Wednesday, July 7th, 2010
By William Kincaid
Revolving loan approved
Funds will go toward land buy at Grand Lake Industrial Park
  CELINA - City council members on Tuesday approved the final reading of an ordinance to issue $100,232 to Rob Kraner from the city's revolving loan fund. The move will finance the purchase of 12.59 acres of city land in the Grand Lake Industrial Park.
At the special meeting, council members Bill Sell, June Scott, Mike Sovinski, Angie King and Myron Buxton voted yes, while Jeff Larmore abstained and Ed Jeffries cast the lone dissenting vote.
Council members already approved the land sale to Kraner to construct Grand Lake Warehousing, a 60,000 square-foot facility.
On Tuesday night, Celina Planning and Community Development Director Kent Bryan reiterated that Kraner will pay the same when interest is taken into account compared to the city's initial $10,000-an-acre option at zero percent interest.
The 20-year loan at 2.41 percent interest mandates a total payment of $125,290, even if Kraner pays it early.
According to Bryan, the revolving loan sum administered to Kraner will be returned and used to pay the city's debt on the Grand Lake Industrial Park.
In January 2009, the city refinanced its debt on the park through a 15-year-bond at 4.75 percent interest, according to city auditor Emily Stewart. The principal of that bond is about $445,144.
Kraner's annual interest payments will replenish the city's revolving loan fund, Bryan said.
On Tuesday night, council members also passed the second reading of an ordinance to advertise and accept bids for improvements to the Grand Lake Industrial Park. It was passed as an emergency measure, with all council members voting yes, except Jeffries.
A $200,000 Ohio Department of Development (ODOD) roadwork grant obtained by Mercer County will be used by the city to extend and realign Havemann Road into the industrial park for use by Grand Lake Warehousing and Versa Pak, which is expanding its business.
The project is estimated at $400,000 and the city must match the $200,000 grant through in-kind labor and funds from the Staeger Road Tax Increment Financing (TIF) fund, according to Bryan.
Bryan said the city's goal is not to exceed taking more than $150,000 from the Staeger Road TIF for the project.
Additional online stories for this date
Print edition only stories for this date
• Faber: Lake fix will take unity, legislation, funds
• Celina's drinking water safe, despite warning about source
• St. Marys board responds to former teacher's lawsuit
• Village expects government funds for projects
• New job service gets grant
• Cavaliers' Klenke blanks Redskins with one-hitter
• 'Riders earn rematch with Wildcats
• Mariners get blown out by the Joes
a_d
Today
59°
Mostly Sunny
Tonight
42°
Partly Cloudy
10%
Tomorrow
63°
Partly Sunny
10%
Tomorrow Night
47°
Partly Cloudy
12%
Saturday
67°
Partly Sunny
16%
Saturday Night
43°
Mostly Clear
2%
Sunday
61°
Mostly Sunny
Sunday Night
43°
Partly Cloudy
Monday
70°
Partly Sunny
Monday Night
55°
Mostly Cloudy
Tuesday
70°
Chance Thunderstorms
50%
Tuesday Night
47°
Chance Thunderstorms
33%
3 Day
Extended
a_da_d
camera_logo Photo Albums
Tuesday, October 21
index pict
video_logoOnline Video
Thursday, October 2
index pict
Accident at 127 and 119
Monday, September 29
index pict
Grand Lake Marathon