Squire Sanders has served as bond counsel on the Michael V. Hodge DC Revenue Bond Program Deal of the Year. The award, presented by the DC Revenue Bond Program, recognizes the year’s top deal that made a significant contribution to DC’s economic landscape.
In the winning deal, Squire Sanders served as bond counsel to the District of Columbia (the District) in a collegiate housing deal to finance the construction of two dormitories on Howard University’s (the University) campus. On February 14th, 2013, the District issued US$108 million in tax-exempt bonds. The proceeds of the District’s Student Dormitory Revenue Bonds are being used to finance the construction of two on-campus dormitories that together will provide the University with an additional 699 rooms and 1360 beds for its students. According to the terms of the deal, the borrower, a not for profit entity, will own and oversee the construction of the dormitories. However, it entered into an agreement whereby the University will lease the land from the not for profit upon which the dorms will be built and manage the facilities. The lease will terminate in 40 years or when the debt is paid off, whichever comes sooner.
“We are incredibly proud to be part of a team that won this prestigious award,” said Roger K. (J.R.) Clark, partner in Squire Sanders’ Public Finance Practice Group. “This deal provided our client, the District, with the opportunity to make an impact on the lives of current and future students at Howard University and the city of Washington, DC.”
The Squire Sanders team serving as bond counsel on the transaction was led by J.R. Clark, John Henry, Todd Cooper, Kirk Beckhorn, and Ed Sinick.
Squire Sanders has been a nationally recognized bond counsel firm in the United States since the beginning of the 20th century, and is consistently ranked among the top bond counsel firms in the Bond Buyer. In 2013, Best Lawyers in America ranked the firm #1 in the US for public finance law based on the number of our lawyers recognized in this field. Additionally, the practice group earned top rankings from Chambers USA and US News & World Report, among others.
The DC Revenue Bond Program has awarded nearly US$8.5 billion in economic development assistance since its inception. The award is named after the former director of the DC Revenue Bond Program in the Office of Planning & Economic Development.