Development Fund of the Western Reserve Announces Complete Capitalization of the Akron Community Revitalization Fund

Aug 2, 2017 | News, Newsletter

Christopher Burnham.
Development Finance Authority.

The Development Fund of the Western Reserve (DFWR) has announced  the Akron Community Revitalization Fund is now fully capitalized and open for business.

The Akron Community Revitalization Loan Fund is designed to fund projects in distressed census tracts, defined as areas with a poverty rate of at least 30% and unemployment rate of at least 10 percent.

The Fund is capitalized by U.S. Bank as the NMTC investor providing cash equity of $2.25M, along with investments from Akron Development Fund and PNC Bank, and the following major contributors:

  • Akron Children’s Hospital,
  • FirstEnergy,
  • GAR, Goodyear,
  • Huntington Bank,
  • Medical Mutual Donor Advised Fund, and
  • Summit County.

Other community funders include:

  • Akron Community Foundation,
  • Allio Family Fund,
  • David Brennan, Brennan,
  • Manna & Diamond, LLC,
  • Brouse McDowell, LPA,
  • Chase Bank,
  • Development Finance Authority of Summit County,
  • Dr. Cliff Deveny,
  • J.W. Didado,
  • Downtown Akron Partnership,
  • GOJO,
  • Greater Akron Chamber,
  • Home Savings Bank,
  • Novogradac & Company, LLP,
  • Gertrude Orr Foundation,
  • PNC Bank,
  • Read Family Fund,
  • Staff, Board and Advisors of DFA and DFWR,
  • Paul Testa,
  • Paul Thomarios and
  • U.S. Bank.

DFWR continues to accept numerous pledges and funding commitments which will be used to further grow lending capacity of the Fund. DFWR has identified six prospective projects which are in various stages of review and underwriting.

Groundbreaking Celebration in Chillicothe

Ninety percent of the Kenworth Class-8 global truck volume is built in Chillicothe, Ohio!

On April 24, 2019, the community celebrated the groundbreaking for a new paint facility that will improve efficiency and preserve the quality of The World’s Best Truck.  The project represents $140 million in capital investment and will bring 100 new, great paying jobs to Ross County upon its completion in 2021.  The Kenworth Chillicothe plant, which opened in 1974, currently employs more than 2300 people.  In addition to the new paint facility, a $30 million robotic cab assembly system will be installed this summer.

read more

A Message from JobsOhio President J.P. Nauseef Partner Engagement Update – We’re Listening!

In March 2019, I joined the JobsOhio team and determined my first priority was to meet with our local economic development partners across the great state of Ohio. My goal was to understand your experiences with us, learn where we exceeded your expectations, and hear your ideas on ways to improve our partnership. Economic development has always been a team effort, so I wanted to engage the team, and indeed you engaged with us!

read more