Press Room >> 2009 Press Releases For Immediate Release GOVERNOR, PATT- MCDANIEL ANNOUNCE OHIO BIPARTISAN JOB STIMULUS PLAN COLUMBUS – Ohio Governor Ted Strickland and Lisa Patt-McDaniel, Interim Director of the Ohio Department of Development, today announced that loans valued at nearly $15 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 387 positions and retain 1,060 jobs, and include awards from the Logistics and Distribution component of the Ohio Bipartisan Job Stimulus Plan. “Targeting state bipartisan job stimulus resources is strengthening Ohio’s economy by creating the jobs and opportunities that will boost our recovery,” Strickland said. “Strategic infrastructural investments coupled with support for Ohio’s expanding technology sector are creating a dynamic economy with global impact,” Patt-McDaniel said. “Developing our state’s unique assets strengthens our capabilities in traditional industries as well as our expanding renewable energy sector, positioning Ohio for sustainable and efficient growth.” Two projects from the Ohio Bipartisan Job Stimulus Plan were approved: Marion Industrial Center has been awarded a $1.5 million Logistics and Distribution Stimulus loan. The loan may be forgiven upon attainment of the project’s specific terms. The loan will support the expansion of rail infrastructure and intermodal operation at the distribution and manufacturing facility in the City of Marion (Marion County). This $3 million project is expected to create five jobs in the construction phase of the project, as well as create 12 permanent positions and retain 12 jobs after the construction phase is complete. The City of Toledo has been awarded a $2.75 million Logistics and Distribution Stimulus loan. The loan may be forgiven upon attainment of the project’s specific terms. The loan will support modifications that will improve the management of train traffic and increase operating capacity at the Norfolk Southern Airline Junction Intermodal Facility in the City of Toledo (Lucas County). This $11.3 million project is expected to create 31 jobs in the construction phase of the project. The Development Financing Advisory Council also approved financing for additional expansion projects: Toledo-Lucas County Port Authority has been awarded a $3 million 166 Direct Loan at an interest rate of 1 percent for the first year, and 3 percent for the remainder of the seven-year term. The project consists of the purchase of machinery and equipment to be utilized by Xunlight Corporation in the manufacture of thin-film photovoltaic solar panels. This $20 million project is expected to create 280 positions and retain 30 jobs at its facility in the City of Toledo (Lucas County). Alcoa Inc., located in the cities of Cuyahoga Heights and Newburgh Heights (Cuyahoga County), has been awarded a $3 million 166 Direct Loan at an interest rate of 1 percent for the first year, and 3 percent for the remainder of the 10-year term. The loan will support a variety of critical improvements necessary to maintain and grow the Cleveland Works business, including infrastructure and site improvements, machinery and equipment acquisition, and repairs to a 50,000 ton press. This more-than $111 million project is expected to retain 1,000 positions. rexorce Thermionics, Inc., located in the City of Akron (Summit County), has been awarded a $1.5 million Innovation Ohio Loan Fund at a rate of 1 percent for the first year, then 6 percent for the remainder of the seven-year term. The loan will support costs associated with the construction of a proprietary, multi-megawatt thermal engine that will convert smoke stack and other industrial waste heat into electricity without generating emissions and without using an additional fuel source. This multi-million dollar project is expected to create 59 jobs and will assist the company in retaining 18 positions currently located in Akron. The City of Cleveland has been awarded a $3.2 million Urban Redevelopment Loan at an interest rate of zero percent for years one through five, and 3 percent for the remainder of the 15-year term. The loan will support remediation and public improvements associated with the $8 million site clean-up component of the Flats East Development LLC project. 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 Urban Redevelopment Loan provides low interest loans to acquire real estate and remediate sites to entice private business investment in distressed urban locations. The Development Financing Advisory Council approves all low interest, long term, fixed asset loans for companies considering expanding in or relocating to Ohio. Media contacts: Robert Grevey at (614) 466-6619
May 18, 2009
LOGISTICS AND DISTRIBUTION INVESTMENTS
Additional Economic Development Projects to Generate New Investments and Jobs
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