Kasich, GOP Leaders OK $1.5 Million for YBI
YOUNGSTOWN, Ohio -- The Youngstown Business Incubator is in line to receive $1.5 million from the state's capital budget to help fund the purchase and renovation of The Vindicator's old building downtown. The YBI plans to convert the building into a fifth site for tenant companies to operate.
The recommendation for the YBI funding was announced separately today by the incubator and the Youngstown/Warren Regional Chamber. Gov. John R. Kasich, together with the President of the Ohio Senate and the Ohio Speaker of the House, today released funding recommendations for the capital bill.
Said Jim Cossler, CEO of the YBI, "Our newest building, giving YBI an additional 45,000 square feet of space, will allow for further growth and expansion of our B2B software development efforts while incorporating our organization's move into the additional areas of additive and advanced manufacturing technologies."
YBI had requested $5 million in state capital funds for the project, which could cost about $6 million, said Barb Ewing, YBI chief operating officer.
The governor's recommendation must be approved by both houses of the Ohio Legislature.
According to the Regional Chamber, the process for determining economic development and community projects involved asking chambers of commerce and economic development agencies in metro areas to be the conveners and coordinators for the funding submission process in each area. The Regional Chamber performed that role for Mahoning and Trumbull counties in partnership with the Western Reserve Port Authority and the Eastgate Regional Council of Governments.
The capital bill funding list submitted to the Ohio General Assembly today included the following projects for Mahoning and Trumbull counties:
- Youngstown Business Incubator: $1.5 million.
- Mercy College of Ohio Nursing Outreach Initiative in collaboration with St. Elizabeth Health Center: $250,000.
- Southern Park Historical District, Boardman: $250,000
- Warren TechBelt Energy Innovation Center: $250,000
- TechBelt Oil and Gas Training Center, Lordstown: $250,000
Sarah Boyarko, the Regional Chamber’s vice president for economic development, said the application process, which took place in late 2013, came together nicely with the chamber as the collection point for submissions.
“The details based on the state requirements were clearly presented, applications were collected and reviewed and all qualifying applicants were afforded the opportunity to present their projects to the ranking committee. All of our local state representatives were invited to attend the presentations and were provided copies of the applications upon request,” Boyarko said.
To ensure a regional approach, the committee that screened the projects consisted of one representative each from the Regional Chamber, the WRPA and Eastgate. The committee reviewed the applications and met on several occasions following the presentations to finalize the ranking process based on the state requirements.
“We were pleased with the new application process imposed by the governor’s office. As the only private regional economic development organization in the Mahoning Valley, it was natural fit for the Regional Chamber to lead the effort. It was a smooth process, and we’re pleased with the results. Of the 10 qualifying economic development submissions, five were funded,” Boyarko said.
Details of the Capital Budget Bill can be found at this website.
Published by The Business Journal, Youngstown, Ohio.
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