2004 Section 108 Project Summaries - Ohio

Colorado Industrial Park Expansion
BORROWER: LORAIN
STATE: OH
COMMITMENT AMOUNT: $2,200,000
Lorain will use the Section 108 guaranteed loan to finance acquisition of real property, demolition, and site preparation costs in connection with the redevelopment of a 427-acre industrial park. Lorain estimates that the Section 108 financing assistance will stimulate more than $75,000,000 of private investment in the development of approximately 2 million square feet of commercial and industrial uses. In Phase I of this redevelopment project, the city also estimates that 164 new jobs will be created of which at least 51% will be held by low- and moderate-income persons.

Reconstruction of Lakewood YMCA
BORROWER: LAKEWOOD
STATE: OH
COMMITMENT AMOUNT: $394,000
Lakewood will use the Section 108 funds to finance improvements and renovations of the YMCA. Guaranteed loan funds will be used for construction of this facility to comply with the Americans Disabilities Act (ADA). These activities will primarily benefit low- and moderate-income persons.