The board of the Cleveland-Cuyahoga County Port Authority approved a measure last week to issue $90 million of tax-exempt bonds to finance new headquarters for Cuyahoga County in downtown Cleveland.
The port authority will finance and own the building as part of the agreement, according to local reports. The bonds will be structured as tax-free lease revenue bonds. The county will lease it through 2040, with rental payments being used for debt-service payments.
The county expects to issue the bonds within the next few months, according to reports. Piper Jaffray & Co. is the underwriter.
The board also approved a measure to issue $85 million of refunding debt for the Medical Center Co., a non-profit that provides utility services.