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Published: Tuesday, 12/9/2008

Health Care REIT seeks loans, aid for 45 jobs

Toledo Mayor Carty Finkbeiner and officials for Health Care REIT Inc. yesterday announced a proposed project, which, if approved, is to lead to a $10 million investment in the city, create up to 45 new jobs over three years, and retain the company's 68 employees.

Mr. Finkbeiner said the new jobs would pay an average salary of $80,000.

Company officials yesterday asked the State of Ohio Development and Financing Advisory Council to approve loans and a grant from the Ohio Department of Development to allow them to acquire and renovate the former Dana Holding Corp. headquarters along Dorr Street near Richards Road.

The firm seeks a $10.75 million, 10-year loan from the Ohio Enterprise Bond Fund; a separate $2 million, 10-year loan; 60 percent Ohio Job Creation Tax Credit for seven years, and a $315,000 Rapid Outreach Grant.

Health Care REIT, which invests in health-care facilities, in August announced plans to buy the 160-acre campus of Dana.

Mr. Finkbeiner said following the approval of the state incentives, Health Care REIT would seek approval from Toledo City Council on a Toledo Municipal Job Creation Tax Credit, a Toledo Expansion Incentive, and a 12-year tax abatement.

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