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State awards $2 million for new headquarters and research center in Akron. North Canton Hoover complex plan receives $5 million
Published on Friday, Nov 14, 2008
Beacon Journal staff report
The Goodyear headquarters project will receive $2 million in state funding and the North Canton Hoover Campus Redevelopment Project will receive $5 million, the state government announced Thursday.
The grants are part of $46 million in ''Job Ready Sites'' program funding and $4.5 million in infrastructure funding available through the Ohio Department of Development. The funding is aimed at helping with utilities and transportation infrastructure at commercial sites throughout the state.
The state said a $2 million grant will help with the construction of a new headquarters building and research and development center for Goodyear Tire & Rubber Co. in Akron. The new headquarters is part of a massive $900 million redevelopment plan for the current Goodyear campus and East Akron neighborhood.
The $5 million grant for the North Canton project will help with the development of the former Hoover Co. headquarters and factory complex.
The redevelopment calls for 150,000 square feet of office space; 300,000 square feet of manufacturing space; 250,000 square feet of distribution space, and 40,000 square feet of retail and live-work space.
Stuart Lichter, head of California-based Industrial Realty Group, is the private developer involved in both the Goodyear and Hoover projects.
At least two other area projects that applied for grant money were rejected in this round of awards.
The cities of Cuyahoga Falls, Hudson and Stow had been jointly seeking a $5 million grant to help acquire and improve a site off state Route 8 near the future Seasons Road interchange.
The communities are trying to lure a new 100-bed hospital that a group of local doctors and Summa Health System want to build in northern Summit County.
Those efforts will continue, despite the lack of state funding for the site acquisition and improvement, said Cuyahoga Falls Development Director Susan Truby. The city's development department led the grant application efforts.
''I believe our project should have received the highest points for regionalism at its best,'' Truby said.
''I'm certain the project will still move forward, because all three communities are very excited about it.''
A final decision hasn't been made about the exact location for the proposed hospital, but the joint economic development zone being pushed by the three cities ''is very attractive to us,'' Summa spokesman Mike Bernstein said.
The state's decision not to fund the grant ''will have no impact on our choice of the site of the hospital,'' Bernstein said.
The Barberton Community Development Corp. also had sought nearly $4 million to help purchase property and put in a road and utilities for a potential home for a multinational manufacturing company.
This year's application marks the second time in two years the development group has tried unsuccessfully for state funding for the project, called ''Lakeside Industrial Site.''
''We're certainly disappointed we didn't get selected,'' said Larry Lallo, the development group's executive director. ''But there were a lot of good projects we're competing against. We're going to keep trying. . . . The site is still important to us and, I think, to the region. We don't want to let the opportunity go by. It will just take us a lot longer.''
Get the full article here.
Comments
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Akron, OH
Posted 07:17 AM, 11/14/2008
Sum-buddy needs to come up with Akron's $100 million contribution. Akron's city hall hero was unable to raise the money through a tax increase, nor could he raise the cash by his leasin' the sewers plan. He's gettin' desparate.
Akron, OH
Posted 08:18 AM, 11/14/2008
Like Cuyahoga Falls, other communities in the county and state will not be able to obtain funding from either level because it's been earmarked for Goodyear. They get all the money, report major losses, have their S&P rating decline but we're going to give them all the funding they need to build a new headquarters? I wonder how long it will be before they want federal bailout money too.
Posted 10:28 AM, 11/14/2008
Yeah, who needs a Fortune 200 company HQ in Akron anyways?
When exactly did they report "major losses?" They haven't reported a quarterly loss since 2006. Please back up your hate with accurate facts.
Akron, OH
Posted 11:40 AM, 11/14/2008
By major losses, I meant the value of their company, not their sales.
"The value of Goodyear, General Motors and Ford have fallen by a combined $27.6 billion since Jan. 1, based on closing prices Tuesday.
Goodyear's market capitalization - calculated by multiplying the number of shares times the stock price - is down $5.4 billion;..."
akron, oh
Posted 09:37 PM, 11/14/2008
Hey Very ... I bet you were one of the ones that was glad the smell left akron that came from the tire building process....
