Treasurer Sprague Announces OMAP Savings for the City of Berea and the Village of 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, saving an estimated $16,800 and $4,110 in interest costs, respectively.
“The Ohio Market Access Program is an innovative tool that leverages the state’s high credit rating to support our local government partners,” said Treasurer Sprague. “Both Berea and Woodmere have used OMAP for several years, and we’re proud to help them finance important infrastructure projects and save money on interest costs.”
The OMAP credit enhancement allowed both Berea and Woodmere to achieve considerable interest cost savings.
The proceeds from Berea’s original note were used 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.
The proceeds from Woodmere’s original note were used to finance real estate acquisitions, police and fire department renovations, and the construction of a facility to house the village’s service department.
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 180 deals, ranging from $390,000 to over $100 million. There have been no defaults, and to date, OMAP has generated more than $3.7 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.