July 27, 2004

FOR IMMEDIATE RELEASE

DEVELOPMENT FINANCING ADVISORY COUNCIL APPROVES ECONOMIC DEVELOPMENT PROJECTS TO CREATE 567 JOBS IN OHIO

Columbus, OH -- Governor Bob Taft today announced that the Development Financing Advisory Council (DFAC) has approved loans, a bond and a grant totaling more than $24.7 million for four economic development projects. The loans, which are pending State Controlling Board approval, are expected to create 567 jobs and retain 114 positions.

Weithman-Bucyrus, LLC, located in Bucyrus (Crawford County), will receive a $500,000 Rural Development Initiative grant and a $500,000 Rural Industrial Park Loan at an interest rate of three percent for a 15-year term to acquire land and construct a 40,000 square-foot speculative building in the Crossroads Industrial Park. Once complete, the property will be sold or leased to prospective companies. Total project costs are estimated to be more than $1.6 million.

Induction Tooling, Inc. will receive a $1.76 million Ohio Enterprise Bond at an interest rate based on the fund's Standard and Poors rating of AA- for a 15-year term to construct a new facility in Hinckley Township (Medina County), and to assist with the acquisition of machinery and equipment. Induction Tooling is a manufacturer of tools and components for the induction heating industry. This new facility will nearly double the size of the current facility, and will house a research and development lab that will assist the company in providing improved service to customers and future growth. This $1.95 million project is expected to create seven jobs and retain 24 positions over a three-year period.

MP Biomedicals, LLC, located in Solon (Cuyahoga County), will receive a $2 million Direct Loan at an interest rate of 1.5 percent in years one through five, 2.5 percent for years five through 10 and three percent for the remainder of a 15-year term to expand operations. The company plans to purchase a 121,589 square-foot building that will house its manufacturing, warehouse and office operations. MP Biomedicals provides a line of more than 55,000 innovative, quality tools and services used by scientists and researchers in the life science and biotechnology industries. This $4.5 million project is expected to create 60 jobs and retain 90 positions over a three-year period. Other state assistance committed for this project includes a $30,000 Ohio Investment in Training Program grant and a 55 percent Job Creation Tax Credit for an eight-year term valued at $360,000, which is pending the approval of the Ohio Tax Credit Authority.

USEC, Inc., located in Piketon (Pike County), will receive a $20 million Direct Loan at an interest rate of two percent for a 20-year term to assist with the acquisition of 12,000 centrifuge machines used for uranium enrichment. USEC is a global energy company and the world's leading supplier of enriched uranium fuel for commercial nuclear power plants. The company will use advanced centrifuge technology to enrich natural uranium at its Piketon facility. The project represents a $1.2 billion investment and will create 500 jobs in Ohio’s Appalachian region. The Ohio Department of Development is assisting USEC with this project by providing grants, a loan, a bond, and tax credits and exemptions.

The 166 Direct Loan program provides loans for land and building acquisition, expansion or renovation, and equipment purchase. The Ohio Enterprise Bond Fund provides funding for land and building acquisition, construction, expansion or renovation, and equipment purchases for commercial or industrial projects between $1.5 million and $10 million. The Rural Industrial Park Loan provides direct loans and loan guarantees to rural, distressed local communities and other eligible applicants committed to creating well-planned industrial parks.