‘Economic crisis’ prompts Fostoria city leaders to meet
By Erika Platt, eplatt@advertiser-tribune.comFOSTORIA - City officials and several members of the Fostoria business community gathered Wednesday morning for the Fostoria Economic Development Corporation's economic summit.
Jim Bischof, FEDC Executive Director said the idea to host a summit came from the current economic crisis and was initiated with the help of city council and city administration.
"Unfortunately, we don't know what's in store for 2009," Bischof said.
The summit was held at the St. Wendelin Parish Hall, and speakers included Bischof, FEDC Chairman Dan Steinacker and City Auditor Steve Garner.
Matthew Faltys, vice president of Fifth Third Bank, also spoke about the national and regional economic outlook and offered information to the business community to help battle the recession.
In Bischof's presentation, he reported more than $170 million worth of capital investments was reaped in Fostoria during 2007 and 2008, and more than 250 jobs were created in the community.
However, with the recent downsizing and closures of Honeywell, Fostoria Industries and Thyssen-Krupp, 2009 may not have the same outcome.
Bischof said to fight more cutbacks and downsizing, the FEDC will continue to focus on business retention and expansion, new business attraction and strengthening ties with area colleges.
"We need to attract more business," Bischof said.
Promoting entrepreneurship and strengthening community infrastructure and development also are important duties of the FEDC, Bischof said.
"We want to encourage entrepreneurs in their endeavors," he said.
Bischof said the FEDC also is working with the chamber of commerce to develop a brand to market the city.
To deliver their vision to the community, Bischof said the FEDC has goals of facilitating the creation of 300 jobs and $40 million in new capital investment.
The FEDC also looks to fund and develop a new industrial park within the city limits and develop partnerships, funding and a comprehensive plans for Fostoria businesses.
In presenting the 2009 city budget, Auditor Steve Garner said because Fostoria has fallen behind in growth, the status quo will not work for the new year.
"We need to develop new ideas," Garner said.
Comparing the city's economic cycle to a roller coaster, Garner said Fostoria's successful economic period included the re-establishment of the termination benefits fund, infrastructure improvements and the re-establishment of the contingency fund.
As the economy slowed, Garner said the city witnessed an infrastructure reduction, the capital assets fund maxed out and the transfer of $250,000 from the contingency fund to the general fund.
To help fight recession, Garner said alternatives could include implementing other portions of the contingency fund, another one million dollar reduction to the general fund and having administrative strategy sessions.
Garner said his vision for Fostoria's future is addressing the different issues, implementing change and preparing for economic growth.
An open dialogue involving the business community and city officials followed the presentations.
City council president Joe Droll said he has witnessed ups and downs in the city and is welcoming ideas from the private sector on what the city can do to fight it.
"It's going to be tough," Droll said. "Every department in the city is going to have to change."
