Press Room >> 2009 Press Releases For immediate release COLUMBIANA COUNTY PROJECT TO RECEIVE FIRST AWARD FROM # # # Media contacts: Robert Grevey at (614) 466-6619
January 26, 2009
STIMULUS PLAN’S LOGISTICS AND DISTRIBUTION COMPONENT
Additional Economic Development Projects to Generate New Investments and Jobs
COLUMBUS – Ohio Governor Ted Strickland and Lieutenant Governor Lee Fisher today announced that loans valued at more than $29 million have been recommended by the Development Financing Advisory Council to support eight economic development projects. The funds, which are pending State Controlling Board approval, are expected to create 752 positions and retain 876 jobs, and include the first award of the Logistics and Distribution component of the Ohio Bipartisan Job Stimulus Plan.
“Expanding upon our state’s growing role in the Logistics and Distribution industry enhances our infrastructure and creates jobs for Ohioans,” said Lt. Governor Fisher, who also serves as the Director of the Ohio Department of Development. “Ohio’s dynamic economy is fueled by combining our skilled workforce, manufacturing strengths, and ability to reach our nation’s homes and businesses via unrivaled multimodal access.”
Columbiana County Port Authority, located in the City of Wellsville (Columbiana County), has been awarded a $4.5 million Logistics and Distribution Stimulus loan. The loan may be forgiven upon attainment of project specific terms. The loan is in support of acquisition and site preparation for a multimodal development property. This $91 million project is expected to create 135 construction jobs in the site preparation phase of the project.
Unison Industries, LLC, located in the City of Alpha (Greene County), has been awarded a $5 million Research & Development Investment Loan at an interest rate of 2 percent for a 10-year term. The loan is for the purchase of machinery and equipment to be located at its facility in the City of Alpha. Unison Industries is a world leader in the design, manufacture, and integration of electrical and mechanical components and systems for aircraft engines and airframes. This $7 million project is expected to create 10 jobs and retain 22 positions.
Lance Manufacturing, LLC, & Archway Bakeries, LLC, located in the City of Ashland (Ashland County), have been awarded a $2 million 166 Direct Loan for a 10-year term at an interest rate of 3 percent. The company has also been awarded a $10.2 million Ohio Enterprise Bond Fund loan for a 10-year term at a rate to be determined at closing. The loans are to be used for facility acquisition as well as the purchase of machinery and equipment at its location in Ashland. Lance manufactures, markets, and distributes a variety of snack food products, employing more than 4,700 people in the United States and Canada. This $12.2 million project is expected to create 150 positions and retain 60 jobs.
Snyder Computer Systems, Inc. dba Wildfire Motors, located in Island Creek Township (Jefferson County), has been awarded a $750,000 166 Direct Loan at an interest rate of 3 percent for a 15-year term. The loan is to be used for the expansion of its existing facility and the purchase of machinery and equipment. Wildlife Motors designs, imports, distributes, and partially manufactures various Chinese-produced products with a focus on electric and small gasoline vehicles. This $1.5 million project is expected to create 100 positions and retain 42 jobs.
Friction Products Co., located in the City of Solon (Cuyahoga County), has been awarded a $750,000 Research & Development Investment Loan at an interest rate of 2 percent for a five-year term. The loan is for the purchase of machinery and equipment to be located at its research and development facility in the City of Solon. Friction Products is a manufacturer of brake and clutch friction material for a variety of commercial and industrial applications. This $1.1 million project is expected to create 10 jobs and retain 29 positions.
WebCore Technologies, LLC, located in the City of Miamisburg (Montgomery County), has been awarded a $989,000 Innovation Ohio Loan Fund at a rate of 6.5 percent for a seven-year term. The loan is to be used for the purchase of machinery and equipment at its facility in the City of Miamisburg. WebCore operates primarily in the development and manufacture of highly engineered materials for applications in an array of industries from transportation and infrastructure to marine and defense. This $1.3 million project is expected to create 32 jobs and retain 38 positions.
Bridgestone North American Tire Operation, LLC, located in the City of Akron (Summit County), has been awarded a $5 million Research & Development Investment Loan at an interest rate of 2 percent for a 15-year term. The loan will support construction activity as well as the purchase of machinery and equipment at its planned headquarters facility in the City of Akron. Bridgestone Firestone North American Tire researches, develops, manufactures, and markets tires for various vehicle types and applications through a variety of markets. This $90 million project is expected to create 315 jobs and retain 685 positions.
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. 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 develop next generation products in industry sectors that include: advanced materials; instrument, controls and electronics; power and propulsion; biosciences; and information technology. 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 Research and Development Loan Fund targets large investments from companies involved in research and development projects with significant assets and sales, and assists in financing the acquisition, construction and related costs of technology, facilities and equipment.
The Development Financing Advisory Council approves all low interest, long term, fixed asset loans for companies considering expanding in or relocating to Ohio.
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