State Approves $2M Loan for North Jackson Warehouse Project
COLUMBUS, Ohio – The Ohio Controlling Board on Monday approved a $2 million Rural Industrial Park Loan to support construction of a $7.5 million warehouse and light manufacturing building in North Jackson.
Top Property Holdings LLC is proposing to develop the 76,000-square-foot building at 13001 Mahoning Ave., along with a roadway and infrastructure as the first phase of a 45-acre industrial park, according to state documents. The project is expected to create 66 jobs.
Documents for the project have been submitted to the Jackson Township zoning office, but no permits have been approved yet, township Trustee Tom Frost said.
According to state documents, the loan will have a term of 20 years, with an interest rate of zero percent for years one through five and 3% for years six through 30. Amortization will be over 15 years, with monthly payments beginning in the sixth year of the loan, and 73.2% of the outstanding balance will be forgiven by the state Department of Development upon successful completion of the project.
Building construction is expected to cost nearly $5.7 million, with another $934,591 for site preparation, $476,000 for infrastructure and $373,217 to cover soft costs.
Additional financing of $4.7 million is being provided by Huntington National Bank, plus $750,000 in borrower equity. Development will require a second mortgage on the project real estate located at the site; corporate guarantees by Discover Global LLC, DuraTerrain LLC and Rust Buster Frame Repair LLC; and the personal guarantee of Gregory Toporcer, who is affiliated with all three North Lima entities, according to documents filed with the Ohio Secretary of State’s office.
Requests for comment were left for Toporcer and representatives of the Youngstown/Warren Regional Chamber and Western Reserve Port Authority.
Additionally, the state awarded $326,770 to Youngstown State University during the Controlling Board meeting Monday. That included $263,994 from the Ohio Department of Education’s Workforce Based Training and Equipment line item as part of the department’s Regionally Aligned Priorities in Delivering Skills – or Rapids – program.
The equipment being purchased by YSU will directly affect the university’s capacity and capability to serve students and regional businesses, according to a news release from state Rep. Lauren McNally of Youngstown, D-59th. It will be used for manufacturing education, training and up-skilling current and future workers in the state and developing a talent pipeline that addresses the skill and workforce needs of Ohio’s growing and high-demand businesses and industries.
“We have a problem with keeping young people in Ohio after they graduate with a four-year degree. I’m glad the state is doing its part to give our students and businesses in Mahoning Valley the resources they need, but let’s be clear that more investment in people is needed,” McNally said. “We need to create more economic options for employment, goods and services, as well as a supportive cultural environment, if we want these investments to pay off down the road.”
In a separate release, McNally announced that YSU has been awarded $62,776 as part of the Ohio Department of Public Safety’s and Chancellor of Higher Education’s Campus Safety Grant Program. The funds will be used to purchase and install new video camera systems and their associated equipment.
Published by The Business Journal, Youngstown, Ohio.
