Leasing slowed down and costs went up for a senior housing facility in Centerville during the pandemic, as was the case for similar businesses worldwide. So Randall Residence went to state agencies which had already loaned it money, like The Port, to ask for more.
At The Port's meeting Wednesday, Director of Public Finance Todd Castellini reminded the board of the Hamilton County redevelopment agency that it issued $5.43 million in bonds in June 2017. The Cincinnati and Dayton Ports jointly manage the Southwest Ohio Regional Bond Fund. But for this project, The Port brought in Toledo and Summit County since a total of $15 million was needed.
Because of being hit hard by COVID-19 - which brought leasing to a halt and increased expenses - Randall Residence asked The Port to modify some of the terms.
Castellini says financial advisors to Randall Residence recommended it increase the bonds by $800,000 and stretch out the term by five years.
"This is just a very prudent, proactive way to deal with the effects of the virus," says Castellini, who pointed out that Randall Residence is not in default and the ownership is sound.
The Port in Cincinnati voted in favor of the new terms.
The Dayton Port is scheduled to vote July 20. Toledo will vote July 23.
Also at its July 8 meeting, as the FC Cincinnati stadium moves closer to completion, The Port voted to issue not more than $8 million in tax-exempt TIF bonds and not more than $22 million in transient occupancy bonds to pay for infrastructure needs.
