The Philipp Parkway Extension in Streetsboro has passed a major milestone in the planning process, with City Council signing off on a memo of understanding with Steele Hill Properties II LLC, which will contribute $1.5 million toward the $2.8 million project.
Council unanimously approved the memo at a recent meeting.
The project is likely to be completed by next spring, said Sue Truby, director of economic development for Streetsboro.
Streetsboro's estimated contribution to the project is $300,000 for water line installation.
The rest of the money comes from a variety of sources.
Through Jobs Ohio, the city received a 629 Roadway Grant in the amount of $400,000; the Ohio Department of Transportation provided a Jobs and Commerce Grant totaling $250,000; and Portage County Water Resources Department is contributing $350,000 for sanitary sewer lines, according to Truby.
The 3,500-foot extension of Philipp Parkway would connect the industrial land on that road to the end of Ethan Drive, which intersects S.R. 43 near the Aurora border.
Mayor Glenn Broska has touted the benefits of the project from a traffic standpoint. Truck traffic heading to the Ohio Turnpike or Interstate 480 from businesses in the industrial area at the north end of Streetsboro and southern end of Aurora will no longer have to drive through the congested intersection of S.R. 14 and S.R. 43 to access the Turnpike or I-480. They would be able to drive along the new industrial road to Philipp Parkway's intersection with Frost Road, which is next to the ramps to I-480.
"This has been a monumental undertaking and a project that is vital to the continued growth of our industrial base in Streetsboro," Broska said. "I want to thank the leadership of council president Julie Field and finance chairman Tim Claypoole for their diligent support of this project."
In addition to rerouting traffic, the road also would open up new industrial land that was previously inaccessible, according to Truby.
"The project will open up approximately 100 acres of vacant, industrial sites ranging in size from 5 to 15 acres," she said, adding that there are 10 lots in a preliminary lot layout. "We've been working with a couple companies right now who've been looking for larger sites."
Broska said he believes those businesses may be waiting to see ground turned on the Philipp Parkway Extension before committing to Streetsboro.
Truby said all the money is in place to move forward with the project.
"All the grants are executed and finalized and ready to be drawn down upon," she said, and Steele Hill has transferred $1.5 million to city, as well.
The next stage is developing construction drawings, engineering and going through the planning process.
Truby said she's hoping for a late fall groundbreaking.
"From a timing standpoint, I believe this will be a very good time to bid the project," she said. "All the asphalt companies will be done and looking to get projects on the books for 2015."
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