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BUSINESS NEWS WOOLPERT, ODNR WIN AWARD FOR ‘INDIANA JONES’ BRIDGE IN HOCKING HILLS STATE PARK Woolpert and the Ohio Department of Natural Resources were honored with the 2018 Outstanding Special Purpose Bridge Award from the Association for Bridge Construction and Design for the Hemlock Pedestrian Bridge. The suspension bridge, located in Hocking Hills State Park about 60 miles southeast of Columbus, was modeled after a bridge featured in the movie Indiana Jones and the Temple of Doom . Unlike the bridge in the movie, which was hundreds of feet long and suspended hundreds of feet above an alligator-filled river, the Hemlock Pedestrian Bridge was constructed 10 feet above the bottom of a stream, has a suspension length of 100 feet and a walkway length of 64 feet. The bridge is designed in a “V” configuration with a 42-inch width at the handrail, but only a 16-inch-wide walking path. “We wanted to have a swinging bridge that would move as you walked across it, with flex and bounce, much like the one in the movie,” said Woolpert Team Leader Tom Less, P.E., the project’s lead designer and engineer. “It’s fun and different, but very safe.” ODNR contracted Woolpert to design the bridge, which is open year-round. ODNR Road and Bridge Program Manager Gus Smithhisler, PE, said the bridge’s remote location is central to the park, situated nearly a mile via trail from Old Man’s Cave, Cedar Falls and the former Hocking Hills Lodge site.

“This bridge was designed to be an adventure for park visitors and is designed to swing out of the way during flooding events,” Smithhisler said. “Consequently, it moves considerably while traversing.” Woolpert designers were cognizant of constructability, since the location of the bridge prohibits the use of heavy equipment. Less said all the materials used to build the bridge had to be packed on someone’s back to get to the site. “The bridge ended up being constructed by ODNR crews,” Less said. “The elements and challenges specific to the state park were such that we felt they would be the best choice. The ODNR is very familiar with what’s needed in the park and what’s restricted.” Less said he felt the bridge was honored by ABCD because it is out of the ordinary, yet ideally suited for the location. “The criteria for the design was as much aesthetic as it was engineering,” Less said. “It’s in the middle of a state park, so it’s made of timber and cable. We wanted the bridge itself to feel like an adventure, and that’s why we modeled it after the ‘Indiana Jones’ bridge.” He credited Smithhisler for consistently supporting the bridge design and the engineers involved. “A project like this that diverts from the norm takes initiative and it takes champions,” Less said. “Gus maintained his creative outlook and understood the vision when others didn’t.

It wasn’t until people saw how much fun everyone was having and how many times pictures were being shared on social media that they realized its value and how well it fits with the park.” Woolpert Roads and Bridges Practice Leader Ron Mattox, P.E., said Smithhisler and ODNR are familiar with Woolpert’s sound engineering and adventurous work. “I did another project for the park in which we put a spiral staircase in, allowing climbers to get safely and creatively from one rock ledge to another,” Mattox said. “I think our track record is the reason we were selected for the job.” Smithhisler thanked Mattox and Less for working with him through the design process and thanked the ODNR Division of Parks and Watercraft employees who built the structure. “We weathered significant difficulties but completed a bridge that will be fun for park visitors for generations,” Smithhisler said. “While this project was not huge in scope or dollars, it will always be one of my most memorable accomplishments with ODNR.” Woolpert is the fastest growing AEG firm in the country, delivering value to clients in all 50 states and around the world by strategically blending innovative design and engineering excellence with leading-edge technology and geospatial applications.

PAT STOLTZ & JIM SWABOWSKI, from page 11

to a C-corp (pre-transaction) in order for the selling shareholders to utilize Section 1042 deferral. However, there are certain restrictions governing the time periods for converting back to S-corp status which should be understood prior to making the election. Importantly, if a selling shareholder sells his or her stock as an S-corp, that selling shareholder is not eligible for 1042 tax deferral. It is important to surround your AEC firms with banking partners who are dedicated to your industry, and understand the day-to-day challenges business owners face. Wintrust is among a select few commercial banks that, on a national basis, brings a dedicated team of professionals to provide financing to both the ESOP and AEC space. Consequently, we remain enthused about bringing ideas and much needed education to a business transition alternative that deserves continued focus and educational attention. We look forward to continuing to share our expertise and experiences with the group. Wintrust Financial Corporation is a more than $30 billion financial services company headquartered in the Chicago area. With its national niche lending groups, including Wintrust ESOP Finance and Wintrust Construction, Engineering & Architecture, our experts have the knowledge and expertise to provide a business owner in the AEC space with a relationship-focused partner and key trusted advisor. PAT STOLTZ and JIM SWABOWSKI can be reached at pstoltz@wintrust.com and jswabowski@wintrust.com.

which results in a further reduction of taxable income. Oftentimes, the combination of these two tax deductible line items can effectively eliminate an otherwise taxable situation. Please note, this strategy does accelerate share allocation, and consequently must be analyzed and understood in order to assess the overall effectiveness and sustainability of the ESOP. A further benefit in a C-corp scenario is offered to the selling shareholders. In the case where at least 30 percent of the company is sold to the ESOP, the selling shareholders have the ability to elect a tax deferral of the capital gains of the transaction (Section 1042 of the Internal Revenue Code). This strategy can be an extremely effective mechanism, including the potential to permanently defer capital gain taxes. Please note, selling shareholders who elect 1042 tax deferral are not eligible to participate in the ESOP. In the case of an S-corp ESOP (assuming 100 percent sale) the surviving S-corp ESOP is a federal tax exempt entity, and therefore is not subject to federal taxation. S-corp ESOPs are also exempt from most state taxes (please verify according to your individual state). It is important to note that in most cases an S-corp has the ability to convert

THE ZWEIG LETTER April 29, 2019, ISSUE 1294

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