Home Manufacturer fund Week in Review: 7 Key Stories April 25-29, 2022

Week in Review: 7 Key Stories April 25-29, 2022


Cleveland State in Transition: It was a week of change at Cleveland State University. Laura Bloomberg became the new CSU chair after officials abruptly announced the departure of former chair Harlan Sands on Tuesday, April 26. The CSU then appointed Nigamanth Sridhar as the university’s provost, a position previously held by Bloomberg, on an interim basis. See the article on the first page.

Green signals: Twenty-six applicants from northeast Ohio have won state grants to clean up or study contaminated properties, ranging from old manufacturing complexes in Cleveland to an abandoned auto salvage yard in Barberton. Gov. Mike DeWine and Lt. Gov. Jon Husted announced more than $60 million in grants Tuesday, April 26, as part of the first batch of grants under Ohio’s new brownfields remediation program. . The money will go to 78 projects in 35 counties, with the bulk of the money going to costly cleanup efforts. The program, created last year as part of the state’s biennial budget, has a total price tag of $350 million. So there is still a lot of money to reward. The Ohio Department of Development always reviews many applications for first-round funding and works with applicants to resolve any issues. The original application deadline was January 31. The state received 204 applications totaling $262 million. Because the program is undersubscribed, it’s possible that every first-round deal will eventually receive a grant.

Busy Browns: The Cleveland Browns have chosen Bally’s Interactive as their official sports betting partner. The announcement came about seven months before the arrival of legal sports betting in Ohio. The long-term partnership will include a branded lounge at FirstEnergy Stadium, a Bally Bet Sportsbook mobile app in Ohio and free gaming opportunities, pending appropriate licensing and regulatory approvals. The Browns are still working on plans for the stadium lounge, and details will be finalized in the coming months. The lounge will allow fans aged 21 and over to watch and bet on games from across the league. The Browns also announced that sideline reporter Nathan Zegura will step upstairs in the press box this fall, replacing Doug Dieken as an analyst on the team’s radio broadcasts alongside the longtime man. date Jim Donovan. Former NFL safety Je’Rod Cherry will replace Zegura as a secondary reporter.

Upper ceiling: CertainTeed, a manufacturer of roofing, ceilings and other building products, plans to move its local operations from Lakewood to Strongsville. On Monday, April 25, the Ohio Tax Credit Authority approved a 1.398% 7-year Job Creation Tax Credit to support business growth. CertainTeed expects to add 38 jobs and $2.6 million in annual payroll as a result of this move. The state incentive is worth approximately $225,000, although ultimate value is determined by company performance. CertainTeed, based in Malvern, Pennsylvania, is a subsidiary of Saint-Gobain, a major French manufacturer of building materials. In 2019, CertainTeed moved into Lakewood by acquiring the wood ceiling business of Norton Industries.

Help: A $5.5 million pledge from an alumnus is set to help students at Case Western Reserve University’s Frances Payne Bolton School of Nursing for decades. The estate pledge comes from Cheryl E. McRae-Bergeron, an Air Force veteran who graduated as a Registered Nurse Anesthetist from CWRU in 1975. The scholarship fund will be in her name. The CWRU said it will go toward supporting “at least one full scholarship per year to a student pursuing a doctorate in nursing practice in the school’s three-year nursing anesthesia program.” This will allow them to pass the Certified Registered Nurse Anesthetists, or CRNA, exam. Half scholarships will be offered if funds remain.

Something happened: Akron will house what is potentially a $40 million investment fund that seeks to be the financial equivalent of Interstate 80, connecting investors and companies seeking capital in New York, Silicon Valley and every point in between. That includes Akron, of course, where the new Interstate Fusion Ventures fund, announced Thursday, April 28, was conceived and will be based. It’s the brainchild of Akron venture capitalist Bill Manby, and follows the Akron Fusion Ventures fund that Manby founded in 2018. “The second fund will continue to focus on northeast Ohio, but with a greater inclusion of companies from Silicon Valley and New York,” Manby said. mentioned. “We’ve established great partnerships with VCs on the coasts. … These relationships have allowed our investors access to deals that otherwise would not be available to them and sets us apart from most other VCs in the Midwest.” This first fund fell short of its original goal of raising $20 million, but Manby said he successfully deployed the $6 million he raised, investing in 21 companies.

You need a village: The Hall of Fame Resort & Entertainment Co. said it secured two additional sources of funding to use for the construction of the Hall of Fame Village in Canton. The company recently secured a $4 million loan with Midwest Lender Fund LLC — an entity owned by village manager and shareholder Stuart Lichter — for use on the Center for Performance, a 100,000-square-foot dome featuring showrooms and a sports performance space. Additionally, the City of Guangzhou, in coordination with the Canton Regional Energy Improvement District, approved legislation allowing the village to move forward with $3.2 million in funding. Property Rated Clean Energy (PACE) in conjunction with various energy efficiency upgrades at the Center for Performance.