Wednesday, July 7th, 2010

Revolving loan approved

Funds will go toward land buy at Grand Lake Industrial Park

By William Kincaid
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 story on this date
Stench of Grand Lake part of bigger issue
The awful smell emitted from the algae in the lake likely isn't harmful to humans unless they are directly exposed to the water by activities such as jet skiing and tubing, a state health official said. [More]
Subscriber and paid stories on this date
GRAND LAKE - Securing funds, amending legislation and achieving solidarity among leaders and organizations are key steps in cleaning Grand Lake, according to Ohio Senator Keith Faber (R-Celina).
State officials report
CELINA - Though the public has been advised by the EPA to avoid direct contact with the water of Grand Lake, the City of Celina's drinking water remains safe, according to various officials.
ST. MARYS - Attorneys for the local board of education have made response to a terminated teacher's legal action to restore his job with back pay, benefits and seniority intact.
Minster
MINSTER - With the proposed $3.65 million Fourth Street Reconstruction Project on the horizon, village officials received some good news from the government.
ST. MARYS - A nonprofit organization that plans to provide job services for people with disabilities has received its first grant.
Good for Busines
Coldwater and St. Marys ACME avoid elimination
ST. HENRY - In the precarious position of not making the ACME district tournament for the first time in recent memory, Coldwater needed to bounce back against St. Henry to keep its season alive.
Coldwater and St. Marys ACME avoid elimination
MINSTER - Facing a win or go home situation, rivals Wapakoneta and St. Marys locked horns on Tuesday night in Minster for the elimination bracket of the Auglaize County ACME tournament.
Compiled by Gary R. Rasberry
Hamilton put the game out of Grand Lake's reach in its last two at-bats as the Joes dominated the Mariners 10-1 in Great Lakes Summer Collegiate League action at Foundation Field in Hamilton.