The Daily Standard
Story Archive
CELINA - Mercer County commissioners last week authorized revolving loans totaling over $750,000 to a trio of entities starting or expanding businesses, including a new pizza/sub joint in Coldwater and a commercial truck wash at the intersection of U.S. Route 127 and State Route 219.
The commercial truck wash, according to one of the investors, is the second in a series of proposed developments at the U.S. 127 site that include commercial lots and a fuel station.
Commissioners gave their blessing to the fresh round of applications after holding a second public hearing as required by the Ohio Department of Development. The loans are contingent upon state approval and the release of funds.
The county's revolving loan fund is nearing a negative balance but is expected to be replenished with upwards of $650,000 via state economic development grants, according to county community development director Jared Ebbing.
3 Peaks Enterprise LLC aims to turn the building at 120 Terrace Ave., Coldwater, into a restaurant specializing in pizzas and subs. Mercer County Commissioners green-lighted a $211,437 revolving loan to 3 Peaks Enterprise LLC for the purchase of the property, a former McDonald's restaurant.
Commissioners green-lighted a $211,437 revolving loan to 3 Peaks Enterprise LLC for the purchase of property at 120 Terrace Ave., Coldwater, a former McDonald's restaurant. 3 Peaks Enterprise LLC aims to turn the building into a restaurant specializing in pizzas and subs, according to Ebbing.
The 20-year loan has a fixed 3% interest rate. The county will hold a second mortgage position on the land and building. 3 Peaks Enterprise LLC will create 8 1/2 full-time equivalent jobs, five of which will be offered to LMI persons.
The total project cost is $484,671 and will be financed with the $211,437 revolving loan, $24,234 in equity and $249,000 from a private lender, according to Ebbing.
3 Peaks Enterprise LLC consists of Lisa Dues, Ciera Wuebker and Megan Wendel, county documents show.
Plans call for converting the former McDonald's into a new restaurant operating seven days a week and featuring a drive-through pick-up window, the application states.
"So that will be good for Coldwater. They're still working out the details on what nameplate is going to be on said pizza and subs (restaurant). It can't be a national chain, so it's not going to be Domino's or Pizza Hut or anything like that," Ebbing said.
The property carries a 10-year covenant preventing the business from operating as a fast-food restaurant.
"There's a carryout window. You can call ahead and say 'I want my pizza,' come around to the carryout window, pick it up. That's different than fast food," Ebbing said. "Fast food is where you order it and then drive around and pick it up."
Whatever name the restaurant does end up operating under, 3 Peaks Enterprise LLC has committed to renovate the property and get it open for business again, Ebbing said.
"Probably by late spring/early summer, it'd be opened up as pizza and subs," he added.
Back in December, Coldwater Village Council authorized the Mercer County Community Improvement Corp. to act as agent on behalf of the village to sell the property at 120 Terrace Ave. to 3 Peaks Enterprise LLC.
346 Property Investments LLC plans to open a commercial truck wash at 4691 U.S. Route 127, which is also the site of JB Truck Services and Parts' second location. Mercer County Commissioners approved a $350,000 loan to purchase equipment.
The second of three loans approved by commissioners was for $350,000 to 346 Property Investments LLC for the purchase of equipment for a commercial truck wash at 4691 U.S. Route 127, which is also the site of JB Truck Services and Parts' second location.
The seven-year loan has a fixed 3% interest rate. The county will hold a second position UCC lien on the equipment. 346 Property Investments will create 14 full-time equivalent jobs, eight of which will be offered to low-to-moderate income persons.
The total project cost is a little over $2 million and will be bankrolled with the $350,000 revolving loan, $427,500 in equity and $1.23 million from a private lender, according to Ebbing.
346 Property Investments LLC consists of Erik Grey, Nick Grey, Rick Kremer and Scott LaGuire, county documents show.
The four men intend to build a specialized truck wash that they said would play a vital role in enhancing biosecurity protocols to mitigate the risk of disease transmission from farm to farm.
The business would ensure cleanliness and sanitation of vehicles transporting livestock, "safeguarding the agriculture industry that is the backbone of our local economy," according to a letter sent to Ebbing.
"This facility will cater to all large vehicles, including commercial trucks and RVs visiting the Grand Lake region," Erik Grey said in an email to the newspaper. "Additionally, it will support the agriculture industry by providing truck disinfection services, an essential biosecurity measure for vehicles traveling into the region or between farms."
The site would feature two gantry-style wash bays complete with state-of-the-art technology, including adjustable cleaning arms, high-pressure water jets and specialized detergents.
Nick and Amy Grey are the couple behind Grey Real Estate LLC, which in October was the recipient of a $300,000 revolving loan issued to help purchase property at 4691 U.S. Route 127 to open a second JB Truck Services and Parts location.
JB Truck Services and Parts, located at 4141 Burrville Road, Coldwater, is a truck repair shop and commercial service center.
"JB Truck was the first addition to the greater development at US 127 and SR 219. The truck wash will be the second," Erik Grey wrote. "We have a roadway under construction that will connect US 127 to SR 219, opening up 14 commercial lots for continued development. Future projects planned at the site include a tunnel car wash and a fuel station. The truck wash project will begin soon, with plans to open for business early this summer."
Precision Machining Company LLC plans to relocate to 457 Grand Lake Road, Celina, the former Ergo Desktop building. Mercer County Commissioners agreed to issue a $224,410 revolving loan for the purchase of new equipment.
Additionally, commissioners agreed to issue a $224,410 revolving loan to Master Precision Machining Company LLC for the purchase of new equipment at its new location at 457 Grand Lake Road, Celina, the former Ergo Desktop building.
The seven-year loan has a fixed 3% interest rate. The county will hold a second position UCC lien on the equipment. Master Precision Machining Co. will create nine full-time equivalent jobs, five of which will be offered to LMI persons.
The total project cost is $506,410 and will be financed with the $224,410 revolving loan, $25,000 in equity and $257,000 from a private lender, according to Ebbing.
Owner/operator Jordan Slusher said the company plans to start moving its current equipment from 7556 Harris Road to the Ergo Desktop building today.
"We hope within one week we will be operational," he said about the move to the new site.
Slusher at a September city planning commission meeting said he founded the business in his garage in 2014 before putting up a shop next to his house in 2017. The company currently has 15 employees.
"We're just really packed full in our shop now," Slusher had told the newspaper about wanting to relocate his company to more ample quarters. "We're just ready to grow it to the next level."
The county revolving loan program is seeded by grants from the U.S. Department of Housing and Urban Development that are funneled through the state. The local economic development office reviews, approves and distributes the funding.
The low-interest county revolving loans can be used to buy fixed assets such as land, buildings, machinery and equipment and also as working capital to expand an existing or startup business.
Unless used for local infrastructure needs or the removal of blight and slum, the loans are repaid with interest to provide for future loans.
Every month, roughly $50,000 in principal and interest from other loans is received by the county, but the account has been largely depleted due to a flurry of recent economic activity.
Ebbing said the county has been verbally notified by the state that it has been awarded one economic development grant and will apply for another to keep the account liquid.
"So between those two we'll be upwards of $650,000 in new money coming in that's grant money to us, that then we loan out and they (loanees) pay us back," he explained.
"We have to look for the right types of projects," Ebbing said about qualifying for state funds. "You've got to find one that just happens to create enough jobs, that has an impact on the community."
