TOLEDO – The Lucas County Commissioners, the Northwest Ohio Building Trades, the Carpenter’s Council, the Toledo-Lucas County Port Authority, and the Regional Growth Partnership announce a new job creation and investment fund called Lucas County Builds today at One Government Center. The goal of this fund is to invest in high-impact job creating economic and commercial development projects in Lucas County. Through this collaboration, Lucas County Builds will enhance the economic competitiveness of Lucas County.
Lucas County Builds is designed to be a nimble financing tool that can react quickly as funding needs arise. The fund will be initially capitalized through a contribution by Lucas County to the Lucas County Economic Development Corporation. The Northwest Ohio Building Trades, and the Carpenters Council have also pledged to the fund. Lucas County Builds is actively seeking other partnerships including the Toledo-Lucas County Port Authority. As a revolving loan fund, the community partners’ investments will be re-circulated. As loans are repaid, the principle and interest will be made available to additional capital projects.
Lucas County Builds has identified the initial three loans to provide funding for transformative projects in the community. The first is a $750,000.00 loan to Dana Corporation to provide gap funding for their new manufacturing facility at the Overland Industrial Park. The second will provide up to $1 million in loan funds to the Northwest Ohio Building Trades to build a new state of the art headquarters in a high profile area of East Toledo in need of new development. The third project is a $500,000 loan to an as yet to be disclosed manufacturer in the Overland Industrial Park location.
Taken together, these three projects will add over 550 new good paying jobs in Lucas County.
“The strength of this tool comes from the partnerships and the desire to ensure that we are the drivers of our destiny,” said Commissioner Pete Gerken. “We will invest in good, impactful projects. We are confident that those projects will bring other successful projects. As a result, Lucas County will continue to grow and be a place where both businesses and people want to invest,” added Commissioner Gerken.
“Lucas County Builds will ensure that job creating projects can access resources necessary to become reality,” said Commissioner Contrada. “This public-private collaboration is a successful model that will pay dividends for decades to come,” added Commissioner Contrada.
“By creating a dynamic fund that can react quickly to funding needs for ambitious area projects, Lucas County Builds represents the next bold idea designed to safeguard the strength of the Lucas County economy,” said Commissioner Tina Skeldon Wozniak.
Lucas County Builds continues to seek additional investors. For more information, please contact the Lucas County Department of Planning and Development at 419-213-4670 or at email@example.com