WARREN, Ohio – The Warren-Howland-Warren Joint Economic Development District Board approved final language Monday for a loan agreement with the All Ohio Future Fund.
In April, the Ohio Controlling Board awarded $17.2 million from the fund for site and infrastructure improvements at the former Republic Steel property near downtown Warren, where Kimberly-Clark Corp. is constructing an $800 million manufacturing plant. The consumer paper products company also is considering a regional distribution center on the property.
Approximately half of the funds were awarded as an $8.62 million grant to the Western Reserve Port Authority, while the remaining $8.62 million is being structured as a loan.
The JEDD board was informed last week the final language for the loan agreement needed to be finalized Tuesday for approval by state officials, said Nic Coggins, assistant director and director of economic development for the Trumbull County Planning Commission. Coggins chairs the JEDD board.
The finalized language clarifies repayment terms of the loan portion of the AOFF award. The JEDD is required to have installments of loan payment in an account, Coggins said.
Funds will be used for surface transportation upgrades, including a new road to provide access from Pine Avenue Southwest to the Ohio Turnpike, environmental remediation and sewers.