Treasurer Sprague Announces OMAP Savings for Berea and Woodmere
COLUMBUS – The Ohio Market Access Program (OMAP) administered by Ohio Treasurer Robert Sprague has helped the City of Berea and Village of Woodmere in Cuyahoga County enter the market to refinance outstanding debt and save an estimated $5,250 and $2,580, respectively, in interest costs over the next year.
“By putting the state’s high credit rating to work for local governments, OMAP is helping communities across Ohio finance and save money on important economic development and infrastructure projects,” said Treasurer Sprague. “We’re proud to support both Berea and Woodmere as they invest in their communities.”
The OMAP credit enhancements allowed Berea and Woodmere to achieve meaningful interest cost savings.
Berea’s original notes were issued to finance improvements to property that the city leases to the Cleveland Browns for use as the football team’s administrative headquarters and training facility. This issuance marks the fifth time that Berea has utilized OMAP. The previous four deals have saved the city an estimated $87,692 in interest expenses.
Woodmere's original notes were issued to finance real estate acquisitions, police and fire department renovations, and the construction of a facility to house the village’s service department. This issuance marks the fifth time that Woodmere has utilized OMAP. The previous four deals have saved the village an estimated $24,840 in interest expenses.
OMAP is a credit enhancement program that leverages the state’s excess liquidity and high short-term credit rating to help improve market access and lower borrowing rates for local governments. Since its 2014 launch, OMAP has supported more than 210 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $4.1 million in estimated savings for local governments.
Any government subdivision in good fiscal standing, including cities, villages, school districts, counties, townships, and special districts, issuing short-term debt is eligible to participate. For more information, visit https://omap.ohio.gov/.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.