Press Room >> 2010 Press Releases

For Immediate Release
August 30, 2010

GOVERNOR, PATT-MCDANIEL ANNOUNCE STATE INVESTMENTS
Development Financing Advisory Council Awards
More Than $41.5 Million to Create Jobs in Ohio

Columbus, Ohio – Governor Ted Strickland and Director of the Ohio Department of Development Lisa Patt-McDaniel today announced that loans valued at more than $41.5 million have been recommended by the Development Financing Advisory Council. The loans support six economic development projects that are expected to leverage more than $59.6 million in capital investment. The funds, pending State Controlling Board approval, are also expected to create 687 jobs and retain 1,399 positions for Ohioans.

"Our bipartisan job plan put Ohio in a stronger position to recover from the recession by giving our businesses the boost they need to grow," Strickland said. "These investments will help create 687 good jobs and continue moving Ohio's economy in the right direction."

"Developing our state's unique assets strengthens our capabilities to expand businesses, creating job opportunities and positioning Ohio for sustainable growth," Patt-McDaniel said. "These leveraged investments support Ohio communities, reinforcing our commitment to job creation while continuing to develop our talented workforce."

One project from the Ohio Bipartisan Job Stimulus Plan was approved:

Mountaineer Products, Inc. (Belmont County) has been awarded a $750,000 166 Direct Loan and a $2 million Logistics and Distribution Loan from the Ohio Bipartisan Job Stimulus Plan. The loans will be used for the purchase of land, site preparation, the acquisition and installation of machinery and equipment, railroad construction, and the development of a transload operation. The more than $4.2 million project is expected to create 73 jobs and assist in retaining two positions.

The Development Financing Advisory Council approved financing for additional expansion projects:

Ashland Property Resources, Inc. (Ashland County) has been awarded a $600,000 166 Direct Loan and $5.5 million from the Ohio Enterprise Bond Fund. The loans will be used for the acquisition of land, the acquisition and expansion of the current manufacturing facility, and the purchase and installation of machinery and equipment. The nearly $6.2 million project is expected to create 18 jobs and assist in retaining 32 positions.

CleveX, Inc. (Franklin County) has been awarded $637,500 from the Innovation Ohio Loan Fund. The loan will be used for development and acquisition of tooling, molds, and machinery and equipment. This project will allow the company to develop the new ExiClip-L, increase production capacity, improve quality, and lower production. This $850,000 project is expected to create 10 jobs and assist in retaining three positions.

Columbus-Franklin County Finance Authority (Franklin County) has been awarded $2 million from the Innovation Ohio Loan Fund. The loan will be used for the acquisition of intellectual property and enabling Kern International to commercialize, manufacture, and sell the Ai33, the next generation of paper handling machines. The more than $4 million project is expected to create 55 jobs and assist in retaining 20 positions.

International Technical Coatings, Inc. (Franklin County) has been awarded a $2 million 166 Direct Loan and more than $3 million from the Ohio Enterprise Bond Fund. The loans will assist in site preparation and the acquisition and renovation of a building for the company's new manufacturing facility. This project will enable the company to capture additional market share and support company growth. The more than $6.2 million project is expected to create 120 jobs.

Island Oasis Frozen Cocktail Co., Inc. (Guernsey County) has been awarded a $500,000 166 Direct Loan and $3 million from the Ohio Enterprise Bond Fund. The loans will assist in the purchase of machinery and equipment which includes a multi-packer line, a new aseptic processor, an aseptic holding tank, BIB auto packing, and a super sack sugar system to increase efficiency and profitability. The more than $3.5 million project is expected to create 100 jobs and assist in retaining 62 positions.

MB&W Consumer Collections, Inc. (Cuyahoga County) has been awarded a $600,000 166 Direct Loan. The loan will assist in the purchase and renovation of a 19,000-square-foot building and the purchase of machinery and equipment. This project will enable implementation of "A Much Better Way" a new process of collecting consumer accounts. The more than $2 million project is expected to create 75 jobs.

Owens-Brockway Glass Container, Inc. (Wood County) has been awarded $3 million from the Research and Development Investment Loan Fund. The loan will assist in the purchase of machinery and equipment for the creation of a new laboratory facility. This project will enable the company to continue the development of strong, lightweight packaging solutions and strengthen its reputation for quality and innovation. The more than $7 million project is expected to create 55 jobs and assist in retaining 802 positions.

Shearer's Foods, Inc. (Stark County) has been awarded a $2.5 million 166 Direct Loan to assist in expansion of a 52,000-square-foot facility and the purchase of truck scale machinery and material handling equipment. This project will enable the company to expand its facility to allow for additional productivity. The more than $8.6 million project is expected to create 31 jobs and assist in retaining 105 positions.

Smith Dairy Properties, Incorporated (Wayne County) has been awarded a $2 million 166 Direct Loan and $8 million from the Ohio Enterprise Bond Fund. The loans will assist in the acquisition of new stream-lined cultured and high volume fluid milk production equipment. This project will allow the company to expand its product offerings to include a new cottage cheese production line, a new sour cream production line, and a new high-speed filler fluid milk production line, which will increase production to meet customer demand. The more than $10.2 million project is expected to assist in retaining 369 positions.

Syncro Medical Innovations, Inc. (Mahoning County) has been awarded $490,500 from the Innovation Ohio Loan Fund. The loan will be used for intellectual property protection along with the acquisition of tooling, molds, machinery and equipment, software, and computer equipment. This project will enable the company to expand its production and distribution capabilities. The more than $654,000 project is expected to create 30 jobs and assist in retaining four positions.

Working with our partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio's future.

The Development Financing Advisory Council approves all low-interest, long-term, fixed-asset loans for companies considering expanding in or relocating to Ohio. The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Innovation Ohio Loan Fund assists existing Ohio companies in developing next-generation products in industry sectors that include: advanced materials; instrument, controls, and electronics; power and propulsion; biosciences; and information technology. The Research and Development Investment Loan Fund provides financing for projects primarily engaging in research and development activity. The Ohio Enterprise Bond Fund 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. The Logistics and Distribution Stimulus Loan assists in the creation of a seamless multimodal transportation infrastructure across the state as part of the Ohio Bipartisan Job Stimulus Plan.

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