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Board approves $500,000 revolving loan to High Voltage LLC to expand foundry, project to create 22 jobs
Summary
Medina County commissioners approved a $500,000 revolving loan to High Voltage LLC to support an expansion of a foundry and event space; county economic development staff said the project is expected to create 22 jobs and include community programming.
The Medina County Board of Commissioners approved a $500,000 revolving loan to High Voltage LLC to support expansion of a foundry facility that county economic development staff said will add event space and community programming.
Brandon from the county economic development office described the site as a renovated foundry that already hosts community events; he said the county’s federal funds allocated through the state are being used for the loan and that an amortization schedule will return payments to the revolving fund for future businesses. “It’ll probably be the biggest revolving loan that we do to date,” Brandon said. He said the project is expected to create 22 new jobs.
The commission moved to approve the loan; the motion passed on a roll-call vote with all three commissioners recorded as yes.
Details and next steps: Economic development staff said the loan will support interior renovations to an existing space that previously hosted community events such as a beer festival and film nights. County staff will finalize loan documents and an amortization schedule; payments will flow back into the county revolving loan fund for future projects.
