2005 Section 108 Project Summary - Ohio

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Economic Development

Diane Sauer Chevrolet, Inc.
BORROWER: WARREN
STATE: OH
SECTION 108 LOAN GUARANTEE AMOUNT: $8,220,000

The City of Warren will use its Section 108 Guaranteed Loan proceeds to make a loan Diane Sauer Chevrolet, Inc., a full service automobile dealership as a financial incentive for the business to remain in Warren instead of moving outside the City and causing the City to lose 119 jobs. Diane Sauer Chevrolet, Inc. will use the City’s loan to acquire a site on which they will construct a new facility, renovate a building, purchase new machinery and equipment, and make improvements to the grounds and parking lots on a site located in the City’s Central Business District building.

This business retention project is expected to retain 119 jobs and create 10 additional jobs for low- and moderate-income persons in the City of Warren.

Public Facilities

Metro Transfer Station
BORROWER: AKRON
STATE: OH
COMMITMENT AMOUNT: $3,500,000

Akron will use its Section 108 Guaranteed Loan to assist in the financing of an off street multi-modal Transportation Center on East Market Street in the Central Business District of Akron, Ohio. METRO Regional Transit Authority, Akron’s public transit provider, will operate this 4.93-acre transportation center. Ninety percent of the land will be used by METRO with 140 bus trips and 2,000 – 3,000 transfers per day. Akron will be acquiring the property, demolishing the structures and preparing the site for the leasing and development of the station by METRO.

The Multi-modal Transportation Center will primarily act as the bus transfer point link for all rail and transit users in the Akron area. This center, however, will improve connectivity among several modes of transportation becoming the main hub for METRO buses and transfer of passengers between bus routes, rail and taxi.

The transfer facility will be available to all residents of the City, 56.5% of which are considered low and moderate income. Eighty percent of METRO’s riders have household incomes of less than $30,000, and 29% have household incomes of less than $10,000 and 51% of METRO’s passengers are using the bus to reach their employment daily, mostly within Akron.