The state of Ohio recently announced that the city of Ravenna, located in Portage County, has been awarded a $310,000 Ohio Small Cities Community Development Block Grant (CDBG) to assist in funding an economic development project that is expected to create 35 jobs.
The grant will assist 771 North Freedom Street, LLC in purchasing a 24,500 square foot facility that will house the administrative offices of Portage Physical Therapists, Inc. and CompuData, Inc. The City plans to loan the funds to the LLC for this $1.3 million project.
The CDBG Economic Development Program is administered by the Ohio Department of Development and provides funding for economic development projects that create and/or retain permanent, private-sector job opportunities. The grants enable local governments to provide public improvements directly related to business development and financial assistance to private entities for economic development projects. Jobs created through the program must benefit primarily low- and moderate-income Ohioans.
