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Jul 20, 2015

Housing plan for Grove City’s Town Center could add $1M in revenue to local businesses
 

The Pizzuti Company has plans to transform Grove City’s Town Center by developing an upscale apartment complex, the Southwest Messenger reports. Pizzuti planners met with city leaders and community members for a special work session June 29 to discuss their plan to turn the former lumberyard site next to City Hall into the “higher-rent” apartments. City leaders and planners hope the 120-unit complex  “will attract young professionals and empty nesters.” Planners believe the new tenants could “add close to $1 million in revenue to local businesses.” The  redevelopment plan also recommends “turning City Hall into a mixed-use building for office or retail space and restaurant space.” Grove City Mayor Richard “Ike” Stage “said the financial plan involves Pizzuti taking out $4.8 million in taxable bonds. The company would then be eligible for about $4 million in TIF (tax increment financing) funds.” Pizzuti “would guarantee a payment of $335,000 per year to the city.” For more, read the full article.


 
Posted by C. Bell in   |  Permalink

 

Jul 16, 2015

REDI Cincinnati capitalizing on All-Star Week to promote long-term economic development
 

Officials at REDI Cincinnati recognized their opportunity to maximize the benefit of hosting Major League Baseball’s All-Star Week by “taking advantage of the spotlight shining on Cincinnati” to promote the city to top site consultants visiting for the event, the Cincinnati Business Courier reports. Site consultants “are specialists hired to help identify the best locations for corporate real estate or facilities,” and REDI Cincinnati “is being as innovative as possible to show off what the region has to offer,” according to the article. REDI Cincinnati planned “a Segway tour of the city, breakfast at the Hilton Cincinnati Netherland Plaza and an aerial tour of the region,” in addition to other events. Monday’s plan included an event with top executives from General Electric Co., Macy’s, Proctor & Gamble Co., Kroger Co. and others; about 150 business leaders planned to “take time out of their schedule to help REDI sell the region.” For more, read the full article


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jul 15, 2015

$250M development could be coming to Hamilton Road near Route 161
 

The Daimler Group, The New Albany Co. and Casto have their eyes on Hamilton Road near Route 161 for a “330-acre, $250 million mixed-use development,” reports Columbus Business First. Next week, Columbus City Council will “be asked to consider the framework of an economic development agreement” that would “clear the way for the developers to build 700,000 square feet of offices, 1 million square feet of retail and nearly 800 housing units” at the site to be called Hamilton Crossing. The proposed development agreement “calls for a tax-increment financing district to pay for infrastructure.” Road improvements and the initial retail projects could be underway next year. Columbus Development Director Steve Schoeny called the area “one of the greatest undeveloped areas in the city now moving forward.” For more, read the full article.


 
Posted by R. McCarthy in  Financial Incentives  Regional Updates   |  Permalink

 

Jul 14, 2015

Land annex could lead to Columbiana development project
 

A petition to annex 183 acres in Fairfield Township into the city of Columbiana could, if approved, pave the way for a “significant development project,” according to attorney Mark Huston, who presented the request to Columbiana County commissioners, wfjm.com reports.  The privately owned land near Cherry Fork Road is “the subject of discussions between landowners and a private company,” Huston said, but he declined to identify the company other than as “a ‘global manufacturer’ who is deciding whether to acquire the property and begin construction.” Columbiana County Commissioner Mike Halleck “could not release any project information other than that it is ‘not retail,’” according to the article. Huston said the company hopes to “establish operations in Columbiana” but that other sites out of Ohio are “vying for the project.” For more, read the full article


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jul 13, 2015

Beachwood proposes incentive packages to retain two expanding companies
 

Two companies in Beachwood are looking for larger spaces as they continue to grow, and Beachwood city officials want to offer incentives to keep them and their jobs in the city, Cleveland.com reports. Glenmede, an investment and wealth management firm, employs 23 people with a payroll of $2.5 million. Real Alloy Recycling, an aluminum recycler, has a payroll of $4.6 million, which it expects to grow to $8 million with new hires. Both companies say they need to move from their current locations to gain more space for their businesses. Beachwood Economic Development Director Jim Doutt outlined Glenmede’s plan, which includes “a one-time $50,000 occupancy grant. . . .[and] a 35-percent job retention and creation grant.” Real Alloy Recycling would also receive the $50,000 occupancy grant, “a 50-percent job retention and job creation grant, from 2016–20, for the 45 jobs Beachwood would retain, and the 32 new jobs expected to be created over those five years.” Both companies are considering Beachwood as well as other cities for their expanded operations. For more, read the full article


 
Posted by R. McCarthy in  Financial Incentives  Regional Updates   |  Permalink

 

