XENIA — Riverside Research will be partially financing an expansion at its Beavercreek facility through the sale of about $9 million of tax-exempt bonds issued on behalf of the company by the Greene County Port Authority. Greene County Commissioners signed off on the bond issuance Thursday after the port authority board approved the move Monday.
According to Brad Ruwe, of Dinsmore & Shohl, Greene County’s legal counsel on bond issues, the research company will be paying a little more than $12 million for the project in total – $9.25 million for the new facility plus $2 million for equipment – about $9 million of which will be funded through the port authority bonds, which PNC Bank has agreed to purchase initially.
While terms with PNC have not been finalized, it is expected that the bank will agree to purchase the bonds for an initial seven-year term. As the bonds are expected to be paid back over a period of 20 years, after that initial period, the company would have to renegotiate terms with PNC, find another purchaser or find an alternative source of financing.
Riverside Research is a not-for-profit scientific research company which primarily serves the U.S. Department of Defense and the intelligence community.
The 28,000-square-foot research facility, which was unveiled to the public Oct. 8, includes dedicated lab spaces for research in areas including plasma, optics, cyber, computational electromagnetics, radio frequency systems, and intelligence, surveillance, and reconnaissance. According to a release from the company, the expansion also houses dedicated spaces for operations and facility management, secure areas, a proposal suite, a corporate data center and space for future growth.
“Our reputation for technical excellence and trusted solutions has been earned by our people,” company president Richard Annas said in a release. “This building is a testament to their efforts and represents many more years of dedicated service to our customers and our community.”
The company also expects to add more than 60 new jobs in the Dayton area over the next three years.
Reach Nathan Pilling at 937-502-4498 or on Twitter @XDGNatePilling.