State investing nearly $4.4M to enhance communities, strengthen businesses
Through a pair of impactful state-funded programs, the Ohio Department of Development recently announced the financing of nearly $4.4 million to support business growth and community enhancement projects across the state.
Three communities are receiving funding through the Roadwork Development Grant (629) and two companies will benefit from the Regional 166 Direct Loan program.
“The millions of dollars we’re providing will have a significant impact in these communities,” said Lydia Mihalik, director of the Department of Development. “Investing in roadwork projects and local businesses supports economic development, creates jobs and will help attract even more investment.”
The Roadwork Development Grant program provides funding to local jurisdictions with an economic development project to assist with eligible public roadwork improvements. It also aids employers in creating or preserving employment opportunities.
Three communities will receive funding through this grant.
• The Jackson County Board of Commissioners will receive $1,707,033 in support of the General Tibbets Street project. The roadwork will consist of the construction and paving of 3,900 feet of General Tibbets Street between Veterans Drive and McCarty Lane. The completed roadway will provide improved truck access and allow for expansion of existing businesses, along with future development of new businesses. The project will create 172 full-time equivalent jobs.
• The city of Dover will receive $775,000 in support of the Schaeffler Transmission, LLC, project in Tuscarawas County. The roadwork will involve reconstruction of 1,525 feet of Crown Road between Wooster Avenue and the RJ Corman Railroad Tracks to accommodate heavy truck traffic and allow for further site development. Through the project, 650 full-time equivalent jobs will be created, and 1,622 jobs will be retained.
• The Port Authority of Allen County will receive $350,000 in support of the Vanamatic Company project in the city of Delphos. The roadwork project will extend Ambrose Drive by 1,400 linear feet in the northwest direction to the newly relocated Gressel Drive, allowing for direct access between the existing and new Vanamatic facilities. Through the project, 50 full-time equivalent jobs will be created, and 122 existing jobs will be retained.
The Regional 166 Direct Loan Program promotes economic development, job creation and retention by providing low-interest loans to businesses with limited access to adequate capital from private funding sources.
Two companies will benefit from this program.
• TIM5 Property Group, LLC, will receive $1 million to assist in financing the purchase of a 65,448 square-foot industrial building at 614 Liverpool Drive, Valley City in Medina County. The project, which totals $2.72 million, will create seven full-time equivalent jobs and retain 14 existing jobs.
• JD Property Holdings IV, LLC, will receive $560,000 to assist in financing the purchase of a 56,500 square-foot industrial property located at 2830 Cleveland Ave. NW, Canton in Stark County. The project, which totals $1.4 million, will create 27 full-time equivalent jobs and retain 37 existing jobs.
The Ohio Department of Development empowers communities to succeed by investing in Ohio’s people, places and businesses. Learn more at https://development.ohio.gov.
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