Hearing set on loan for ice cream shop

CELINA - County officials want to help a St. Henry couple buy the St. Henry Dairy Dream to keep the ice cream shop operating.

Mercer County commissioners on Thursday set a public hearing on a proposed $100,000 revolving loan to JBA Enterprise LLC. The hearing is 11 a.m. March 1 in the commissioners office at the Mercer Country Central Services Building, 220 W. Livingston St., Celina.

Current owner Betty Hartman is selling The Dairy Dream, county economic development director Jared Ebbing told the newspaper. JBA Enterprise, owned by Jeff and Bev Abels, wants to buy the business, including the building and equipment, Ebbing said.

The total purchase cost is $550,000; the Ables, according to Ebbing, want to combine a $100,000 county revolving loan with $27,000 in equity and $422,500 from The St. Henry Bank to complete the transaction.

The county funds specifically would be used to purchase the equipment within the building, Ebbing said. If everything goes as planned, St. Henry Dairy Dream would retain 10 full-time equivalent jobs, six of which will be made available to low- to moderate-income people, according to Ebbing.

The Dairy Dream is closed for the winter and, if the transaction proceeds, likely would reopen in the spring under the new ownership, Ebbing said.

Commissioners this week also moved to hire an investment firm to refinance a series of bonds issued in May 2008 to help pay for the construction of the jail on state Route 29 west of Celina.

Commissioners Jerry Laffin, Greg Homan and Rick Muhlenkamp on Tuesday adopted a resolution to take on Ross, Sinclaire & Associations to purchase and resell bonds.

Earlier this month, bond underwriter Joseph Robertson of Ross, Sinclaire & Associates told commissioners they could save taxpayers as much as $168,000 over the life of the bonds by taking advantage of near-historically low municipal market interest rates.

The total construction and equipment cost for the jail was $14.4 million. The debt and some ongoing maintenance expenses are funded by a 0.5 percent sales tax, which was approved by voters in November 2007. The tax generated $2.3 million in 2014.
  County officials during the construction phase obtained two bonds to pay the debt - one for $10.5 million and another for $2.53 million. Clerk/administrator Kim Everman estimates the county has an outstanding debt of $5.6 million on the initial $10.5 million series of bonds and $1.47 million on the smaller bond.

Robertson said the larger bond could be refinanced by "taking your old bonds, calling them, issuing a new series of bonds with the same final maturity for interest rates savings." Based on current market rates, that would save $24,000 in annual gross savings through 2022.

The current interest rate of the bonds in question ranges from 3.75 to 5 percent. The new interest rate, after figuring in refinancing expenses, could be as low as 1.85 percent, Robertson said.

County officials will work with Robertson to produce an official statement, acquire a credit rating and issue new bonds.

County commissioners this week also,

• approved the county engineer's request to purchase a John Deere skid loader through the state cooperative purchasing program at a net cost of $21,313. The engineer will trade in a 2007 John Deere 325.

• approved the county coroner's request to renew membership in the Ohio State Coroners Association for $2,015.

• appointed Michelle Kimmel to replace Chris Miller on the solid waste board.

• certified Saintignon Excavating Co. to operate as building sewer tapper in 2016.

• approved a subordination of mortgage for a Community Housing Impact and Preservation program client who is refinancing to obtain a lower interest rate.  

• sent notices to political subdivisions that they may submit proposed projects under the 2016 Community Development Block Grant Allocation Program. A hearing is set for June 7 in the commissioners office.

Mercer County this year is eligible to apply for up to $4.26 million in state grants for infrastructure, housing and other enhancement projects.

CDBG funds sometimes are used as a cash match to leverage bigger grants for communities with small budgets. Often the grant money is the only revenue source available to rural communities needing expensive upgrades. Funded activities must primarily benefit low- to moderate-income populations, eliminate slums and blight or meet an urgent community need. Activities can include economic development projects; street, water supply, drainage and sanitary sewer improvements; demolition of unsafe structures; and rehabilitation of housing and neighborhood facilities.