Trumbull expected to be recovery zone

STAFF report

WARREN — Trumbull County commissioners are expected to approve a resolution today to establish the county as a recovery zone under the federal American Recovery and Reinvestment Act of 2009.

This is so local governments and businesses can move forward with economic-development projects using the county’s allocation of $15.8 million in bond financing.

The county was allotted $9.5 million in recovery-zone facility financing, which targets private businesses needing capital; and $6.3 million in economic- development bond financing, which is for state and local governments to obtain lower borrowing costs for projects such as job training and educational programs.

Counties and large cities in Ohio were allocated about $1 billion, with Mahoning County being allocated a slightly larger amount than Trumbull County. Columbiana County was allocated about $9 million.

Officials have said the program makes financing available to types of businesses that didn’t qualify for bond financing before and provides a reduction in the interest rate they receive of 1.5 percent to 2 percent.