21.6 million in loans to the Toledo-Lucas Port Authority announced by Ujvagi
Nov. 20, 2008: State Representative Peter Ujvagi (D-Toledo) announced the State Controlling Board approved $21.6 million in loans to the Toledo-Lucas Port Authority for a project that will create or secure more than 700 full-time jobs.
The money will support efforts by HCR Manor Care Services to purchase a 220,000-square-foot building in Toledo. In return for the securitization of the state support, HCR has committed to create 52 new full-time jobs (annual salary: approximately $51,800) and protect 684 at-risk, full-time positions.
“This partnership is an example of the teamwork we need to get our economy moving forward,” Rep. Ujvagi said. “The state’s strategic investment in a strong, stable business will protect and create good-paying jobs that can serve as a foundation for an economic recovery. I believe we can expand this model to attract new business and build our economic base for long-term prosperity.”
The loans break down as follows: 166 Direct Loan: $10 million; Ohio Enterprise Bond Fund Loan: $11.64 million
HCR operates skilled nursing and rehabilitation centers, assisted living facilities, outpatient rehabilitation clinics, and hospice and home care agencies nationwide. The loans secured today will help HCR buy its existing corporate headquarters in the city of Toledo, with the Port Authority entering into a 20-year capital lease agreement that will facilitate the company’s growth.