Cuyahoga County approved funding for the following economic development projects for Q1-22:

1.) Project Boron

• Economic Development Grant: $500,000
• Weston, Inc., acting through a special purpose subsidiary, Project Boron, LLC, proposes to build a 156,775 square foot cold storage facility at 2777 East 75th Street, adjacent to the Orlando Baking Company.  It is located on the recently-opened Opportunity Corridor.
• Total project cost is estimated to be $ 32.3 million.
• Orlando Baking Company, through an affiliate (Cleveland Cold Storage, LLC), will operate the cold storage facility, using 45,000 square feet itself and making the remaining space available to Opportunity Corridor food service companies.
• The grant is predicated upon the Borrower causing Cleveland Cold Storage LLC to create at least 20 new-to-Cuyahoga County, full-time equivalent jobs with an estimated payroll of $1,1450,000, within three years of project completion.
• Operator will exercise its best efforts to hire at least 50% minority representation for as many as 30 new jobs expected to be created.

2.) Manufacturing Advocacy & Growth Network (MAGNET)

• USEPA Brownfield Loan Amount: $500,000
• MAGNET, having purchased the vacant Margaret Ireland elementary school property located at 1800 East 63rd Street, Cleveland, Ohio, the organization needed funding assistance to clean-up, abate and remediate contaminated environmental conditions before it can safely rehabilitate and redevelop this MidTown Cleveland/Health-Tech Corridor property.
• This property will then be redeveloped into MAGNET’s new headquarters and manufacturing, technology, and job training center. It will be a hub for smart manufacturing and the creation of the workforce to power these goals.
• The project is expected to create 29 new jobs with a payroll of approximately $1.5 million annually.
• The total cost for the full redevelopment project will be $15.9 million.  
• MAGNET is a 501c3 non-profit consulting group tasked with growing the manufacturing industry in Northeast Ohio. 
• Their services help start-ups thrive and assist small- and medium-sized companies transform with technology, innovation, and talent. MAGNET’s collaborations with companies, governments, community leaders, and educators creates jobs, drives change, and builds opportunities.

3.) The Lincoln Electric Company

• Large-Scale Economic Development Leverage Grant: $250,000
• Lincoln Electric is embarking on the renovation of various portions of its headquarters and plant facilities for technical and product innovation engineers who will lead the company’s new product development activities.  The project’s total cost is estimated at $16.5 million.
• The expansion project involves two key phases:
  • Phase 1: $6.5 million, 40,000 square foot headquarters renovation project to best support these engineers.
  • Phase 2: $10.0 million of advanced manufacturing and innovation redevelopment projects that involve conversions of existing factory spaces to implement state-of-the-art manufacturing modules & environments that will the production of its new technologies.
• 100 current engineers will be retained, and 20 new engineering positions will be created.
• Lincoln has committed to perform extensive outreach in its recruiting minority candidates for these positions resulting from the project.