Summary: Cleveland-Cuyahoga County Port Authority, Ohio; Tax Increment

S&P Global Ratings assigned its 'BB' long-term rating to the Cleveland-Cuyahoga County Port Authority, Ohio's senior series 2021A tax increment financing (TIF) revenue and refunding bonds issued on behalf of the City of Cleveland-Flats East Bank Development Project. The preliminary par amount on the 2021A bonds is $25.43 million. The outlook is stable. The 2021A bonds are secured by revenue under the senior series 2021A trust indenture. Pledged revenues are derived from service payments-in-lieu-of-taxes (PILOTs) that the City of Cleveland receives from the owners of 28 real estate parcels within the Flats East Bank development, a mixed-use redevelopment in downtown Cleveland. Service payments available for debt service are net of school compensation payments owed to the Cleveland Metropolitan School District.

...S&P Global Ratings assigned its '##' long-term rating to the Cleveland-Cuyahoga County Port Authority, Ohio's senior series 2021A tax increment financing (TIF) revenue and refunding bonds issued on behalf of the City of Cleveland-Flats East Bank Development Project. The preliminary par amount on the 2021A bonds is $25.43 million. The outlook is stable. The 2021A bonds are secured by revenue under the senior series 2021A trust indenture. Pledged revenues are derived from service payments-in-lieu-of-taxes (PILOTs) that the City of Cleveland receives from the owners of 28 real estate parcels within the Flats East Bank development, a mixed-use redevelopment in downtown Cleveland. Service payments available for debt service are net of school compensation payments owed to the Cleveland Metropolitan School District. The parcels responsible for service payments are located within the TIF district associated with phases one and two of the development. Service payments are calculated in the same...

Summary