CITY OF RAVENNA TO RECEIVE $135,000 GRANT FOR ECONOMIC DEVELOPMENT EXPANSION PROJECT AT PORTAGE PRECISION POLYMERS

FOR IMMEDIATE RELEASE
February 14, 2005

Columbus, OH -- Lieutenant Governor Bruce Johnson today announced that the City of Ravenna, in Portage County, will receive a $135,000 grant to assist Portage Precision Polymers with an economic development expansion project. The $410,000 project is expected to create 15 jobs.

“This assistance will have a positive, economic impact on the City of Ravenna,” said Johnson, who also serves as Director of the Ohio Department of Development. “The State is committed to providing assistance to Ohio communities so companies can expand in order to help attract and retain good-paying jobs.”

The grant will be awarded through the Ohio Small Cities Community Development Block Grant (CDBG) Economic Development Program, which is administered by the Ohio Department of Development.

Portage Precision Polymers produces customized polymer compounds, which are used to manufacture construction glazing, pipe gaskets, automotive parts and sports equipment. With the grant funds, the company will purchase additional machinery and equipment to meet an increase in its customers' demands.

The CDBG Economic Development Program provides funding for economic development projects that create and/or retain permanent, private-sector job opportunities. The grants enable local governments to provide public improvements directly related to business development and financial assistance to private entities for economic development projects. Jobs created through the program must benefit primarily low- and moderate-income Ohioans.