Goodyear HQ project caught in credit crunch

ERJ staff report (TB)

Akron, Ohio -- Rich Kramer, president of the Goodyear's North American Tire unit, said work on the new headquarters building in Akron has been delayed because of setbacks in some of the funding but that the company is still committed to completing the building.

The $900 million, 600-acre project, originally scheduled to break ground this past Autumn, grew out of a partnership between Goodyear, Industrial Realty Group of Los Angeles, the state of Ohio, the city of Akron, Summit County and the Summit County Port Authority.

While the public financing portion of the project is in place-including a $30 million state tax credit to Goodyear for the retention of 2,900 jobs-the unwillingness of private lenders to finance almost anything these days has left the development in limbo.

Debra Harrell, Industrial Realty's senior vice president who is overseeing the project, said a new start date cannot be determined until the final leg of financing is secured.

From Rubber & Plastics News (A Crain publication)