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PUT-IN-BAY — A Lake Erie island village seeks long-term financing for a multimillion-dollar dock project completed earlier this summer.
Put-in-Bay reconstructed two big docks boaters use when they visit the popular tourist destination. Weather delayed the completion of the estimated $5.6 million project, which was largely finished by the Fourth of July. It was initially expected to be completed by Memorial Day.
About $4.24 million in municipal dock rehabilitation project bonds will be issued to help finance the project, said Ed Cavezza, a Columbus attorney with the firm Dinsmore and Shohl, which is serving as bond counsel. The dock upgrade also received funding from the U.S. Fish and Wildlife Service through the Ohio Department of Natural Resources.
The 30-year bonds, which received an A2 rating by Moody’s Investors Service Inc., are underwritten by Fifth Third Securities Inc. and will be priced for sale Wednesday.
The A2 rating was achieved because the village is a “robust tourism juggernaut,” Mr. Cavezza said. “That was about as good as they could have expected.”
The village anticipates repaying the debt using mostly revenue from dock fees, which average about $220,000 a year, he said.
Boaters have appreciated the renovations, which feature electrical and lighting upgrades. The project is a big improvement from the “crumbling concrete” of the old docks, which the village’s insurer had said needed work, Administrator Doug Knauer said.
He’s noticed tourists enjoy strolling out on the hardwood-type deck.
“Everybody’s just loving it,” he said.
The bond issue will close Sept. 24.