in 2007, Akron and the state agreed to an incentives package that would keep Goodyear from relocating its iconic headquarters out of state. The tire maker would build new, and convert its old facilities into mixed use properties - housing, business, and retail.
But when equity markets dried up shortly after the deal was signed, it didn't matter how solid the company was, or how potentially lucrative the loan - no one would finance it.
Now, after three years, the New York firm Angelo-Gordon is investing 98 million dollars to get the nearly 640 thousand square foot construction project back on track.
There are some cutbacks.
Development Manager Adele Dorfner Roth says it was all contingent on the city knowing what it could - or could not - accomplish.
ADELE DORFNER ROTH:
"We can't bite off 400 acres, so let's not even worry right now about the retail, let's just focus in on the most crucial things that need to happen first. For Akron; and for Summit County... it has always been Goodyear -- and those 2,900 jobs."
Good-paying jobs.... that mean the town stays vibrant, and doesn't lose additional income taxes.
The headquarters construction should begin in March, provided elected officials okay the deal - which Dorfner Roth hopes to convince them to do at a retreat this weekend.
She says about half the city council wasn't office when the first deal was struck -- and they need to know that Goodyear has been understanding of Akron's difficulties, but did not waver.
DORFNER ROTH:
"Goodyear never gave up on us. They could have - at some point - said, "You know what, there's a bunch of empty buildings over here where somebody had a real estate bubble... we could probably get someone to give that to us for free." They never gave up on Ohio, saying we have confidence that this is the place. Our people want to stay here. We want to keep them happy. We'll keep working. That was hugely important."}
Another 62 million in new PUBLIC funds has also been made available for the project, including a 10 million-dollar no-interest loan from the state.
