TOLEDO, Ohio, Jan. 14. 2010 The Toledo-Lucas County Port Authority along with the Port Authorities of Cleveland-Cuyahoga County and Summit County have been selected to receive a total of $7.5 million dollars over three years from First Energy Co. to support economic development and job retention projects under an agreement reached with The Ohio Manufacturers' Association (OMA).
The agreement with OMA is related to the FirstEnergy companies' commitment to support economic development and jobs as part of their Electric Security Plan (ESP).
"This agreement will give the Port Authority the opportunity to make a real impact on the local economy by providing funding for existing business expansion and new business attraction resulting in new jobs for the region," said Paul Toth, President of the Toledo-Lucas County Port Authority. "The beauty of this program is that as loans are paid back, we are able to use those funds to finance additional projects," he added.
Under the agreement, First Energy (Toledo Edison locally) will provide $2.5 million over three years to support projects designated by the OMA. The port authorities will use the funds for low-interest loans to manufacturing companies for qualifying projects.
To be eligible for loans, the manufacturers must be customers of one of FirstEnergy's Ohio utility companies and members of the OMA. In addition, the funded projects must support new economic development and job retention, involve at least $1 million in capital investments, represent new electrical load of at least 100 kilowatts, and meet the established guidelines for the port authorities' existing bond fund financing programs. Applications for funding will be submitted to the OMA.
FirstEnergy is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services. Its seven electric utility operating companies comprise the nation's fifth largest investor-owned electric system, based on 4.5 million customers served, within a 36,100-square-mile area of Ohio, Pennsylvania and New Jersey; and its generation subsidiaries control more than 14,000 megawatts of capacity.
The OMA is the voice of Ohio's manufacturers, leading the way on reform of workers' compensation, energy, taxes, health care, environmental regulations and other issues that impact manufacturing. The OMA is a non-profit organization that was founded 100 years ago, in 1910; today it has 1600 members. The OMA's mission is to protect and grow Ohio manufacturing. (SOURCE FirstEnergy Corp.; The Ohio Manufacturers' Association)