Press Room >> 2010 Press Releases

For Immediate Release
July 26, 2010

GOVERNOR, PATT-MCDANIEL ANNOUNCE STATE INVESTMENTS
Awards More Than $14.5 Million, Leveraging $68 Million to Create Jobs

Columbus, Ohio – Governor Ted Strickland and Director of the Ohio Department of Development Lisa Patt-McDaniel today announced that loans valued at more than $14.5 million have been recommended by the Development Financing Advisory Council. The loans support seven economic development projects, which are expected to leverage nearly $68 million in capital investment. The funds, pending State Controlling Board approval, are expected to create 248 jobs and retain 165 positions for Ohioans.

"As Ohio recovers from this national recession, we need to encourage and support our Ohio businesses as they fight to grow their companies and create jobs," Strickland said. "By making targeted investments we continue to strengthen Ohio's business climate and lay a foundation for future prosperity for Ohioans."

"These loans will help companies invest in economic development projects that will create good jobs and expand our state's logistics and manufacturing industries," Patt-McDaniel said. "The state's partnerships with companies committed to business development and expansion, assist in stimulating Ohio's communities and creating a better place to live and work."

Approved through the Ohio Bipartisan Job Stimulus Plan:

American Rail Center, Inc. (Hardin County) has been awarded a more than $3.5 million Logistics and Distribution Loan from the Ohio Bipartisan Job Stimulus Plan. The loan will be used for the purchase of land, site preparation, infrastructure improvements, and rail construction for a rail logistics center, which will provide valuable resources to wind projects in Central and Northwest Ohio. The more than $4.7 million project is expected to create 25 jobs.

The Development Financing Advisory Council approved financing for additional expansion projects:

Brand Thunder, LLC (Franklin County) has been awarded $975,000 from the Innovation Ohio Loan Fund. The loan will be used for software development and intellectual property protection, which will allow the company to attract new customers and expand their business. The $1.3 million project is expected to create 15 jobs.

CDSF, Ltd. (Summit County) has been awarded a $1.5 million 166 Direct Loan to be used for the purchase of a building located in Springfield Township. The building will be leased to the operating company PSI, which will improve their regional footprint and offer a new location to service customers. The more than $8.4 million project is expected to create 15 jobs and will assist in retaining 117 positions.

Creative Extruded Products, Inc. (Miami County) has been awarded a $600,000 166 Direct Loan to be used for the purchase of new machinery and equipment at their manufacturing facility in support of the company's growth. The more than $1.4 million project is expected to create 34 jobs and assist in retaining 139 positions.

SCI Engineered Materials, Inc. (Franklin County) has been awarded a $744,250 166 Direct Loan to be used for the acquisition of production machinery and equipment, which will allow the company to expand their Central Ohio manufacturing operations to accommodate the influx of potential new business. The more than $2.9 million project is expected to create 50 jobs and assist in retaining 26 positions.

SRI Ohio, Inc. (Fairfield County) has been awarded $2.27 million from the Ohio Enterprise Bond Fund. The loan will be used for the purchase of machinery and equipment, enabling the company to open a new plant to better support their growing customer base. The $2.27 million project is expected to create 90 jobs.

WPR Leveraged Lender, LLC (Hamilton County) has been awarded a $5 million Urban Redevelopment Loan to be used for the purchase and installation of infrastructure and the construction of an underground parking facility for Washington Park, in Cincinnati's Over-the-Rhine neighborhood. The more than $47 million project is expected to create 19 jobs.

Working with our partners across business, state and local governments, academia, and the nonprofit sector, the Ohio Department of Development works to attract, create, grow, and retain businesses through competitive incentives and targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department of Development works at the speed of business to accelerate and support the teamwork that is absolutely necessary for success by providing financial, informational, and technical assistance to those making an investment in Ohio's future.

The Development Financing Advisory Council approves all low-interest, long-term, fixed-asset loans for companies considering expanding in or relocating to Ohio. 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 Innovation Ohio Loan Fund assists existing Ohio companies in developing next-generation products in industry sectors that include: advanced materials; instrument, controls, and electronics; power and propulsion; biosciences; and information technology. 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 Urban Redevelopment Loan provides low-interest loans to acquire real estate and remediate sites to entice private business investment in distressed urban locations.

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