Commissioners approve bond to help Shearer's build Massillon plant
MATTHEW RINK
The Independent
Shearer's Foods will use an $8 million Economic Recovery Zone Facility Bond instead of another financing tool to help build the $66.5 million plant in Massillon.
Stark County commissioners approved the bond Wednesday. It represents nearly half of the allocation awarded to Stark County by the state through the American Recovery and Reinvestment Act of 2009. The county has $8,575,000 remaining to give to private businesses.
"We allocated the money to Shearer's Foods to further enhance their expansion with the understanding that the additional vehicle saves them money beyond their original financing plans and makes it more plausible and feasible to do phase two," Commissioner Tom Harmon said.
Shearer's broke ground on a 204,000-square-foot facility last month at 4100 Millenium Boulevard S.E. at the Northeast Ohio Commerce Park.
The first phase, a $20 million investment, will create about 70 jobs. The second phase, to start in early 2010, will round out the project.
Facility Bonds are a type of traditional tax-exempt private activity bond to be used by private businesses in designated recovery zones for capital projects. Commissioners have designated the entire county a recovery zone.
It will be the state's first gold certified Leadership in Energy and Environmental Design food production plant.
Article reprinted with permission, Copyright 2009, The Independent, All Rights Reserved.
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