Economic Development Finance The Deal, The Players, The Results. Thelma Adams Johnson, MBA, EDFP
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1 Economic Development Finance The Deal, The Players, The Results Thelma Adams Johnson, MBA, EDFP
2 TOPICS TO BE COVERED What is Economic Development Finance? The Players Who are they? The Deal How to structure Case Studies
3 ECONOMIC DEVELOPMENT FINANCE? ED financing is a combination of public and private financial and support to attract, retain, or sustain a viable business. ED Financing is one component of Economic Development.
4 Goal of ED Financing ED Financing The Goal of ED financing is to create an avenue for the Public Sector to assist the Private Sector in creating opportunities for its citizens. Job Creation Wealth Creation Return on Investment for both Private Sector and Public Sector
5 ED Financing ED Financing Capital Sources Sources of Public ED Financing: 1. Local Government 2. State Government 3. Federal Government 4. Development Authorities 5. Nonprofits
6 Public Sector Resources Resources 1. Revolving Loan Funds 2. Business Development Programs/Job Training 3. Tax Financing Programs 4. Tax Credit Programs 5. Bond Financing through Development Authorities
7 Resources Private Resources 1. Commercial Banks 2. Angel Investors 3. Credit Unions 4. Friends, Associates, Relatives 5. Private or Corporate Investors 6. Venture Capitalists
8 Resources Nonprofit Resources 1. Government-sponsored loan funds 2. Revolving Loan Funds 3. Flexible loan funds 4. Bond Financing
9 The Key Players in an ED Deal The Players Nonprofit Business ED Professional Private Sector Public Sector
10 ED Professional Role Key Liaison The Players 1. Help the business identify the need and support the need 2. To gather the players, assemble the team to create the game plan. 3. Know what resources are available. 4. Work with both private and public sector to identify incentives.
11 ED Professional Role Key Liaison The Player ED Professional must have a pulse on the community he/she serves, must be a keen analyst, understanding the communities strengths and weaknesses, its political climate, and its economic makeup along with its economic needs.
12 The Business Role Investor/Customer The Players 1. Have a clear business plan and an economic development strategy that can be supported by all players. 2. Understand their business operations and the contribution to be made to the community. 3. Identify the private sector to be involved 4. Identify the ask, know the need, and be able to articulate the need in dollars and cents.
13 The Players The Business Role Investor/Customer 5. Know the Investment being made number of jobs, property values, and project investment numbers. 6. Adhere to the terms of the deal make the investment. 7. Be committed to the project and produce results and outcomes.
14 The Players The Private Sector Role The Lead Financial Provider 1. Works in partnership with the Business to structure private financing. 2. Provide favorable terms to get the project done.
15 Public Sector The Players Public Sector can be a combination of Government and The Nonprofit Community
16 Public Sector Government - Role The Facilitator 1. The Public Sector Role is to create an environment to facilitate the deal 2. Bridge capital gaps, if needed. 3. Work to get special abatements 4. Publically support the project
17 The Players It is not Government s responsibility to create jobs, but it is Government s responsibility to create an environment in which jobs can be created The driving force behind Public Sector s involvement in ED Financing.
18 The Players Public Sector Nonprofit Role The Binder 1. Serve as a conduit for local, state, and federal government to get involved financially. 2. Provide low-costs business services to the private sector to help facilitate the deal. 3. Provide gap financing if the need exist
19 Structuring The Deal The Deal 1. Match term of financing to life of assets purchased or constructed. 2. Identify available profits from assets to repay the debt. 3. Identify collateral to secure the debt, and identify collateral position for ALL lenders. 4. Determine available profits to repay the debt. 5. Review the Character of the Owners.
20 Structuring the Deal To Do or Not to Do The Deal Should the Deal Move Forward? Answer: 1. Is collateral sufficient to cover the debt? 2. Is the Company able to pay debt service from available or projected cash flow? 3. Is the company creditworthy? 4. Does the company have sufficient available capital to move the project forward? 5. Does the company manages its inventory? 6. Is the return on the investment greater than the investment over a period of time?
21 The Deal Deal Using Tax Credit Financing ED Project: Construction of 55 affordable townhomes in a distressed community previously devastated by a natural disaster. The project will replace housing units lost in the area. Need for Project: Neighborhood Revitalization and Stabilization
22 The Deal The Structure: Mixed-finance development, consisting of conventional construction financing, equity from the sale of housing tax credits, and permanent financing from the local government (Community Development Block Grant) and various infrastructure improvements.
23 The Deal The Structure: Construction and Permanent Financing 1. Low-Income Housing Tax Credits 2. CDBG 3. Private Conventional Mortgage
24 The Structure The Deal Construction Financing Private Mortgage $ 3,554, Equity $ 3,345, Permanent Financing LIHTC - Federal $ 5,340, State $ 1,350, Local Government $ 209, Total Construction Cost $ 6,899, Total Permanent Financing $ 6,899,598.00
25 Deal Using Section 108 HUD Financing The Deal ED Project: Construction of Major Hotel Brand with support of local government to help revitalize downtown. 120-room major brand hotel with the creation of 50 fulltime permanent jobs. Total Project Costs: $16,949,744.00
26 The Structure: Major Hotel Brand Project Sources The Deal SPLOST $4,361, Section 108 $5,500, One Georgia Loan $500, Equity Injection $1,488, Bond Financing $5,100, Total Project Costs $16,949,744.00
27 Deal Using Local & State Funding The Deal Project: Expansion of existing 60 year-old manufacturer Total Project Costs: $4, Funding Structure: Private Loan: $3,096,467 Owner s Equity Injection: $1,000,000 Public Funding: $400,000 State Supported Program Investment Results: 11:1 Public/Private Leverage Ratio Jobs Created and/or Retain: Retained: 55 Created: 15 Cost per job: $26,600/job cost for every public dollars used.
28 Questions & Answers Q & A Contact Info: Thelma Adams Johnson Albany Community Together, Inc. 230 S Jackson St Ste 118 Albany, Georgia (229) taact1@bellsouth.net
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