COLUMBUS — The State of Ohio Controlling Board is expected to vote Monday on a project involving a $500,000 state loan to Nosterra, LLC for the construction of a new 20,000 square-foot operating facility to be located at 671 McCauley Road, Stow, and occupied by a Twinsburg company.
The total cost of the project is $1.6 million, according to online records.
As a result of this project and state assistance provided, the borrower has committed to create five new jobs and retain four existing jobs at the project site. The loan will have a 2.75 percent interest rate and a term of 20 years, according to the operating request posted on the Controlling Board's website, www.ecb.ohio.gov.
Nosterra, LLC is a real estate holding company for P3 Infrastructure, Inc., located at 2146 Enterprise Pkwy, Twinsburg. P3 is a minority-owned company, according to the request, that manufactures polymer-based coatings and adhesive systems for transportation infrastructure — primarily roads and bridges.
The loan would be through the state's Regional 166 Direct Loan Program which provides low-interest loans for land and building acquisition, construction, expansion or renovation and equipment purchases for eligible businesses.
The program is administered by local economic development agencies and funded through Facilities Establishment Fund dollars released prior to 1992 to Local Economic Development Agencies. Eligible projects include those related to industry, commerce and distribution or research activities.
The financing project will involve the construction of a new 20,000 square-foot operating facility to increase efficiency, support growth and create jobs, according to the request.