State Investing More Than $2 Million to Enhance Communities, Strengthen Businesses

(COLUMBUS, Ohio) - The Ohio Department of Development today announced the release of more than $2.2 million through a pair of state-funded programs designed to transform communities and stimulate business growth.

Two businesses will receive financing through the Regional 166 Direct Loan program, and two communities will benefit from the Roadwork Development Grant (629) program.

"Having an up-to-date infrastructure is the backbone of every vibrant community," said Lydia Mihalik, the director of the Department of Development. "The funding we are announcing today will help Ohio create and retain jobs and will positively impact the lives of the people who call these communities home."

REGIONAL 166 DIRECT LOAN

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.

Storetek Crystal Parkway, LLC, will receive $1 million to assist in financing the construction of a 33,000-square-foot building located at 4566 Crystal Parkway in Tallmadge (Portage County). The project, which is expected to cost more than $5.2 million, will create 12 new full-time equivalent jobs and retain 20 existing jobs.

Real Estate Advocacy Center, LLC, will receive $750,000 to assist in financing the purchase and renovation of a 14,358-square-foot, three-story office building at 100 S. Fourth St. in Columbus (Franklin County). The project, which is expected to cost $3 million in total, will create five new full-time equivalent jobs and retain eight existing 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 aids employers in creating or preserving employment opportunities.

Two communities will receive funding through this program.

The Heath-Newark-Licking County Port Authority will receive $308,416.50 in support of the STEMFlex project in the City of Newark (Licking County). The roadwork will consist of the construction and paving of 570 feet of roadway south of 1401 Mount Vernon Rd. The completed roadway will provide improved access and will allow for redevelopment of 1401 and 1425 Mount Vernon Rd., which will be used to attract STEM-skilled industrial job creation.

The City of Fremont (Sandusky County) will receive $200,000 in support of the Crown Battery Manufacturing Company project. The project includes the reconstruction of Bloom Road from the intersection of Majestic Drive to the western end of the city's right-of-way on Bloom Road (675 feet) which will run east to west. This project also includes asphalt surface layer replacement of Bloom Road from the intersection of Majestic to the intersection of Ohio Avenue (1,100 feet). The total roadwork project involves the reconstruction and replacement of approximately 1,775 feet of roadway and is expected to create 20 new full-time equivalent jobs and retain 600 existing 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 https://development.ohio.gov/.

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