E. Ohio Regional Industrial Park and Cambridge Bridge Projects Part of $10.5M State Funding Package
PRESS RELEASE
COLUMBUS – The Ohio Department of Development has announced the release of more than $10.5 million through four state-funded programs that will enhance communities and support business expansion.
Included in that package is a loan to help construct a $2,625,000 industrial park building at Barnesville and fund the extension of Wheeling Avenue as part of a bridge project in Cambridge.
RURAL INDUSTRIAL PARK LOAN
The Rural Industrial Park Loan Program promotes economic development by providing low-interest direct loans to eligible applicants for financing the development and improvement of industrial parks and related off-site public infrastructure improvements.
Jefferis Real Estate LLC will receive $1,125,000 to assist in financing the construction of a steel building that will contain 4,000 square feet of office space in two stories, plus 8,000 square feet of warehouse/manufacturing space within the 200-acre Eastern Ohio Regional Industrial Park on a 1.93-acre site at 63519 Breeze Hill School Road in Barnesville (Belmont County). Jefferis Real Estate LLC will invest $1.5 million into the development of the project, which will attract industrial companies and encourage economic development. The project will create 30 jobs.
ROADWORK DEVELOPMENT GRANT
The Roadwork Development Grant (629) Program provides funding to local jurisdictions with an economic development project to assist with eligible public roadwork improvements. It also helps employers in creating or preserving employment opportunities.
The city of Cambridge (Guernsey County) will receive $400,000 in support of the Ohio Bridge Corporation (US Bridge) project. The roadwork will consist of the construction of an approximately 685 linear feet extension of Wheeling Avenue. The extension will begin at the intersection of Wheeling Avenue and 3rd Street, continuing to the west and turning to the north, ending at the intersection of Steubenville Avenue and N. 2nd Street. The project will create 41 jobs and retain 69 jobs.
For more information about how to apply and to find out if a project is eligible, visit the Roadwork Development Grant (629) program website.
Other Project funding announced includes work in urban/suburban projects in Cuyahoga, Franklin, Summit and Montgomery counties.
They include:
REGIONAL 166 DIRECT LOAN
The Regional 166 Direct Loan Program promotes economic development, job creation, and job retention by providing low-interest loans to businesses with limited access to adequate capital from private funding sources.
Atlantic Fish & Distributing Co. will receive $1 million to assist in financing the renovation of a 159,000-square-foot industrial warehouse located at 5571 Global Gateway in North Canton (Summit County). Atlantic Fish & Distributing Co. is a full-service distribution company servicing the grocery and restaurant industries. The project, estimated to cost more than $12 million, will create 15 new full-time-equivalent jobs and retain 163 existing jobs.
23700 MERC Owner, LLC and 23700 MERC Property Owner, LLC will receive $1 million to assist in financing the purchase and renovation of a 58,241-square-foot building complex located at 23700 Mercantile Road in Beachwood (Cuyahoga County). The project, estimated to cost more than $3.8 million will create five new full-time-equivalent jobs and retain 21 existing jobs.
For more information on how to apply and to determine if a project is eligible, visit the Regional 166 Direct Loan Program website.
166 DIRECT LOAN
The 166 Direct Loan program provides capital for expansion projects to companies that have limited access to capital and funding from conventional, private sources of financing.
CAG Bexley Apts, LLC will receive $4 million to assist in financing the construction of a 278-space public parking garage and 12,000 square feet of commercial office space in Bexley (Franklin County). This is part of an $84.7 million multi-story mixed-use development project that includes 11,000 square feet of retail and restaurant space and 226 market-rate apartment units located at 2200 E. Main St., Bexley, 43209. The project will improve previous land use and provide needed parking, office space, housing, new employment, and economic development. CAG Bexley Apts, LLC was formed to hold, develop, and operate the project real estate, and it also owns Continental Development Ventures, a commercial real estate developer. The 166 Direct Loan represents up to 4.7 percent of the project’s total investment, which will create 10 new jobs.
Centre City Mixed Use, LLC will receive $3 million to assist in financing the renovation of the historic 390-space Air City Garage at 44 S. Main St. in Dayton (Montgomery County). This is part of a $96.5 million multi-story mixed-use development project that includes 9,000 square feet of retail space, 143 market-rate and workforce housing units, and 80 affordable senior units. The project will improve previous land use and provide needed parking, office space, housing, new employment, and economic development. Centre City Mixed Use, LLC was formed to hold, develop, and operate the project real estate and is majority owned by The Model Group, Inc., a recognized leader in mixed-use urban development, neighborhood revitalization, senior living communities, historic preservation, and high-impact affordable housing. The 166 Direct Loan represents up to 6.8 percent of the project’s total investment, which will create 40 new jobs.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places, and businesses. Learn more about our work at development.ohio.gov.
(Ohio Department of Development Press Release)
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