For the 16th consecutive time, the City has achieved exceptional financial ratings from two national agencies for two bond issuances.

For an issuance of special obligation nontax revenue bonds to fund the construction of the leasable office portion of the Bob Crane Community Center, S&P Global assigned its top AAA rating and Moody’s Investor Service assigned the second highest rating of Aa1. S&P Global also assigned a AAA rating for the City’s other outstanding nontax revenue bonds, while Moody’s Investors Service affirmed the City’s AAA rating on previously issued General Obligation Bonds.

Both ratings agencies once again opined on the City’s strong operating fund balance and its excellent credit profile, highlighted by a strong tax base, above average resident incomes and its ties with the Columbus metropolitan economy.

The Triple A rating is the highest that can be attained and is considered the gold standard for government entities when selling bonds to finance projects. As a result, our efforts to effectively manage the community’s assets can now be further enhanced by our ability to secure the best possible interest rates.

This accomplishment is testament to the City’s commitment to responsible and transparent fiscal planning and implementation practices that have helped us maintain a strong financial position during challenging times and afforded us the flexibility to address significant issues like the Community Center and infrastructure needs.

Finance Director, Brent Lewis, and his capable staff may work behind the scenes at the City, but their efforts are crucial to keeping our organization and the work that we do on track.

With these ratings, the City was able to issue $11.67 million in special nontax revenue bonds, at an interest cost of 4.79%. The 33,400 square feet of leasable office space under construction at the Community Center will be occupied by The Ohio State University Wexner Medical Center (OSUWMC). Under this 15-year lease agreement, the City will receive in excess of $1 million per year in rental fees and more than $175,000 per year in income tax withholdings generated by the OSUWMC’s employees. This partnership will also deepen and expand the health and wellness services available at the Community Center, with OSUWMC’s facility featuring The James Cancer Supportive Care Center, orthopedic physical therapy, and an integrative health clinic.