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Tops Markets, Premier Farnell Contributions Will Help Leverage Economic Development in Cleveland
CLEVELAND-(Business Wire)-January 28, 2008 - The Greater Cleveland Partnership (GCP) has accepted donations from Tops Markets, LLC and Premier Farnell Corporation totaling more than $1.3 million to ensure that GCP can continue its mission of advancing physical development projects that create jobs and enhance Cleveland.
Tops Markets, LLC and Premier Farnell Corporation were investors in Cleveland Development Partnership II, a $40 million revolving real estate loan fund operated by Cleveland Development Advisors (CDA). More than 40 companies have contributed to the fund, which has invested more than $93 million in 60 projects including Gateway, Browns Stadium, Rock and Roll Hall of Fame and Museum, Flats East Bank, and housing in the Warehouse District. Cleveland Development Partnership II has helped leverage more than $1.3 billion in additional investment in Cleveland. "Cleveland Development Partnership II is an important force in Cleveland real estate development. It provides up-front funding - often at-risk capital - that enables transformational projects to move forward. The fund allows the business community to pool its resources and provide funding to projects that create jobs and build communities," said Yvette Ittu, vice president of CDA.
Fulfilling their commitment to the region, the donation from Tops carried a December 31, 2006 book value of $585,121 and the donation from Premier Farnell carried a 2006 year end book value of $753,575. "We are pleased to make this contribution of our interest in Cleveland Development Partnership II to the Economic Growth Foundation so that they can continue to stoke the economic engine in the Cleveland area and, thereby, improve the quality of life and prosperity for our former associates and customers," said Tracy Pawelski, spokeswoman for Giant Food Stores, the former operator of Tops Markets, LLC.
Peter Costello, President of Premier Farnell Corp., continued, "With this donation, we look forward to seeing the Greater Cleveland Partnership continue its efforts on behalf of the Cleveland business community to invest in projects of scale that create jobs." Premier Farnell Corp. is part of Premier Farnell plc (Premier Farnell), the leading multi-channel, high service distributor of essential products and services to millions of engineers and purchasing professionals globally.
Tops Markets, LLC has contributed its 2.136 shares and Premier Farnell has contributed its 2.67 shares of Cleveland Development Partnership II to the Economic Growth Foundation (EGF), a non-profit foundation of the Greater Cleveland Partnership. In total, there are 47 limited partners in Cleveland Development Partnership II, which is one of four real estate investment funds managed by CDA.
About Greater Cleveland Partnership
The Greater Cleveland Partnership, the primary voice for businesses in Greater Cleveland, seeks to create jobs and improve the economic vitality of the region. Its priorities include technology, innovation and high-growth businesses; connected physical development; education and workforce development; and business attraction, retention and expansion. The GCP emphasizes service to its more than 17,700 members; advocacy on behalf of members and the region; diversity and inclusion; and internationalization of the region and its businesses. http://www.gcpartnership.com.
About Cleveland Development Advisors
Cleveland Development Advisors (CDA) manages private-sector investment capital raised to advance economic and community development in the city of Cleveland. Since its inception in 1989, CDA has directly invested more than $113 million and leveraged more than $1.8 billion in new investment dollars into over 80 strategic real estate development projects. CDA is proud to be an affiliate of the Greater Cleveland Partnership, providing vital investment dollars to assist GCP in its core mission. Additional information pertaining to CDA and its investments can be seen at www.clevelanddevelopmentadvisors.com.
About Premier Farnell
Premier Farnell plc (LSE:PFL) is a leading high service, multi-channel distributor of electronic, maintenance, repair and operation products and specialist services throughout Europe, the Americas and Asia Pacific. It goes to market with a differentiated value proposition, world-class marketing, a stocked range of 400,000+ products, and access to 4,000,000 more items from 3,000 top manufacturers. The company has group sales of GBP 823.1m and 4,100 employees globally.
While global in scope, Premier Farnell recognizes the individual needs of each market and has continued to internationalize its model accordingly, trading locally under different brand names. Its primary electronics businesses trade as Farnell in the UK, Europe, Australia and New Zealand, Newark in the US, Canada and Mexico, and Premier Electronics in China. In Singapore, Malaysia, Hong Kong and Brazil the operation is known as Farnell Newark. For more information visit the website at www.premierfarnell.com.
