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Loans to Assist in Creation of New Manufacturing Job Training Center and Headquarters and Sixty Affordable Housing Units
CUYAHOGA COUNTY, OH – Two economic development loans proposed by the Administration of Cuyahoga County Executive Armond Budish were reviewed and recommended today by the Cuyahoga County Community Improvement Corporation (CCCIC). If approved by County Council, a $1 million Redevelopment and Modernization Loan will assist the Manufacturing Advocacy & Growth Network (MAGNET) in creating a new headquarters and manufacturing, technology, and job center at the former Margaret Ireland school property, 1800 East 63rd St., in Cleveland’s MidTown neighborhood.
A second $1 million Redevelopment and Modernization Loan will assist LG Blanket Mill, LLC with the redevelopment of the of the vacant Northern Ohio Blanket Mills located at 3160 West 33rd Street, Cleveland, Ohio into 60 multi-family affordable housing units with first floor commercial space set to be used by social service agencies to provide needed healthcare and childcare services within Cleveland’s Clark-Fulton neighborhood.
“The County is pleased to be part of these projects that will assist in the redevelopment of two vacant properties, the former Margaret Ireland school into MAGNET’s new manufacturing job training center and headquarters and the vacant Northern Ohio Blanket Mills into sixty multi-family affordable housing units for residents in the Clark-Fulton Community,” said County Executive Armond Budish. “MAGNET’s new headquarters will serve as both a manufacturing innovation hub and a hands-on career training center with the goal of matching unemployed skilled workers with available manufacturing positions. The renovation of the Northern Ohio Blanket Mills property will provide needed affordable housing options on an important commercial block within the Clark-Fulton Community.”
MAGNET is a 501c3 non-profit consulting organization tasked with growing the manufacturing industry in Northeast Ohio. MAGNET’s services help start-ups grow and support small and medium sized companies advance with technology, innovation, and talent.
“We are grateful for the County’s ongoing and generous support of MAGNET,” said Ethan Karp, President and CEO of MAGNET. “Our vision is for Northeast Ohio to be a global leader in smart manufacturing with the workforce to power it and the Manufacturing Innovation, Technology and Job Center is a critical component for success.”
Manufacturing Advocacy & Growth Network’s headquarters project is expected to create 29 new jobs with a payroll of approximately $1.5 million annually. The total cost for the development project is $15.9 million.
“The Northern Ohio Blanket Mills adaptive reuse project is incredibly important to the Clark-Fulton neighborhood as it will transform a vacant industrial building to serve the housing and social needs of the community,” said Kevin Hudson of Levin Group, Inc. “With their recommendation today, the Cuyahoga County Community Improvement Corporation brought the Blanket Mills another step closer to fulfilling the community’s vision for the property. We are grateful to have the County’s support.”
The total cost for the Northern Ohio Blanket Mills development project is $33.3 million. Thirty new jobs will be created from the commercial space.