The BDC offers land, buildings and financing and partners with economic development entities.
As a result of the development of the BDC's Opportunity Fund, the BDC is well-positioned to spur economic growth. Here's how. The BDC holds options on a great deal of real estate prime for future development. Second, the BDC provides buildings for new or expanding businesses. Third, the BDC lends money at low or no interest to businesses interested in locating or expanding in our community. Lastly, the BDC partners with other economic players in our community.
The BDC provides Land
The BDC holds options to purchase real estate for future economic development. These holdings allow our community to provide certainty to prospective businesses as to start-up costs. Also, these options allow our leaders to plan for expansion, whether pre-annexation measures or planning for the required utilities for such sites. Currently the BDC holds options on approximately 150 acres adjacent to the Van Wert Industrial Park, which is located on the south side of Van Wert City and 60 acres as part of Van Wert Vision Park, located on the north side of Van Wert City, just south of U.S. Route 30.
The BDC provides Buildings
The BDC is proud to announce plans for a new 100,000 square foot spec building located at the site of the abandoned Chrysler Amplex building on Bonnewitz Road, just south of U.S. Route 30. This complex has been abandoned since the late 1980s and is on the cusp of revitalization thanks to a 1.2-million-dollar grant to demolish the site from JobsOhio. In addition, a 1.8-million-dollar loan is being advanced by JobsOhio to develop this site, as well as additional funding from the BDC. With rail access and easy interstate access, this building will provide a missing economic development tool: a ready-to-go structure built to industry specifications.
The BDC Provides Financing
The BDC provides low or no-interest financing to new or expanding businesses.
Case Study: Precise Marketing International, Inc. In 2015, the BDC was proud to finance the re-location of the manufacturing of the former Kelly Manufacturing to Van Wert. Kelly formerly manufactured a respected line of metal scoop attachments for heavy-duty equipment backhoes . The line is now comprised of four different models of the three-point hitch backhoe attachments, which are frequently mounted on the back of utility trailers. The rights to this line were re-located from Indiana to Van Wert by Precise Marketing International, Inc., an entity affiliated with Miller Precision Industries of Ottoville, Ohio. This move allowed several jobs to continue and to re-locate to our community. Located in the former Teleflex (and later Kongsburg) building on Industrial drive, this development is welcome news for this once-abandoned building. Further, as of 2017, the line's growth has stabilized and is accelerating.
Case Study: Braun Industries, Inc. The BDC was instrumental in relocating Braun Industries to Van Wert County in 2000. One of the top manufacturer of high-quality ambulances, Braun has become an economic force in Van Wert, growing from 94 employees when they relocated to Van Wert, to nearly 300 employees today. The BDC supported Braun with the right combination of land options and financing to make the move to Van Wert County possible. Today, Braun gives back to our community and stands as a testament to the collaborative economic development of the BDC.
The BDC PartNers In economic development
Economic development is a team sport. The BDC is proud to play a role. In addition to providing loans and land options, the BDC has also partners with other economic development entities. Here are just some examples.
Food & Beverage Certification. In 2015, the BDC partnered with the Van Wert CIC to achieve a food and beverage certification for the Van Wert Vision Industrial Park, which is located on the north side of the City of Van Wert, just south of U.S. Route 30. This certification expands the scope of potential uses for this site and takes advantage of Van Wert's plentiful water supply, the result of the City of Van Wert's heavy buildup of reservoirs in recent years.
AEP Power Study. In 2016, the BDC partnered with the City of Van Wert to fund and obtain a power study regarding the mega site, which is located just north of U.S. Route 30. Assessing the current and potential power supplies to the area was critical in order to be specific and timely in response to site inquiries.
Lending to Facilitate Van Wert Area Economic Development Corporation. The BDC is enthusiastic about the recent merger of the Van Wert County and City of Van Wert's economic development offices into one entity. In 2016, the BDC financed Tin Cap Investments, LLC in its efforts to finish out the new location for this office, which is now located at 145 E. Main Street, Van Wert. In addition, the BDC is enthusiastic to partner with Tin Cap Investments, LLC, a locally-owned entity which has renovated multiple structurally-endangered buildings in our downtown.
Partnering with Main Street Van Wert, Inc. In 2017, the BDC was proud to finance Main Street Van Wert'spurchase the building located at 136 E. Main Street, Van Wert, where the entity has been leasing for several years. This non-profit partner has been instrumental to many recent success in revitalizing downtown Van Wert. This purchase puts Main Street Van Wert on much stronger footing into the future.