Press Room >> 2009 Press Releases For Immediate Release: GOVERNOR, PATT- MCDANIEL ANNOUNCE INVESTMENTS COLUMBUS – Governor Ted Strickland and Lisa Patt-McDaniel, Director of the Ohio Department of Development, today announced that loans valued at $25.5 million have been recommended by the Development Financing Advisory Council to support six economic development projects. The funds, which are pending State Controlling Board approval, are expected to create 702 positions and retain 1,733 jobs. “These resources provide funding assistance and tools that will help Ohio businesses grow and thrive,” Strickland said. “We are committed to supporting the expansion of Ohio’s business community by making investments in growing sectors of the economy that create good jobs and move our state forward.” “By investing in Ohio businesses, communities, and regions, our state is positioning itself to achieve long-term stability,” Patt-McDaniel said. “These investments, our state’s skilled workforce, and the business resources found in Ohio create a compelling investment location for companies seeking to expand.” The Development Financing Advisory Council approved the following expansion projects: Butler County Port Authority, located in West Chester Township (Butler County), has been awarded a $1.5 million 166 Direct Loan, a $1.5 million Research and Development Investment Loan, and a $5.6 million Ohio Enterprise Bond Fund Loan. The loans will support costs associated with the acquisition of a 282,000 square-foot manufacturing facility to be leased to Intelligrated Systems, Inc. This $8.8 million project is expected to create 267 jobs and retain 537 jobs. The Zucker Building Company, located in the Village of Hebron (Licking County), has been awarded a $3.5 million 166 Direct Loan at an interest rate of 1 percent for a seven-year term. The loan will support costs associated with building, renovation, and the purchase of machinery and equipment at a facility to be leased to State Industrial Products, Corp. This nearly $10.3 million project is expected to create 25 positions and retain 323 jobs. Coll Materials Exchange LLC, located in the City of Zanesville (Muskingum County), has been awarded a $600,000 166 Direct Loan at an interest rate of 3 percent for a seven-year term. The loan will support costs associated with the purchase of machinery and equipment. This nearly $1.1 million project is expected to create 50 positions and retain 32 jobs. PPG Industries, Inc., located in the City of Cleveland (Cuyahoga County), has been awarded $1.5 million from the Research and Development Investment Loan Fund at a rate of 2 percent for a 7-year term. The loan will support costs associated with the purchase of machinery and equipment. This more than $2.7 million project is expected to retain 42 jobs. The Wornick Company, located in the City of Cincinnati (Hamilton County), has been awarded a $6 million Ohio Enterprise Bond Fund loan at an interest rate to be determined at closing for a 7-year term. The loan will support costs associated with the purchase of machinery and equipment. This more than $7 million project will is expected to create 250 positions and retain 650 jobs. Comprehensive Logistics Co., Inc., located in Austintown Township (Mahoning County), has been awarded a $1 million 166 Direct Loan at an interest rate of 3 percent for a six-year term, as well as a $4.3 million Ohio Enterprise Bond Fund loan at a rate to be determined at closing for a six-year term. The loans will support transaction costs, establishment of a debt service, and the acquisition of machinery and equipment in support of the Lordstown plant’s production of the Chevy Cruze. This $7 million project is expected to retain 149 jobs. 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 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 Investment Loan Fund provides financing for projects primarily engaging in research and development activity. ### Media contacts: Robert Grevey at (614) 466-6619
October 26, 2009
Development Financing Advisory Council Awards
More Than $25 Million to Targeted Industries
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