EDIT funds given

The county is set to release $87,500 in Economic Development Income Tax funds to Fort Recovery Industries for an expansion into the Portland Industrial Park.
Jay County Commissioners signed documents this morning for the grant/loan package. The Jay County Council approved the incentive package in November for the Fort Recovery business to expand to the vacant speculation building on county road 100 North.
The company, which will use the location for metal casting as warehousing, told county officials it is planning a $4.9 million investment at the Portland location, creating at least 20 jobs.
Attorney Bill Hinkle presented commissioners Faron Parr and Jim Zimmerman (Milo Miller Jr. is currently in Washington D.C.) with the document that outlined “the terms of the loan/grant.”
The package is a three-year commitment and will be a grant if the company meets investment and job creation requirements outlined in the deal. If Fort Recovery Industries fails to meet those, part of the package must be paid back at a rate of prime plus 1 percent.
“Have they done anything in that building yet?” asked Parr.
“They closed Friday,” Hinkle said and noted that Portland Mayor Bruce Hosier would make an announcement with more details at tonight’s Portland City Council meeting.
In other business this morning, the commissioners:
•Signed an ordinance for last week’s declared snow emergency. The county declared a snow emergency Wednesday morning that was in effect until Friday morning.[[In-content Ad]]