Jun 29, 2015

Belmont County FirstEnergy site could become ethane cracker plant
 

Akron-based FirstEnergy Corp.’s R.E. Burger power plant in Belmont County could become the site for a proposed ethane cracker plant, Columbus Business First reports. An executive from FirstEnergy “has confirmed the site will house the plant if Thailand’s PTT Global Chemical Public Co. and Japan’s Marubeni Corp. decide to go through with the facility,” according the article. The multibillion-dollar plant would “take natural gas components from Ohio’s Utica shale play and the Marcellus in Pennsylvania and West Virginia and break it down for use in the plastics and chemical industry.” The Burger plant is semi-retired, and FirstEnergy “plans to fully retire the plant next spring.” President of FirstEnergy Generation James Lash said the company “is moving a machine shop from the Burger site to a spot in Canonsburg, Pennsylvania, in part because the cracker could soon take over the site,” according to the Pittsburgh Business Times. For more, read the full Columbus Business First and Pittsburgh Business Times articles. 
 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jun 25, 2015

Anheuser-Busch investing $18 million in Columbus plant improvements
 

St. Louis-based Anheuser-Busch recently announced plans to invest $1.5 billion in improvements across its U.S. operations through 2018 “to expand brewery and packaging operations, increase product innovation and improve sustainability and efficiency,” Columbus Business First reports. The Anheuser-Busch plant in northeast Columbus “is slated for an $18 million slice of that pie, with the key piece being a $4 million heat-recovery project that would take heat generated inside the brewery and redirect that into brewing operations.” According to the article, the company has invested $50 million since 2011 in the Columbus plant “for new capabilities, improved efficiency and general maintenance.” For more, read the full article


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jun 17, 2015

S.B. 185 would significantly simplify PACE financing in Ohio
 

On June 16, 2015, Senators Seitz, Balderson and Patton introduced Senate Bill (S.B.) 185, a bill that would significantly simplify Property Assessed Clean Energy (PACE) financing in Ohio. PACE financing allows Ohio property owners to construct special energy improvements on their properties and to pay the costs of the special energy improvement projects by paying special assessments due with their property taxes.

Current Ohio law requires property owners to create or join an Energy Special Improvement District (ESID) in order to use PACE financing. S.B. 185 would significantly simplify the PACE process, allowing property owners to use PACE financing without creating or joining an ESID. Instead, property owners could simply choose to seek the approval of the township or municipal corporation in which the property is located. Under S.B. 185, property owners could still choose to create or join ESIDs, and existing districts would not be affected.

S.B. 185 would also revise Chapter 1710 of the Ohio Revised Code to separate the provisions on PACE financing from the provisions on traditional special improvement districts. Unlike H.B. 72, which was originally introduced as H.B. 676 and is currently pending in the House Public Utilities Committee, S.B. 185 would not authorize port authorities to serve as the primary local government involved in creating ESIDs and would not expand the list of projects eligible for PACE financing.

For more, read the full text of S.B 185.


 
Posted by C. Kalvas in  Financial Incentives  State Updates   |  Permalink

 

Jun 11, 2015

Cincinnati and Dayton port authorities bond fund finalized
 

A new regional economic development fund will help Cincinnati and Dayton work together to spur growth in southwest Ohio, the Dayton Business Journal reports. The Southwest Ohio Regional Bond Fund “is intended to allow the two regions to issue more bonds and attract new companies, as well as grow existing ones,” according to the article. The recently finalized fund has reserves of approximately $13.5 million, “including a $5 million letter of credit from Fifth Third Bank,” giving it the capacity to issue $80 million in bonds. Jerry Brunswick, president and executive director of the Dayton/Montgomery County Port Authority, said, “[t]he broad development powers afforded to port authorities allow us to issue taxable or tax-exempt bonds through these bond funds to finance a variety of economic development projects.” For more, read the full article


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jun 01, 2015

Amazon’s Ohio plans could bring 1,000 jobs to the state
 

Online retail and cloud computing giant Amazon.com Inc.’s plans for a data center network located in Central Ohio are now official, and that could be just the beginning, Columbus Business First reports. During a press conference with Governor John Kasich, Amazon’s vice president of global public policy, Paul Misener, said the company’s Big Data network is “just the beginning of Amazon in the state.” John Minor, President of JobsOhio, estimates that Amazon will bring 1,000 jobs to the state over the next few years, “in addition to hundreds of millions of dollars in capital investment.” For more, read the full article


 
Posted by R. McCarthy in  JobsOhio/ODSA  State Updates   |  Permalink

 

