Thursday, June 25, 2009

Cincinnati approves grant amendment for extra $300K for Graeter's

Cincinnati City Council has passed unanimously an ordinance authorizing an amendment to a Job Ready Sites grant agreement that would allow them to accept an additional $300,000 for the new Graeter's manufacturing facility in Bond Hill.

The additional grant, administered by the Ohio Department of Development, would be added to the more than $1.8 million the City has already received through the program to help fund construction of the new $11 million, 28,000-square-foot building at the corner of Paddock Road and 66th Street.

Council will supply a local match of $116,000 and has already approved the issuance of up to $10 million in economic development bonds for the project, payable through a 20-year loan.

In return, Graeter's will retain 68 jobs and create 30 new positions over the next three years.

Construction has begun on the new facility, which is expected to begin production in January 2010.

Previous reading on BC:
Ohio could supply additional $300K for Graeter's project (6/16/09)
Cincinnati creates account for new Graeter's facility (4/23/09)
Plans for new Graeter's plant in Finance Committee (4/1/09)