The bonds will come from the Southwest Ohio Regional Bond Fund, the bond fund both for the local port authority and the Port of Greater Cincinnati Development Authority.
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Hematite will create 110 full-time Dayton-area jobs if the project happens. The city of Englewood is also seeking $400,000 in Montgomery County development funds to draw the company here.
Under the deal structure approved Monday, the port authority will hold title to the project and lease the building to a Hematite real estate company, which will then in turn sub-lease to Hematite Inc.
The company’s Englewood site would serve Toyota in Georgetown, Ky., Jeep in Toledo and Volkswagen in Chattanooga, Tenn.
“They need the facility, and they want to be in the United States for exchange-rate risks and for closeness to their customers,” said Jerry Brunswick, port authority executive director.
Erik Collins, Montgomery County development director, said the purchase of the 20-acre site has not yet happened, and much still depends on the county development funds application and other incentives.
“Everything is contingent on some of the local incentives,” Collins said. “That’s by design.”
Port Authority board members saw Hematite financial data Monday. Brunswick said the company sees $84 million in revenue, and he expressed confidence that the deal is solid. And the site will offer room for expansion, he added.
“The good news is there’s going to be 100 good-paying jobs associated with this” he said.
Fairground’s title in Port’s name
Also Monday, Brunswick and Brad Evers, port authority counsel, reminded board members that the port authority contributed a $2.5 million state grant to Premier’s and the University of Dayton’s $15 million purchase Friday of the Montgomery County Fairgrounds in Dayton.
Today, the port holds title to that land off South Main Street, across from Miami Valley Hospital, Evers said. The organization will lease the land to the Montgomery County Fair for a final event there this summer before the fair moves to its new home, Judge Arthur O. Fisher Park in Jefferson Twp.
“We will hold that property until UD and Premier decide what to do with it,” Evers said.
He added that the port hopes to be involved with the development of the 38-acre fairgrounds site, but that is not promised.
Brunswick said the port authority could be involved in any number of ways in development of the fairgrounds, including arranging TIF (tax-increment) financing.
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