DEVELOPMENT FINANCING ADVISORY COUNCIL APPROVES ECONOMIC DEVELOPMENT PROJECTS TO CREATE 442 JOBS IN OHIO

FOR IMMEDIATE RELEASE
February 28, 2005

Columbus, OH -- Governor Bob Taft today announced that the Development Financing Advisory Council (DFAC) has approved loans totaling more than $24.4 million for seven economic development projects. The loans, which are pending State Controlling Board approval, are expected to create 442 jobs and retain 229 positions.

LAD of Ashland, Ltd. on behalf of DW Enterprise of Ashland, Inc., located in Ashland (Ashland County), will receive a $750,000 Direct Loan at an interest rate of three percent for a 10-year term to purchase a building. DW Enterprise handles warehousing and distribution services for the book industry. The company plans to purchase a 229,000 square-foot building located on more than 21 acres that will accommodate an increased workload from Bendon Publishing. This more than $2 million project is expected to create 30 jobs within the first three years of operation.

The Taylor Chair Company, located in Bedford (Cuyahoga County), will receive a more than $5.1 million Ohio Enterprise Bond for a 20-year term to expand operations. The bond will bear interest at the rate established when the bond is sold. Taylor Chair is a seven-generation, family-owned company that designs and manufactures office furniture and upholstery. The company plans to purchase 10-12 acres of a former brownfield site located within Tinker’s Creek Commerce Park, where it will construct a 90,000-100,000 square-foot manufacturing and headquarters operation and a 10,000-15,000 square-foot office facility. This more than $6 million project is expected to retain 39 positions and create 31 jobs within the first three years of operation.

Android Industries, to be located in Springfield (Clark County), will receive a $1 million Direct Loan at an interest rate of three percent for a 10-year term to purchase machinery and equipment. Android manufactures bus and truck parts, and is a third-party manufacturer for International Truck and Engine. The company plans to lease a 165,000 square-foot building, where it will assemble and produce vehicle frames, suspensions and drive trains that will be supplied to International’s Springfield operation. This more than $3.7 million project is expected to create 58 jobs within the first three years of operation.

Charles G. Kennedy LLC on behalf of Wendelin House, Inc., to be located in Youngstown (Mahoning County), will receive a $1 million Direct Loan at an interest rate of three percent for a 13-year term to purchase machinery, equipment and a building. Wendelin is a reseller and slitter of steel coils. The company plans to acquire the equipment of Youngstown Steel Storage and purchase a 150,000 square-foot facility where it will expand the existing steel distribution business. This more than $2.8 million project is expected to create 42 jobs within the first three years of operation.

Wiley Organic, Inc., located in Tuscarawas Township (Coshocton County), will receive a $900,000 Direct Loan at an interest rate of three percent rate for a seven-year term to purchase machinery and equipment. Organic Technologies manufactures and processes food additives, nutraceuticals and pharmaceutical intermediates. The proposed project involves the expansion of the company’s existing manufacturing facility and the acquisition of new machinery and equipment. The company plans to focus on the purification of phytosterol food additives and other phytosterol-derived food additives. This more than $2.6 million expansion project is expected to retain 10 positions and create 46 jobs within the first three years of operation.

Nelson Properties on behalf of Galion Manufacturing, to be located in Galion (Crawford County), will receive a $700,000 Direct Loan at an interest rate of three percent rate for a 15-year term to begin operations. Galion Manufacturing will produce solid waste transfer trailers, waste containers, steel, waste compactors and tandem and tri-axle mini-container trailers for residential and commercial use. The company plans to purchase a 377,000 square-foot building located at 500 Sherman Street to house the operation. This $1.4 million project is expected to create 35 jobs within the first three years of operation.

First Solar LLC, located in Perrysburg Township (Wood County), will receive a $15 million Research and Development Investment Fund loan to construct a facility and acquire land, machinery and equipment. First Solar operates a research line capable of producing full-sized, thin film solar modules for the conversion of sunlight into electricity. The company is proposing a 200,000 square-foot expansion to house its state-of-the-art research and development design center and a full-scale production plant. This more than $72.2 million project is expected to retain 180 positions and create 200 jobs within the first three years of operation.

The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Research and Development Investment Fund Loan (R&D) targets large investments from companies with significant assets and sales, and assists in financing the acquisition, construction and related costs of technology, facilities and equipment. The Ohio Enterprise Bond Fund (OEBF) provides funding for land and building acquisition, construction, expansion or renovation, and equipment purchases for commercial or industrial projects between $1.5 million and $10 million.