166 Direct Loan
$   720,000 Buckeye Huntington National Bank Financing
$   120,000 Company Contribution (Equity)
$1,200,000 Total

Uses of Funds
$   120,000 Land
$1,080,000 Construction
$1,200,000 Total

The financing project will involve the acquisition and construction of commercial real estate that will enable growth and expansion of business operations, increase efficiency, and create jobs. DSA's financing assistance represents not more than 75% of the total financing project investment at the Project Site. As a result of this project and state assistance provided, the borrower has committed to create 5 new jobs and retain 20 existing jobs at the project site. The loan will have a 3.50% interest rate and a term of 20 years.

DSA will require a 2nd lien position and 1% fee paid (mortgage and FF&E) on project real estate, the personal guarantees of Edward Cahill III, Brad Cahill, and Todd Cahill, and the corporate guarantee from Cahill Construction, Inc.
 
   
Attachments Controlling Board Request No.: DEV0103240
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