MEDINA — Applications are now available for the federal stimulus-funded Recovery Zone Bond program, for which Medina County is eligible to receive $22 million in low-interest bonds.

County Administrator Chris Jakab described the bonds last week as “low-interest financing tools for businesses to utilize for investment for startup or expansion.”

Both public and private groups can apply for the bonds.

About $8.8 million of the total bonds available to Medina County are economic development bonds that will allow county and local governments to borrow at a lower rate than traditional tax-exempt financing. Bethany Dentler, executive director of the Medina County Economic Development Corp., said they can be used to develop infrastructure, build public facilities and promote job training.

The remaining $13.2 million are facility bonds that private entities could borrow to construct buildings like manufacturing plants, distribution centers and hotels.

Dentler said the applications are due by Oct. 31 and likely will be reviewed by a group of county officials.

“Clearly, there’s some urgency to making sure these funds go out in a timely fashion. We’re still working through some of the details, but that’s the way some of these stimulus packages have gone,” she said.

The bonds require that any projects that use them fall in the recovery zones that have been set by counties throughout the country.

Last week, commissioners approved the zones throughout Medina County. They include: Wadsworth, the villages of Lodi and Spencer, and Homer, Harrisville and Spencer townships. The zones also include parts of the cities of Brunswick and Medina; the villages of Seville, Chippewa Lake and Gloria Glens; and Hinckley, Lafayette, Westfield, Sharon and Liverpool townships.

Maps of the county’s recovery zones and applications are available at the county’s Web site, www.co.medina.oh.us.

Dentler said the IRS also requires that the bonds not be used for certain projects, like massage parlors and casinos.

She said that once the deadline passes, the established committee will review all eligible applications based on how they contribute to the economic development of the area, “such as the number of jobs created and the quality of the jobs created.”

Contact Maria Kacik at (330) 721-4049 or mkacik@ohio.net.