OAQDA Issues $6.85 Million in Bond Financing for Improvements to Franklin County Workforce Housing Development Supporting Local Jobs and Economic Benefits

FOR IMMEDIATE RELEASE  
June 10, 2026

Media Contact: Lindsey Sanders
[email protected]

419-618-1708

OAQDA Issues $6.85 Million in Bond Financing for Improvements to Franklin County Workforce Housing Development Supporting Local Jobs and Economic Benefits

COLUMBUS - The Ohio Air Quality Development Authority (OAQDA) has closed on revenue bonds to finance clean air improvements at Cotter's Grove LLC, a new workforce housing development in Franklin County managed by Oxford Circle Development. S&T Bank partnered with OAQDA to purchase the bonds and provide capital for the project, which will produce $1.1 million in annual local economic benefits for the community.

The project, located at 4015 Chestnut Hill Drive, includes extensive air quality infrastructure improvements across a multi-building extended-stay residential apartment community. OAQDA financing of $6.85 million for the project involves energy-saving technologies and modernized building systems, as evaluated through the authority's Clean Air Improvement Program (CAIP).

"OAQDA is a partner on economic development projects with local public officials and developers to unite on priorities for creating more jobs, spurring growth, and building healthier places for people," said Christina O'Keeffe, executive director of OAQDA. "This project is another example that expands lower-cost housing options for Ohio's growing workforce while delivering economic and community health benefits for the Columbus region."

"Investments like this help expand flexible housing and contribute to economic growth in our region," said State Representative Munira Abdullahi (D-Columbus). "This project improves housing options while advancing energy-efficient infrastructure."

The Cotter's Grove development is expected to create approximately four full-time construction jobs during the construction phase and one full-time job once the project is operational. Based on an analysis of the impact of these jobs on the local economy and the improved energy performance of the building for residents, the local economic benefits are estimated at $1.1 million each year, which will be verified by OAQDA.

"Franklin County continues to see strong population and business growth, and projects like this help meet that demand to house people while keeping their costs lower," said State Senator Bill DeMora (D-Columbus). "It's about building communities that are prepared for the future."

The project will reduce energy use by nearly 22% compared to similar properties, translating into lower utility bills. OAQDA verified the project's performance, which features a more insulated and sealed building envelope, LED lighting, high-efficiency HVAC systems, and other improvements to reduce electricity use.

"This financing keeps Cotter's Grove on track to serve the needs of a growing community," said Donald Kenney Jr., Managing Partner of Oxford Circle Development. "We're proud to deliver housing options to the community that prioritize both quality and efficiency."

###

The Ohio Air Quality Development Authority (OAQDA) is an independent state agency that partners with cities, counties, and other municipalities across the state to stimulate job growth, drive economic benefits, and improve community health through financing air quality projects. OAQDA's primary activity is to further economic development in Ohio by providing financing and incentives for projects that cause a reduction in air emissions, regardless of whether the project uses coal, natural gas, oil or another resource type. Since its creation in 1970, OAQDA has issued more than $6 billion in revenue bonds for air quality projects to help Ohio employers achieve energy cost reductions and improve air quality. For more information about OAQDA and its services, please visit ohioairquality.ohio.gov.