Welcome to the Finance Fund Blog!

Recently, Finance Fund celebrated the official kick-off of construction at a special sign unveiling at the site of the third building at Tech Town in Dayton. Tech Town is a technology-oriented campus that is designed to support commercialization, application and convergence of cutting-edge technologies.  The new 62,000-square-foot smart office building is expected to be ready for tenants by summer 2011.

This new building supports Dayton’s continued efforts to accelerate economic development. Finance Fund provided a $10.2 million in New Markets Tax Credits to support the project in partnership with a $2.4 million equity investment by PNC Bank. Additional funding was received through a $5 million grant from the Ohio Department of Development’s Job Ready sites program. The City of Dayton also contributed financial support. The new Tech Town addition will offer office, research and laboratory space. Because Tech Town is already linked with Wright-Patterson Air Force Research Laboratory, the University of Dayton Research Institute, and other business-technology companies, it will provide excellent resources for collaboration.

 The event was an exciting glimpse into the future of Tech Town for all who attended.  Here’s some of the coverage:

 WTDN Channel 2 News

September 13, 2010

http://www.wdtn.com/dpp/news/local/tech-town-continues-to-move-forward

 Dayton Business News

September 13, 2010

http://daytonbusinessnews.blogspot.com/2010/09/tech-town-growth-continues-with.html

On August 9, the Freeport Press announced the addition of a new, specialized printing press at a special reception. The new printing press enables Harrison County’s largest employer, Freeport Press to retain 150 jobs and add another 40 jobs over the next seven years. Both Governor Ted Strickland and Congressman Zack Space attended the event, which celebrated economic progress in the region.

“We are working every day to help businesses create new opportunities and new jobs in Ohio. In recent months we’ve seen job growth in Ohio again because in recent years we’ve been investing in growing Ohio industries and jobs that can’t be outsourced,” Strickland said. “The Freeport Press is already the largest private employer in Harrison County, and the addition of another state-of-the-art printing press is expected to create 40 new jobs. We’re proud to have provided a loan to help make this new equipment purchase possible.”

Congressman Zack Space adds “Being creative, innovative, and industrious is critical to bringing jobs to our region — and Freeport Press has shown those qualities impressively. They’ve been aggressive in making new investments and they’ve had the ingenuity and smarts to capitalize on emerging trends in the publishing industry. Working with Freeport Press has been a joy – and our joint effort to bring new jobs to Harrison County represents a perfect partnership between business and government.”

Financing for the project was made possible by Finance Fund, which provided $6 million in New Markets Tax Credits by partnering with the Ohio Department of Development and PNC bank.

“The Freeport Press plays an important role in the region’s economic vitality,” said James R. Klein, CEO of Finance Fund. “By connecting Freeport Press to necessary funding, we are helping to sustain its growth and provide additional opportunities for employment to the residents of Harrison County.”

According to Freeport Press CEO and Owner, David Pilcher, the printing press will enable the company to expand the clients its serves beyond the region.

“This new state-of-the-art printing press enables the Freeport Press to better serve its existing clients while creating a wonderful opportunity to grow the business,” Pilcher said. “It also ensures job stability for our valued employees and their families.”

This week we’re seeing our mission and values come to life as we celebrate another success story. Ohio Basic Minerals (OBM), a sand and gravel company in Appalachia’s Jackson, Ohio, is holding their grand re-opening Thurs., May 27. OBM is celebrating its newly expanded and revitalized facility. The project created 35 construction jobs, retained seven full-time labor positions and the company plans to add 30 new jobs in the next three years. Read the success story here.

Finance Fund was able to provide more than $2.45 million from our Finance Fund Capital Corporation (FCAP) and the New Markets Tax Credits (NMTC) resources for expansion and new equipment for the sand and gravel facility. This will not only help OBM compete in new markets and increase revenue, but will enable the company to hire new employees and stimulate Jackson’s economy.

This Thursday we’ll proudly join OBM in celebrating the new facility with a ribbon-cutting ceremony, tours of the facility and special before and after displays. Several local and state dignitaries will be in attendance, in addition to company CEO, president, employees and business partners.

Here’s to Ohio Basic Minerals—another Ohio economic development success story!

On Wed., April 21, we proudly hosted several state legislators, community leaders and Finance Fund project partners at the Capital Club in downtown Columbus. It was an excellent opportunity to share how Finance Fund has positively impacted some of the state’s most distressed communities.

We highlighted four partnership “success stories,” including Ohio Basic Minerals in Jackson; Save-a-Lot grocery store in Columbus; Noble Learning Center in Caldwell; and Miami Valley Child Development Centers (MVCDC) in Dayton. Each project touted key Finance Fund goals – job creation, safe childcare access and neighborhood revitalization.

We shared important information about the New Markets Tax Credits (NMTC) program. Last October, we were awarded $50 million in NMTC funding, with $30 million designated specifically for non-metropolitan, rural areas in Ohio. Funding is still available for qualifying projects – we strongly urge those interested to contact us for more information on a possible partnership with us.

We thank our distinguished guests for their presence, and look forward to new partnerships that will lead to more jobs, revitalized communities and safer access to care.

One of our strongest resources is the New Market Tax Credit program (NMTC) awarded to us from the federal government. Back on Oct. 30, I announced our award of $50 million in NMTC funding – a great achievement for us and for Ohio’s distressed communities (discover more in the NMTC article category). As part of the award, $30 million has been specifically set aside for development projects in non-metropolitan counties. These are counties that are not directly connected to major Ohio cities, and capture some of the most distressed regions in the state. See the map of qualifying non-metro counties.

The NMTC program is an important community revitalization tool that has generated significant support from the Obama Administration, which recently proposed authorizing NMTC at $5 billion in 2010 and 2011 (see my recent post for more). Through this program, emerging markets receive the benefit of access to more capital investment, lowered interest rates, lowered risk to lenders, and investment in the community. It’s a win-win for everyone.

Are you part of a distressed community that is in need of development funding? We are now accepting proposals from developers, community lenders and businesses interested in applying for part of $30 million in NMTC loans for rural and non-metropolitan areas. We’d love to hear from you and how we might partner together. Learn more about a few of our NMTC success stories – Save-a-Lot grocery store in Columbus, and Ohio Basic Minerals in Jackson, Ohio. Both utilized NMTC funding to create jobs, expand offerings and revitalize distressed parts of their respective communities. We look forward to seeing how we can assist you in these ways with New Markets Tax Credit funding.