Orrville has purchased approximately 138 acres for the city’s third industrial park, Mayor Matt Plybon announced during the Sept. 21 Orrville City Council meeting.
Plybon said the property will provide space to attract new businesses, help current businesses grow, create jobs and increase city revenue. Owning the land also will better position Orrville when companies consider locations in Ohio.
The city made a substantial down payment and financed the remaining $3.2 million through one-year bond anticipation notes at an interest rate of 5.7%, Finance Director Janet Strimlan said. The city’s electric utility purchased the notes, meaning the interest will be paid to the utility instead of an outside financial institution…