News Room

FOR IMMEDIATE RELEASE
June 25, 2007

Columbus, OH -- Lieutenant Governor Lee Fisher, Director of the Ohio Department of Development, today announced the approval of a $618,000 loan from the Brownfield Revolving Loan Fund for the remediation and redevelopment of the former Bechtel-McLaughlin site in Erie County's Perkins Township. The approval from the Ohio Department of Development is subject to completion of pre-loan closing activities and further consideration by the United State Environmental Protection Agency (US EPA), which has final granting authority. The loan will be utilized by JRSMI, LLC for the $18 million Lakecrest Town Center project.

"The Lakecrest Town Center project is significant not only for job creation and economic expansion for Perkins Township, but also for the revitalization of an abandoned industrial site into thriving commercial use," said Lt. Governor Fisher. "The state is proud to offer assistance to communities through brownfield programs and loans which utilize existing infrastructure and preserve greenspace while generating economic growth."

The brownfield loan from the Ohio Department of Development, with approval from the US EPA, will be used to conduct remediation and demolition activities at 20.95 acre former metal plating operations site. Development of the site is set to begin in the fall with anchor tenants Aldi's and Menards already identified. The project and commercial tenants are expected to create 106 jobs.

The Ohio Department of Development's Brownfield Revolving Loan Fund offers below-market rate loans to assist with the remediation of brownfield properties to return them to productive economic use in communities. The program provides loans by capitalizing grants from the US EPA.

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Media Contacts: Nikki Jaworski (614) 466-9161 or Kelly Hassett (614) 466-4133