The Fairborn City Council then authorized an additional $500,000 loan to the company in the form of a high-interest, short-term gap loan. In order to finance the loan, the city council will need to issue a debt via a short-term bond anticipation note of $520,000, with the additional $25,000 covering costs and fees for the issuance, said Interim City Manager Pete Bales.
The loan will be paid back over five years, he said. The first two years of the loan are interest-free for the initial two years with interest paid in the last three years. A final balloon payment will be owed at the end of year five, Bales said.
“This type of manufacturing, additive manufacturing, really is the wave of the future,” Bales said. “I think it’s a great strategic location next to Wright-Patt Air Force Base, Wright State University and a myriad of other educational institutions they can pull a workforce from.”
Tangible Solutions was founded in 2013 by Chris Collins and Charlie Fox in a Fairborn garage, said Clark, who joined the company shortly after its founding.
“Everything has been about partnership from the very beginning,” Clark said.