To take advantage of a bond program available through the American Recovery and Reinvestment Act of 2009 (ARRA), Cincinnati City Council has passed an ordinance allowing the City to issue up to $11.5 million in economic development bonds for the new Graeter's manufacturing facility and repealing a former bond approval from last April.
The manufacturing site, at Paddock Road and 66th Street in Bond Hill, is located in a U.S. Department of Housing and Urban Development Empowerment Zone, making the project eligible for ARRA Qualified Recovery Zone Facility Bonds.
These bonds allow the City to issue the debt at a lower rate, and the debt will be serviced through a 20-year, interest-bearing loan between the City and the company.
The $11 million, 28,000-square-foot building will allow Graeter's to quadruple its production capacity, retaining 68 jobs and creating a minimum of 30 new jobs over the next three years.
Production is expected to begin in Bond Hill in early 2010.
Previous reading on BC:
City may tap stimulus for Graeter's bonds (9/8/09)
Cincinnati approves grant amendment for extra $300K for Graeter's (6/25/09)
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 plan in Finance Committee (4/1/09)
