COLUMBUS – The Columbus City Council voted Monday night to approve a Community Development Block Grant for the expansion of Columbus Hydraulics Company.
The purpose of the grant is for the company to purchase new equipment for its newly proposed facility.
The total funds awarded to Columbus Hydraulics are in the amount of $1,005,000, where $1,000,000 will be used to purchase that equipment, and $5,000 will be used for general administration costs. The $1,000,000 of CDBG funds will be conditionally granted to Northeast Economic Development, which will then make a loan to Columbus Hydraulics.
Columbus Hydraulics is planning to build a 110,000 square foot manufacturing facility north of Highway 30 and West of East 29th Avenue. The total project cost is estimated at approximately $9,501,500, which includes the grant funds approved at Monday night’s meeting.