Tuesday, June 16, 2009

Ohio could supply additional $300K for Graeter's project

An ordinance authorizing the City to amend an agreement with the Ohio Department of Development (ODOD) to accept an additional $300,000 for Graeter's new Bond Hill manufacturing facility is currently being considered by Cincinnati City Council.

The amendment would allow the City to accept an additional $300,000 from ODOD's Job Ready Sites (JRS) grant program for the new $11 million, 28,000-square-foot plant already under construction at the corner of Paddock Road and 66th Street.

The City has already received more than $1.8 million in JRS grant funding for the project.

Cincinnati's local match of $116,000 would come from surplus funds from two capital improvement program project accounts.

Council already has approved the issuance up to $10 million in economic development bonds, to be serviced over 20 years through a loan to the company, in exchange for the Graeter's commitment to retain 68 jobs and to create 30 new jobs over the next three years.

The new plant, scheduled to begin production in January 2010, will allow the company to expand to national markets by quadrupling its ice cream output to 1 million gallons annually.

Previous reading on BC:
Cincinnati creates account for new Graeter's facility (4/23/09)
Plans for new Graeter's plant in Finance Committee (4/1/09)