North Central Electric and Fostoria to clear final industrial park parcel
North Central Electric Cooperative is providing funding for the Fostoria Economic Development Corporation (FEDC) to clear trees from a wooded four-acre parcel in the city’s industrial park, in hopes the land can be developed for another manufacturing facility.
With a Site and Community Assistance matching grant from Buckeye Power, North Central’s wholesale power supplier, the cooperative will pay FEDC $10,410 to clear the parcel so the property can be developed.
This is the last available lot in the industrial park. The cooperative owns a 4-acre parcel in the industrial park as a potential site for a substation.
“In northwest Ohio, an industrial park with available utilities is a valuable asset,” Director of Communications, Member and Community Relations Terry Mazzone said. “Working with FEDC and Regional Growth Partnership Northwest Ohio, we’re confident we’ll see this property developed rather quickly. We have seen a decline in commercial and industrial electricity sales in the last few years. We believe this investment will help us rebuild those sales.”
“North Central Electric continues to be a tremendous economic development partner to FEDC,” said Renee Smith, FEDC president. “With the monies they are providing to help us clear the last four acres in our existing industrial park, North Central Electric is proactively helping our organization and our community ensure future development.”
The cooperative serves the industrial park off U.S. Route 23, on the south side of the city. The city and FEDC built a 40,000-square-foot speculative building that was sold in December to Fleet Ohio LLC, which is leasing the facility to Treves Incorporated, an automotive supplier headquartered in France. Treves has already built a 4,000-square-foot office expansion. They plan to be in production in October and are considering another expansion in 2019.
The cooperative assisted in the project by not assessing FEDC for the initial service connection, a savings estimated at $16,000. The cooperative negotiated a 10-year service agreement with Treves that includes a minimum bill requirement to ensure North Central will recover its initial investment. The cooperative also assisted Treves with an energy-efficient-lighting rebate.