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Port Authority trustees voted Monday to approve a capital lease financing structure for the project so that the construction of the building would be shielded from paying state and local property taxes for materials. The resulting savings to Midmark is estimated to be up to $688,0000, according to Port Authority documents.
The Port Authority also got trustee approval for issuance of up to $25 million in lease revenue bonds, which will be purchased by a lender arranged by Midmark.
Under the arrangement, the Port Authority will hold title to the new research center, and it will finance, and build the project on a capital lease basis. The company will purchase the building from the Port Authority at the end of a lease period of at least five years.
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Darke County has a 7.25 percent sales tax.
Port Authority trustees voted to approve the financing structure, with one abstention.
Earlier this summer, trustees also voted to facilitate the extension and relocation of a street near the 60 Vista Drive Midmark facility in Versailles, to make construction of the center possible.
“Midmark’s expansion in Versailles is a real strategic regional event,” said Jerry Brunswick, executive director of the Port Authority.
Construction is expected to begin in the final quarter of 2018 and to be completed in the fourth quarter of 2021.
Midmark is based on the University of Dayton campus but has announced plans to move its administrative offices to Austin Landing in Miamis Twp.
A message seeking comment was sent to a Midmark representative.
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