AUSTINTOWN County seeks money for project

The developer is expected to construct a $1 million building in the park.
By IAN HILL
VINDICATOR STAFF WRITER
AUSTINTOWN -- Mahoning County officials are hoping to receive $1.49 million from the state to help pay for the Centerpointe business park project.
County Special Projects Director Joe Caruso said the Ohio Department of Development has agreed to give the county a $500,000 grant to help pay for the construction of infrastructure in the park.
The department of development also will support the county's application for a $990,000 loan from the Ohio Water Development Authority to pay for the park's sewer and water lines, Caruso said.
The interest rate for the 15-year loan will be fixed at 3-percent.
"The state sees the merit of the economic development project," he said. "They see the potential of this development project."
Caruso discussed funding for the project at an Austintown school board meeting Monday night. The board approved a resolution supporting the county's funding package for the project.
The park is set to be located between state Routes 46 and 11 along Interstate 80. Developer Jonathan Levy could not be reached Monday night.
Costs and prospects
Levy has said that the park could become the site of $45 million worth of buildings for warehouses, retail businesses and offices that have $45 million in inventory. Those companies could create 1,000 to 1,500 jobs during the next 10 years, he said.
The funding package calls for the county to borrow money through the sale of bonds to help pay for the construction of infrastructure in the park. Half of the property taxes collected from park businesses would be used to re-pay the bond debt.
Caruso wouldn't say how much the bonds would be worth because the county commissioners haven't approved the tax package. He said he expects commissioners to vote on the package within the next two or three weeks.
Levy and his partners are expected to spend $4 million on infrastructure in addition to the county and state money. Caruso said Levy also will construct a $1 million building in the park.
Several businesses have expressed interest in moving into the park, he said. Construction of infrastructure could begin next spring.
hill@vindy.com