Written by Press Staff Writer
Tuesday, 24 June 2008 12:35
More funding for improvements to Tracy Road in Lake Township has been announced by the Wood County Commissioners.
The commissioners’ office last week said the county has been awarded $750,000 by the Ohio Department of Development for the improvements, including widening Tracy Road from State Route 795 to the Ohio Turnpike.
The commissioners said $170,000 is coming from the Industrial Site Improvement Fund and $580,000 is from the Roadwork Development Account.
The commissioners have also approved county funding for the balance of the $1.1 million project from the Motor Vehicle and Gas Tax Fund.
County and township officials have said they expect the road improvements to boost economic development in the area.
Funds have also been allocated for adding turn lanes at the Tracy/Route 795 intersection and last month the Lake Township trustees approved a resolution of support for Tracy Development Ltd., a holding company of Rudolph/Libbe, Inc., which owns the property at the southeast corner of the intersection, to apply for funding through the Ohio Jobs Ready Sites Program.
The program, approved by voters under the Issue 1 ballot measure in 2005, was established to bolster the inventory of available property with the necessary infrastructure and utilities in place.
The township transferred jurisdiction of that section of Tracy Road to Wood County in the mid-1980s.
Rudolph/Libbe has informed township trustees the company has also secured funding to help pay for the planned improvements.
Township officials have said businesses have expressed interest in the property and State Representative Randy Gardner last month said a 120-acre industrial park planned for the site could eventually create 500 jobs.
The improvements will also open an additional 450 acres to future industrial and commercial use, according to the department of development.
The Industrial Site Improvement Fund is a reimbursement grant program that provides up to $750,000, or 75 percent of the total cost incurred, for projects that improve qualified commercial and industrial areas.