State Investing More Than $9.7 Million to Strengthen Businesses, Transform Communities

(COLUMBUS, Ohio) - The Ohio Department of Development today announced the release of more than $9.7 million to five projects through three state-funded programs designed to boost businesses and enrich communities. An additional $14.6 million approved today will support the state's first project-ready site through the All Ohio Future Fund.

"At Development, we're providing the necessary resources that support prosperity at the local level," said Lydia Mihalik, director of the Department of Development. "These projects will help businesses flourish and strengthen the foundation of these communities for generations to come."

RURAL INDUSTRIAL PARK LOAN
The Rural Industrial Park Loan Program promotes economic development by providing low-interest direct loans to eligible applicants for financing the development and improvement of industrial parks and related off-site public infrastructure improvements.

Airport West II, LLC will receive $4 million to assist in financing the construction of a new 150,000 square-foot industrial spec building that's expandable to 300,000 square feet on a 15.8-acre site at 1750 Airport West Parkway in Mansfield (Richland County). The project, which has a total cost of $13,160,000 and is designed to facilitate job creation and economic development, is expected to create at least 150 full-time equivalent jobs at the project site.

Also receiving $4 million is 3000 Kenskill Avenue, LLC to assist in financing the purchase and renovation of a 277,992 square-foot vacant industrial building located on a 34.443-acre site in Washington Court House (Fayette County). The project, which has a total cost of $12,392,571, will enhance the subject real estate to attract industrial companies and create jobs and additional economic development. At least 20 full-time equivalent jobs are expected to be created at the project site.

REGIONAL 166 DIRECT LOAN

The Regional 166 Direct Loan Program promotes economic development, job creation, and retention by providing low-interest loans to businesses with limited access to adequate capital from private funding sources.

STOCP Investments, Ltd. will receive $724,540 to assist in financing the purchase of three single-story industrial manufacturing warehouse buildings totaling 51,917 square feet at 4004 Scotch Ridge Road in Pemberville (Wood County). The project, which is expected to cost a total of $966,054 and will facilitate business growth and employment, will create four new full-time equivalent jobs and retain 14 existing jobs at the project site.

Primary Tool, LLC will receive $513,242 to assist in financing the construction of a new 7,200 square-foot building at 8702 Airport Highway in Holland (Lucas County). The project, which is expected to cost a total of $684,323 and will facilitate business growth and employment, will create four new full-time equivalent jobs and retain 35 existing jobs at the project site.

ROADWORK DEVELOPMENT GRANT

The Roadwork Development Grant (629) program provides funding to local jurisdictions with an economic development project to assist with eligible public roadwork improvements. It also aids employers in creating or preserving employment opportunities.

The city of Dover (Tuscarawas County) will receive $500,000 for public roadwork improvements in support of the Parral Storm Water project. The roadwork consists of the construction of 4,020 linear feet of 42-inch diameter storm water piping. The piping will run south, parallel to North Wooster Avenue, continue to the west on the southern edge of the Schaeffler Transmission Systems, LLC development site, and drain to the south into a 3-acre infiltration bin. The new piping will allow runoff to be diverted away from the Schaeffler Transmission Systems, LLC project site to an appropriate retention area.

ALL OHIO FUTURE FUND

The Ohio Controlling Board approved the release of these funds at its Monday meeting, along with $14,609,200 from the All Ohio Future Fund to the Defiance County Board of Commissioners. As announced by Governor Mike DeWine Monday, this funding will assist in financing the construction of a water and wastewater/sewer extension and roadwork project within the existing Baltimore Avenue Industrial Corridor in Defiance.

The Ohio Department of Development empowers communities to succeed by investing in Ohio's people, places, and businesses. Learn more about our work at https://development.ohio.gov/.

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