State Investing More Than $1.7 Million to Support Businesses, Enhance Communities

(COLUMBUS, Ohio) - The Ohio Department of Development today announced the release of more than $1.7 million through two state-funded programs that will support business expansion and strengthen infrastructure.

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.

Industrial Maintenance Properties, LLC will receive $1 million to assist in financing the construction of a 14,250 square-foot industrial warehouse and office space located on a 5.952-acre parcel on Commerce Drive at the West Central Ohio Industrial Park Mid PT Parcel 3 in Wapakoneta (Auglaize County). Industrial Maintenance Team, Inc., the operating company, specializes in the agricultural and commercial industries, providing services in construction, demolition, design, fabrication, installation, and maintenance of leg elevators, drags, screws, and grinders. The project, estimated to cost $2.5 million, will create 15 new full-time-equivalent jobs and retain 12 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 Lawrence Economic Development Corporation will receive $778,380 in support of the Azure Foods and Intermountain Electronics projects in the Village of South Point (Lawrence County). The roadwork will consist of a new roadway south of the proposed Azure Foods site at 340 Commerce Drive, extending 667 linear feet to the west. This will provide improved access to the rear of the Azure Foods property for shipping purposes. Additionally, the roadwork includes the reconstruction of approximately 783 linear feet of roadway at the Intermountain Electronics site at 100 Valley Drive. The roadway will begin at County Road 1 and extend along the south and east perimeters of the site, ending at Valley Drive to the north. The roadway will accommodate increased heavy truck traffic and allow for a wider turning radius into the Intermountain Electronics site. Through the project, Azure will create 150 jobs, and Intermountain Electronics will create 25 jobs and retain 62 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.

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.