A growing area in real estate development involves public financing to fund various projects. As the costs of certain real estate projects increase, municipalities, developers and traditional lenders are looking for additional sources of capital to help support the development of urban and suburban public and quasi-public infrastructure improvements. 

For more than 50 years, Bricker & Eckler has been involved as bond and underwriter's counsel in numerous transactions and has been recognized by banks and underwriters as a law firm qualified to render approving opinions for bonds and notes issued by public bodies and not-for-profit entities. Bricker & Eckler has notable experience in this specialized area of practice and is well qualified to take on even the most complex financing project. Thirteen of the firm's lawyers practice in this area and are currently listed in the "red book" of bond counsel, the standard reference source used by underwriters and purchasers of bond issues.

Over the years, the firm has participated in many novel and sophisticated financings to support real estate development, including many economic development bond issues. As bond counsel and underwriter's counsel, Bricker & Eckler is involved each year in scores of tax-exempt and structured financings, ranging from very small issues on behalf of villages and townships to major financings in excess of $100 million for the City of Columbus, The Ohio State University, the State of Ohio and other large public and private borrowers. Similarly, Bricker & Eckler has structured and opined on multi-modal "lower floater" revenue bonds for large and small companies, secured by letters of credit issued by national and foreign banks. 

Today, many of our clients are interested in economic development bond issues that help finance public infrastructure affiliated with new development. Tax increment financings (TIFs), community development authorities, special assessments, and similar vehicles are becoming more commonplace, as are more complex structures, including cooperative arrangements among political subdivisions and public-private partnerships.

On a day-to-day basis, the firm aids municipalities and governmental entities seeking the most economical and efficient ways to finance their capital programs. This experience working with municipalities and other government entities also gives us the ability to represent developers in negotiating incentives and commitments for public infrastructure improvements to be provided by the local government.

In addition, the firm has an extensive practice in private purpose bond financings, such as industrial development bonds, hospital bonds, 501(c)(3) university bonds, and solid waste disposal bonds.

Bricker & Eckler frequently develops and participates in structured finance transactions, including securitization of tax-exempt bonds and receivables, off-balance sheet leases, tax-advantaged leases, sale-leaseback transactions and special purpose debt issuance by or on behalf of private companies performing services for states or local governments. 

Representative Real Estate Related Public Finance Matters

• Participated in many of the biggest projects in the state, including the Polaris and Easton developments in Columbus, as well as Crocker Park and University Square in Cleveland, and Cincinnati Mills in Fairfield

• Bond counsel for numerous unvoted special assessment bonds issued by municipalities to finance street and utility improvements, and tax-exempt leases and mortgage revenue bonds issued by cities to finance water and sewage treatment plants

• Implemented tax increment-financing and special assessment projects in northeastern and southwestern Ohio, which was used to secure tax-exempt debt issued for the purpose of constructing a public parking garages and street improvements for a retail redevelopment

• Used new community authority financing structure to implement a special purpose taxing district to fund infrastructure improvements for a predominately residential development project, including serving as developer and bond counsel for the first Ohio unsecured new community authority revenue bond issue