revenue bonds | dmped | entrepreneur road map

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William A. Liggins, Director DC Revenue Bond & Enterprise Zone Program Office of the Deputy Mayor for Planning and Economic Development 1100 4 th Street, S.W., Suite E500, Washington, D.C. 20024 202-724-6199 202-724-9007 (Fax) www.dcbiz.dc.gov

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The Revenue Bond Program spoke at the WDCEP's Entrepreneur Road Map Financial Incentives seminar held at Venable (8/13/14). Revenue Bonds can be used to help finance new construction, renovations or capital costs.

TRANSCRIPT

Page 1: Revenue Bonds | DMPED | Entrepreneur Road Map

William A. Liggins, DirectorDC Revenue Bond & Enterprise Zone Program

Office of the Deputy Mayor for Planning and Economic Development1100 4th Street, S.W., Suite E500, Washington, D.C. 20024

202-724-6199 202-724-9007 (Fax)www.dcbiz.dc.gov

Page 2: Revenue Bonds | DMPED | Entrepreneur Road Map

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.

Page 3: Revenue Bonds | DMPED | Entrepreneur Road Map

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.

Page 4: Revenue Bonds | DMPED | Entrepreneur Road Map

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

Page 5: Revenue Bonds | DMPED | Entrepreneur Road Map
Page 6: Revenue Bonds | DMPED | Entrepreneur Road Map

Fiscal Year 2013 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 ConversionProvident 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

Washington Int. School Association $33,500,000 7/25/2013 Renovating/Refunding

KIPP, DC Education $63,070,000 8/1/2013 Acqui, Renov, Constr, RefiAmerican Public Health Assoc (APHA) Association $7,160,000 8/8/2013 Refunding

Total FY 2013 Deals $657,350,000

Page 7: Revenue Bonds | DMPED | Entrepreneur Road Map

Fiscal Year 2014(To-date) Revenue Bond Deals

Clients Type Amount Issued Closing Date Purpose

Friends of Legal Services Association $9,460,000 10/1/2013 Conversion

Endocrine Society Association

$14,200,000 11/1/2013Acqui/Renovation (Office Condo)

Hogar Hispano Inc. Association $13,820,000 11/1/2013 ModificationAmerican Immigration Lawyers Association (AILA) Association $13,780,000 12/2/2013 Conversion

National Children's Center Association $ 4,900,000 12/20/2013 Refund/Renovation

Mundo Verde Education $11,480,000 1/15/2014 Renovation/Construction

Ingleside Rock Creek Association $ 29,254,000 4/24/2014 Refund/Renovation/Constr

Jesuit Conference Education $ 8,605,000 6/2/2014 Conversion

Trinity College Education $30,300,000 6/2/2014 Refund/Renovation/Constr

National Presbyterian School Education $ 5,000,000 6/18/2014 Renovation/Constr

The Lab School Education $18,235,000 6/26/2014Refinancing, Renovation, Constr

Capital City Public Charter School Education $19,200,000 7/11/2014 Refund/Renovation

Total FY 2014 Deals $178,234,000

Page 8: Revenue Bonds | DMPED | Entrepreneur Road Map

1329 Kenilworth Ave

1329 Kenilworth Ave., NE

2004 Bond Issuance: $2,800,000

Page 9: Revenue Bonds | DMPED | Entrepreneur Road Map

NJA Hotel

140 L Street, SE

2005 Bond Issuance: $15,000,000

Page 10: Revenue Bonds | DMPED | Entrepreneur Road Map

John F. Kennedy Center for the Performing Arts

New Hampshire Ave. and F Streets, NW2008 Bond Issuance: $30,700,000

Page 11: Revenue Bonds | DMPED | Entrepreneur Road Map

Children’s Hospital

111 Michigan Ave., NW

2008 Bond Issuance: $250,000,000

Page 12: Revenue Bonds | DMPED | Entrepreneur Road Map

The Brookings Institution

1775 Massachusetts Ave, NW

2008 Bond Issuance: $40,000,000

Page 13: Revenue Bonds | DMPED | Entrepreneur Road Map

E.L. Haynes PCS

3600 Georgia Avenue, NW

2008 Bond Issuance: $1,510,000

Page 14: Revenue Bonds | DMPED | Entrepreneur Road Map

The River School

4880 MacArthur Boulevard NW

2010 Bond Issuance: $4,000,000

Page 15: Revenue Bonds | DMPED | Entrepreneur Road Map

UNCF

1815 7th Street, NW

2011 Bond Issuance: $26,000,000

Page 16: Revenue Bonds | DMPED | Entrepreneur Road Map

American Society of Hematology

1900 M Street, NW

2012 Bond Issuance: $33,965,000

Page 17: Revenue Bonds | DMPED | Entrepreneur Road Map

1111 North Capitol Street, N.E., 2013 Bond Issuance: $87,430,000

NPR – National Public Radio

Page 18: Revenue Bonds | DMPED | Entrepreneur Road Map

Mundo Verde PCS

44 P Street NW

2014 Bond Issuance: $11,480,000

Page 19: Revenue Bonds | DMPED | Entrepreneur Road Map

Association of American Medical Colleges – (before)

655 K St NW,

Page 20: Revenue Bonds | DMPED | Entrepreneur Road Map

Association of American Medical Colleges – (after)

655 K St NW, 2011 & 2012 Bond Issuances $154,875,000

Page 21: Revenue Bonds | DMPED | Entrepreneur Road Map
Page 22: Revenue Bonds | DMPED | Entrepreneur Road Map

Thank you!!

For any questions, comments, or concerns my contact information is listed below:

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, DC 20024202-724-6199 202-724-9007 (Fax)[email protected]