Extensive Experience with Municipal Financings and Major Industry Contributor:
More than 500 Bond Issues Amounting to $14+ billion
During the past 30 years Empire Economics has accumulated a distinguished track record of working for public entities on land-secured as well as other types of financings and has established an excellent reputation in the municipal bond industry.
Experience with Bond Financings
Empire Economics has performed consulting services on behalf of public entities for capital infrastructure and other related projects underlying the development of Planned Communities, Business Parks and Retail Centers as well as Toll Roads, resulting in 500+ municipal bond issues amounting to $14+ billion.
Empire Economics’ experience with Mello Roos/Assessment District Financings, Mortgage Revenue Bond and other tax-exempt financings has been as follows:
- Mello-Roos/Assessment District Land Secured Financings for 450+ such bond issues amounting to $10+ billion for Planned Communities which typically have 100-1,000+ housing units and Business Parks/Retail Centers which typically have 25-150+ commercial-industrial acres.
- Mortgage Revenue Bond Financings for some 80+ such bond issues with bonds amounting to $2+ billion for single-family homes and apartments, to provide lower interest rate mortgage loans for qualified purchasers.
- Socioeconomic Forecasts/Market Studies for the $2.75 billion refunding of the San Joaquin Hills and Foothill/Eastern Transportation Corridors’ Toll Roads located in southern Orange County; the latter was designated as the Municipal Bond Issue of the Year for 1999.
Major Industry Contributions
Dr. Joseph T. Janczyk, president of Empire Economics, received his Doctorate in Economics from the University of California, and was previously a tenured Economics Professor at the California State University.
Panelist on California Treasurer Mr. John Chiang's Council of Economic Advisors (January 2015 - Present)
- The panel advises the Treasurer on emerging strengths and vulnerabilities in California’s economy, major issues that could affect the State’s fiscal health, and how to make the best use of limited government revenues and resources.
Empire Economics has taken an active role in the municipal bond industry by participating in numerous events; some examples are as follows:
- UCLA/CDIAC Municipal Bond Financing Seminars – 10+ times as Featured Speaker
- Bond Buyer Conference – Panelist/Presenter
- League of Cities - Panelist/Presenter
- Municipal Bond Industry Association – Panelist
- Best Practices for Continuing Disclosure – Panelist
- Appraisal Standards for Land Secured Financing by CDIAC – Panelist/Contributor
- Rating Agency and Bond Insurer Presentations – Numerous Trips to New York City
- Meetings with Municipal Bond Funds:
Bond Buyer Seminar Presentations in New York, Boston, and Chicago to 50+ Bond Funds
Consequently, Rating Agencies, Bond Insurers and Municipal Bond Funds are familiar with the Market Studies that Empire Economics has conducted for Planned Communities, Business Parks and Retail Centers as well as Toll Roads, and this is beneficial to the public entities for which Empire Economics provides consulting services.
The following graph provides an overview of the number of land secured financings that Empire has been involved with (the left axis) and also the value of these land secured financings (right axis, in $Millions) since 1983:
The following graphs provide experience by type of financing and by geography:
