State investing nearly $2.5 million to support businesses; Depot Properties to receive $500,000 for Leesburg property
The Ohio Department of Development today announced the release of nearly $2.5 million through two state-funded programs that will strengthen infrastructure and support business expansion.
REGIONAL 166 DIRECT LOAN
Depot Properties, LLC will receive $500,000 to assist in financing the purchase of a 60,000-square-foot building complex at 260 Depot Street in Leesburg in Highland County.
Depot Properties is a real estate holding company formed to hold the project real estate and lease it to the operating company Abbott Image Solutions, LLC, which manufactures signs—including pylons, monuments, channel lettering, awnings, and dimensional letters. The project, estimated to cost $1.25 million, will create 30 new full-time-equivalent jobs and retain 21 existing jobs.
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.
Growers Mineral, Corp. will receive $750,000 to assist in financing the purchase of a new liquid fertilizer processing system at 1955 Homestead Farm Road in Milan (Erie County). Growers Mineral Corp. is a family-owned business that manufactures and produces sustainable, high-quality, non-toxic liquid fertilizers for the agricultural industry. The project, estimated to cost $1,618,495, will create three new full-time-equivalent jobs and retain 15 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.
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 aids employers in creating or preserving employment opportunities.
The city of Newark (Licking County) will receive $1 million in support of the Packaging Corporation of America project. The roadwork will consist of the widening of Thornwood Drive to allow for the addition of a turn lane, and the construction of a roundabout at the intersection of Thornwood Drive and Faye Drive. The turn lane will extend approximately 1,200 linear feet to the north, ending at the entrance to the roundabout. The proposed improvements will allow heavy truck traffic to enter and exit the Packaging Corporation of America facility at 595 Thornwood Drive via the west leg of the new roundabout. Through the project, 138 jobs will be retained.
The village of Perrysville (Ashland County) will receive $236,426 in support of the Step2 Company, LLC project. The roadwork will consist of the reconstruction of the existing Step2 Drive, beginning at OH-95 and extending 2,043 linear feet to the north, ending at the Step2 facility. The proposed roadwork will accommodate large truck traffic into the Step2 manufacturing plant. Through the project, 22 jobs will be created and 193 jobs will be retained.
For more information about how to apply and to find out if a project is eligible, visit the Roadwork Development Grant (629) program website.
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.