Council approves $500,000 loan to Tangible Solutions to expand local manufacturing

Fairborn council members voted Oct. 3 to approve a $500,000 loan to Tangible Solutions to help the additive-manufacturing firm expand operations in the city. Economic Development Director Rob Anderson told council the loan is for five years at a 10 percent interest rate, payments are deferred for two years with interest accruing, and the loan will be collateralized by machinery purchases and secured by a principal's personal guarantee.

Anderson said the financing "will allow them over three years to have a total of 67 employees in Fairborn and payroll of $4.95 million." He described a payment profile in which interest is paid in years three through five and deferred interest and principal are due at loan maturity; the equipment purchases total roughly $3.2 million against $3.6 million in machinery value. Council voted 5-0 to adopt Resolution No. 41-16.