You have reached your limit of free articles this month.

Enjoy unlimited access to SpringfieldNewsSun.com

Starting at just 99¢ for 8 weeks.

GREAT REASONS TO SUBSCRIBE TODAY!

  • IN-DEPTH REPORTING
  • INTERACTIVE STORYTELLING
  • NEW TOPICS & COVERAGE
  • ePAPER
X

You have read of premium articles.

Get unlimited access to all of our breaking news, in-depth coverage and interactive features. Starting at just 99c for 8 weeks.

X

Welcome to SpringfieldNewsSun.com

Your source for Clark and Champaign counties’ hometown news. All readers have free access to a limited number of stories every month.

If you are a News-Sun subscriber, please take a moment to login for unlimited access.

Leaky roof could cost jobs


Albert Naggar, owner of Process Equipment Co. (PECo), announced plans April 1 to transform an old McCall Street plant into the home for his four area manufacturing facilities. The move would bring an estimated 250 jobs to Dayton over five years.

But Naggar said he has run into a problem. Bids to repair the roof at 2333 McCall St. are far higher than Naggar expected.

Naggar’s contract with Dayton city government includes a $750,000 Ohio Job Ready Sites Grant for repairing or replacing the building’s roof. But the bids “are a lot higher than that,” Naggar said.

PECo — a designer and producer of industrial machines — has applied for a $500,000 Montgomery County ED/GE (Economic Development/Government Equity) grant and is seeking investor support. But Naggar said consolidating his company’s facilities into one factory must make sense.

“It has to make financial sense. There’s a point in time when it doesn’t.”

Naggar, a partner in three private equity funds and a resident of Manhattan, added: “The biggest challenge is how much is the renovation going to cost, and how are we going to fund that?”

The city of Dayton owns the building. Timothy Downs, Dayton deputy development director, said the city is aware of the roof’s condition. He said seven-figure bids on roof repair don’t surprise him. The city has seen bids as high as about $1.3 million to $1.4 million on the roof.

“Bottom line is, we’re very much committed to getting to PECo in there,” Downs said.

The 348,000-square-foot building sits on about 50 acres between U.S. 35 and Ohio 4 in west Dayton. In 2005, SOS Metals occupied the building as a steel processing site.

Today, the plant is empty. A walk through it reveals holes in the roof through which the sky is visble. Puddles of water dot the plant floor.

Naggar’s agreement with Dayton gives him some latitude. If renovating and moving to the site cost him more than $7.5 million, then the company can step away. If the company can’t obtain sufficient financing or if there ‘s an environmental issue “that we can’t solve or the city doesn’t solve for us,” the company can similarly step away, Naggar said.

PECo is still investing money and time into making the building work. Naggar expects to make a decision by early July.

Bill Rosenberg, PECo’s CEO, believes the ED/GE grant would. The ED/GE Advisory Committee and county officials will visit the site in a bus tour May 10.

The company is also working with Citywide Development, Dayton’s public-private development arm, to win federal and state assistance, Rosenberg said.



Reader Comments ...


Next Up in Business

Native advertising: what it is and what to know
Have you ever been drawn to an article’s headline only to discover it’s an advertisement?Often called sponsored content, native advertisements can be found in print materials, such as magazines and newspapers and are created to resemble the design, style and functionality of news or feature articles, product reviews, entertainment and other material that surrounds it.
Kroger hired more than 4,000 veterans in November
Kroger hired more than 4,000 veterans and family members during November.The Cincinnati-headquartered grocery retailer hosted its one-day “Honoring our Heroes” hiring event on Nov.
State approves $1.5M for Springfield airport drone research
State approves $1.5M for Springfield airport drone research
The Ohio Department of Transportation agreed to a $1.5 million contract with the Air Force Research Laboratory to work on a ground-based “sense-and avoid-system” for unmanned aircraft at the Springfield-Beckley Municipal Airport.
Federal lawsuit claims housing discrimination in Dayton area
A local housing group is among 20 that have sued Fannie Mae in federal court, claiming the agency doesn’t care for foreclosed homes in minority neighborhoods as well as it does for houses in predominantly white locales.
Navistar, major Springfield employer, may lease Xenia facility
Navistar, major Springfield employer, may lease Xenia facility
Representatives of Navistar have contacted the Xenia Fire Department about using space at 1003 Bellbrook Ave.
More Stories