Twice a year, Montgomery County makes available Economic Development/Government Equity (ED/GE) funds to support businesses moving to or within the county. Municipalities apply for the funds, an advisory committee considers the applications and makes recommendations, and county commissioners get the final say.
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For the spring 2018 funding round, seven projects sought a total of $1.14 million, projects that applicants said would create a total of 538 new jobs while protecting 221 current jobs. Just over $2 million was available — but that amount also has to cover the fall 2018 funding round, too.
The biggest project in the spring round was the city’s Arcade effort. City planners believe Arcade development could lead to an estimated 426 new jobs in downtown Dayton.
The city had previously sought money in the fall 2017 funding round before withdrawing its application, hoping to refine it further.
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Last year, the city had sought $1 million.
“We already gave ourselves a haircut on the last (funding) round,” Ford Weber, the city of Dayton’s development director, told fellow ED/GE Advisory Committee members in a meeting Friday morning.
Chris Kershner, executive vice president for the Dayton Area Chamber of Commerce, called the Arcade effort “a catalytic project that will transform downtown Dayton.”
Credit: DaytonDailyNews
Since early 2016, the city has worked with Baltimore-based Cross Street Partners in an effort to make the historic Arcade a core location for living, work and entertainment.
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Key tenants such as Boston Stoker, Warped Wing and the University of Dayton have committed to the site and Bill Struever, principal of Cross Street Partners, has expressed confidence that the project will reach completion.
David Williams, senior director of development at Cross Street Partners, welcomed the news. He noted that visitors last week waited in some cases up to 90 minutes to tour the Arcade, and that many in the area are closely following the project.
“We’re just delighted to get the support from the county,” Williams said Friday. “Every bit helps. Every component that we put together in the capital stack is critical in putting together a project like this.”
Two big players in urban redevelopment — Cincinnati-based Model Group and St. Louis-based McCormack Baron Salazar — signed on earlier this year as partners in the Arcade work after Dayton developer Miller-Valentine withdrew.
“It seems like a natural fit” for ED/GE approval, Kershner said Friday.
County commissioners will vote on the recommendations Tuesday.
Also recommended for commission approval:
A distribution project in Trotwood with an as-yet unnamed company behind it was voted to be fully funded at $250,000. “Project Timber” will create 35 new distribution jobs, Trotwood’s application says.
Kershner spoke on that project’s behalf, saying: “This is an area of town that has felt some pain.”
Toolmaker Dynamic Machine Works is willing to move from Eaton to Englewood, moving two jobs and hiring six to ten new employees in the next three years, according to Englewood’s ED/GE application. The committee recommended fully funding that move at $50,000.
The city of Union was recommended for $132,000 of a requested $154,000 to to assist Belevin Corp. moving from Darke County to Union. In its application, Union said the move will create 20 new jobs within three years.
A project in Vandalia — Sand Lake Property LLC, an affiliate of Dayton Freight Lines — was recommended to get $58,000 of a requested $75,000.
And projects in Harrison Twp. and New Lebanon were each recommended for $40,000.
Recommended ED/GE funding, with expected new jobs
Dayton Arcade: $500,000, 426 new jobs
Englewood/Dynamic Machine: $50,000, 10 new jobs
Trotwood/"Project Timber: $250,000, 35 new jobs
Union/Belevin Corp: $132,000, 20 new jobs
Vandalia/Dayton Freight: $58,000, 41 new jobs
Harrison Twp./Buckeye Trailer: $40,000, 3 new jobs
New Lebanon/Heads Up Cylinder Heads: $40,000, 3 new jobs
Source: Montgomery County ED/GE Advisory Committee
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