COLUMBUS – The Columbus City Council approved a loan agreement with Columbus Hydraulics Company for the construction of a new manufacturing facility.
The loan is for $600,000, with $300,000 being forgiven after the successful repayment of an initial $300,000. Columbus Hydraulics is planning to construct a 110,000 square foot manufacturing plant just north of Highway 30 and West of E. 29th Avenue.
The funds from the city’s loan will come from the “840” Local Economic Development Fund, which is designed to financially assist growing business operations in Columbus. The total project cost is approximately $9,506,500, of which $7,500,000 is for building costs and $2,001,500 is for equipment purchases.
Columbus Hydraulics is planning for construction to begin in October of 2018, with the estimated completion coming in October 2019. Approximately 35 additional jobs will be created as a result of the project.
Repayment of the loan is is required to begin one year after the occupation of the new building, with payments due in installments on the first of each month during the repayment period. If the first $300,000 of the loan is repaid by December 31, 2025, then the second $300,000 payment will be waived.