Alameda County Industrial Development Bond Program
Alameda County's Industrial Development Bond (IDB) program issues bonds on behalf of manufacturing businesses that are or will be located in the unincorporated area, or any of the 14 cities in the County, through the Industrial Development Authority of Alameda County (IDA), which is composed of members of the Board of Supervisors.
The President of the IDA is the President of the Board of Supervisors, Vice President of the IDAC is the Vice President of the Board of Supervisors, and the Secretary of the IDAC is the Clerk of the Board.
IDA subordinated officer positions are the County Administrator, the Assistant County Administrator and the Director of Economic Development of the County , whose roles and responsibilities are to execute various documents not associated with the issuance of the bonds (i.e. indentures, loan agreements, and related documents) and the day-to-day operations of the IDA, represent the IDA on intergovernmental matters, execute documents, certificates or technical amendments and perform ministerial tasks as directed by the IDA, County Counsel or Bond Counsel.
Karen Engel, who is Director of Economic Development of the County and serves as Executive Director of the East Bay EDA, is the IDA's subordinated officer responsible for signing IDB applications and associated documents that are submitted to the State, technical amendments, acknowledgement of bond redemptions and doing other ministerial tasks on behalf of the IDA Board.
The IDB program coordinator/staff is Keith Sutton, who is also an employee of Alameda County and serves as Business Development Director for the East Bay EDA. He provides staff support to the IDB program.
IDB Bond Council is William Lofton, Partner, Lofton & Jennings and Walter Vennemeyer, Managing Director, Progressive Capital, is the IDB program's Financial Advisor, and brings together the rest of the team required to issue the bonds. Neither of these positions are paid positions of the IDA or Alameda County - their services are paid for as closing costs when bonds they help put together are sold. As Financial Advisor, Walter Vennemeyer represents the borrower and helps obtain the Letter of Credit Bank for publicly sold bonds or the bond purchaser in the case of private placements (equipment only projects). He is also responsible for bringing together all of the rest of the bond team - the trustee, rating agency, placement agency, and assisting with the IDB application to the State and coordinating the bond closing.
In 2010, the County and City of Fremont combined their ARRA Stimulus Recovery Zone Facility Bond (RZFB) allocations to finance an $8 million Dale Hardware expansion in Fremont. RZFBs are tax-exempt bonds that are structured and issued just like IDBs by the IDA of Alameda County, but the program will end in 2010. Click here for more info on RZFB financing.
The Authority issued its first IDB in 1983 and since then has issued the the following:
|# of Bonds Sold||Total $ Tax-Exempt Bonds||Total $ Taxable Bonds||Total $ Recovery Zone Bonds||Total New Jobs Projected||Total Current/Retained Jobs||Total Impact Including Secondary Jobs|
Alameda County Project List: (* Indicates a Recovery Zone Bond)
|Date Issued||Company||Website URL||City||$ Amount|
|6/1/1983||Dryers Ice Cream||www.dreyers.com||Oakland||$3,800,000|
|1/1/1985||Nolan Family Trust||Hayward||$1,100,000|
|1/1/1985||Oliver Rubber Co.||www.oliverrubber.com||Oakland||$3,800,000|
|4/1/1988||Kobe Precision Inc.||www.kpi.com||Hayward||$5,000,000|
|6/1/1988||American Brass & Iron (AB&I)||www.abifoundry.com||Oakland||$1,600,000|
|6/1/1988||Dryers Ice Cream||www.dreyers.com||Union City||$9,500,000|
|6/1/1988||Dryers Ice Cream||www.dreyers.com||Oakland||$3,800,000|
|12/1/1988||Lucasey Mfg. Corp.||www.lucasey.com||Oakland||$1,700,000|
|6/1/1989||Intermountain Trading Co.||www.mealpack.com||Berkeley||$550,000|
|11/10/1993||THARCO, Inc.||www.tharco.com||San Lorenzo||$3,000,000|
|8/9/1994||Scientific Technology Inc.||www.sti.com||Fremont||$5,000,000|
|10/19/1995||RSP Manufacturing||company purchased||Hayward||$5,000,000|
|11/15/1995||National Fabtronix, Inc.||www.natfab.com||Hayward||$2,600,000|
|11/30/1995||Heat & Control, Inc.||www.heatandcontrol.com||Hayward||$7,200,000|
|11/6/1997||P&C Pacific Bakeries||company purchased||Oakland||$1,800,000|
|4/10/1998||HTB Inc.||company purchased||Fremont||$7,200,000|
|7/9/1998||TriStar Plating||company purchased||Hayward||$2,500,000|
|4/29/1999||West Coast Packing & Crating||www.chickpackaging.com||Fremont||$6,000,000|
|5/5/1999||Malmberg Engineering, Inc.||www.malmbergeng.com||Livermore||$3,000,000|
|8/23/1999||Design Workshops Inc.||www.design-workshops.com||Oakland||$2,500,000|
|6/29/2000||United Manufacturing Assembly||www.umai.com||Fremont||$3,000,000|
|7/11/2000||Plastikon Industries, Inc.||www.plastikon.com||Hayward||$6,500,000|
|11/1/2000||Niles Machine & Tool Works||www.nmtw.com||Livermore||$5,000,000|
|9/28/2001||KLN Precision Machining Corp.||www.klncorp.com||Fremont||$5,900,000|
|10/1/2001||Wood Tech, Inc.||www.woodtechonline.com||Oakland||$2,425,000|
|10/1/2001||Pacific Paper Tube, Inc.||www.pacificpapertube.com||Oakland||$2,700,000|
|10/9/2002||Segale Bros. Wood Products, Inc.||www.segalebros.com||Hayward||$3,100,000|
|12/17/2002||Arlen Ness Enterprises||www.arlenness.com||Dublin||$5,400,000|
|4/7/2004||BEMA Electronic Manufacturing, Inc.||www.bemaelectronics.com||Fremont||$4,500,000|
|6/8/2005||Convergent Laser Technologies||www.convergentlaser.com||Alameda||$5,360,000|
|8/17/2006||Malmberg Engineering, Inc.||www.malmbergeng.com||Livermore||$2,300,000|
|12/7/2006||Packaging Innovators Corporation||www.callpic.com||Livermore||$5,200,000|
|4/26/2007||Caravan Trading||www.caravantrd.com||Union City||$3,300,000|
|6/21/2007||PS Print LLC||www.psprint.com||Oakland||$3,650,000|
|11/7/2007||Unique Elevator Interiors, Inc.||www.uniqueelevator.com||Alameda||$2,675,000|
|4/1/2008||Oakland Pallet Company, Inc.||www.oaklandpallet.com||Oakland||$3,388,000|
|11/25/2008||Golden West Paper Converting||www.goldenwestpaper.com||San Lorenzo||$7,775,000|
|11/15/2010||Convergent Laser Technologies||www.convergentlaser.com||Alameda||$4,380,000|
|12/8/2010||Santini Foods, Inc.||www.santinifoods.com||San Lorenzo||$10,025,000|
|8/22/2012||Packaging Innovators Corp.||www.callpic.com||Livermore||$5,136,632|