CINCINNATI, OH (FOX19) - The State of Ohio returned $2 million dollars to Clermont County on July 30. The money was held by a third party as a part of the former Ford plant redevelopment project.
"We are proud of the success of this project. In three years' time since IRG purchased the facility, the redevelopment pace of this site is unprecedented," said Commission President Ed Humphrey.
The $2 million proceeds are from an Operating Deficit Reserve fund that was required by the State as a third level of security for the project. Approximately seventy-five percent of the 1.8 million square foot facility is either occupied or under option currently.
The Industrial Realty Group (IRG) purchased the building from Ford Motor Company in April 2010 because of its size, utility infrastructure, and clean environment. The building is ultimately the most visible manufacturing structure in Clermont County and Ford Motor Company considered demolishing the building for scrap prior to the purchase from IRG.
"It is daunting to think about what could have been if this structure had been demolished. We now have an educational institution in UC East, along with a manufacturing technology center, in addition to well-paying manufacturing employment opportunities," commented David Uible, Vice President of the Board of County Commissioners.
Bob Proud, commission member, said that local funds, local companies and educational institutions were the first to lease space and reinvest in the community.
Approximately 500 jobs will be created or retained by companies that utilize the IRG facility.