May 28, 2015

Van Wert mega-site ready for big business
 

City officials in Van Wert are putting up a huge welcome-mat to draw a major industry to their area, as its 1,600-acre mega-site has recently received certification from the state, limaohio.com reports. The Ohio Job Ready Mega-Site is “shovel-ready,” says Van Wert mayor Don Farmer, with “assets that include water, wastewater, electric, natural gas, highway access, a rail spur, pre-annexation agreements and fiber optics,” according to the article. The city has hired site selectors to help find a company interested in the space; city leaders hope to find a company that will bring between 600 and 1,000 jobs to the area. A promotional video from Van Wert economic development director Cynthia Leis’ office notes that the site “is within 600 miles of more than half the U.S. and Canadian populations and a day’s drive from more than 60 percent of North America’s manufacturing capacity.” The city received a $5 million grant in 2009 “to prepare the site and get it outfitted as a job-ready mega-site.” For more, read the full article


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

May 21, 2015

$124M development project expected to bring hundreds of jobs to Cincinnati
 

A plan that will bring over $95.5 million in investment to redevelop the remaining eight acres of Medpace Inc.’s Madisonville campus was unanimously approved by Cincinnati City Council, the Cincinnati Business Courier reports. Medpace and its development partner, RBM Development, will “create a $60 million, 217-room hotel and conference center; two new office buildings totaling 160,000 square feet…and multiple commercial buildings” on the property. The City expects the project to bring 220 temporary construction jobs and 774 permanent jobs. The deal includes a tax increment financing district that will direct increases in property tax revenue back to the site for infrastructure improvements, which could include parking garages and lots, pedestrian bridges, walkways, and improvements to roadways. In addition, amendments to a “job creation tax credit agreement between the city and Medpace” will allow Medpace to “keep the 55 percent income tax credit it has already earned and continue to earn at that rate for the rest of the agreement,” while Medpace agrees to stay in Madisonville through 2022. For more, read the full article


 
Posted by R. McCarthy in  Financial Incentives  Regional Updates   |  Permalink

 

May 14, 2015

Finance authority grants first loan for energy improvement project
 

The Columbus-Franklin County Finance Authority has issued $655,000 in financing to Trinity Lutheran Seminary, a 501(c)(3) organization, for a “lighting and building automation energy improvement project,” according to a recent press release from the authority. Rick Barger, president of the seminary, said, “We are proud to receive the first low-interest loan from the Columbus Region Energy Fund, which will allow us to dramatically reduce our carbon footprint.”  The Columbus Region Energy Loan Fund program “can provide financing for Central Ohio businesses, non-profits and local governments to fund cost-effective, energy efficiency improvements resulting in lower energy costs.” Investments eligible for the loans include “energy efficiency retrofits to existing buildings” and renewable energy and alternative energy projects. For more, read the full release


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Mar 05, 2015

JobsOhio reports increased growth in 2014, plans to continue momentum in 2015
 

JobsOhio, a nonprofit corporation that works to drive job creation and new capital investments in the state, released its 2014 Annual Report and 2015 Strategic Plan, which reflects a significant increase over 2013, according to a recent press release. JobsOhio, along with its Network Partners, “successfully assisted 276 companies that committed to create 21,377 new jobs for Ohioans and make $6.1 billion in new capital investments,” according to the release. Those new commitments represent increases of nearly 20 percent for new jobs and 72 percent for capital investments over 2013 year-end metrics. JobsOhio’s strategic plan for 2015 is to “remain focused on accelerating job growth and increasing capital investment across businesses of all sizes” as well as to “ramp up efforts to strengthen workforce development programs.” To read the full 2014 report and 2015 plan, click here


 
Posted by R. McCarthy in  JobsOhio/ODSA   |  Permalink

 

Feb 25, 2015

Dublin looks at new economic tool for Bridge Street District development
 

Dublin City Council is hoping to use a New Community Authority (NCA) “to encourage development in the Bridge Street District,” ThisWeek Community News reports. The NCA would, if approved and established, “help Crawford Hoying develop the area . . . that lies east of Riverside Drive and north of state Route 161,” according to the article. That area would be called Bridge Park East, and it “is expected to bring offices, apartments, condos, retail space, restaurants, a hotel and more to the area.” The NCA would levy service charges to be used to fund parking structures and “public facilities such as a performing arts center.” Dublin City Council member John Reiner said of the proposed NCA, “[w]ith this the city is not putting city tax money or its financial situation in jeopardy. It’s a very interesting and positive possible scenario for the development of Bridge Street.” Several steps remain in the process to establish the NCA, including a public hearing, approval from the city council, and the appointment of representatives to a board of trustees. For more, read the full article.


 
Posted by R. McCarthy in  Financial Incentives  Regional Updates   |  Permalink

 

Feb 23, 2015

HB 72 would authorize port authorities to create energy special improvement districts
 

A bill recently introduced in the Ohio House would enable port authorities to finance and coordinate special energy improvement projects through the creation of energy special improvement districts. State Representative Margaret Conditt (R-Liberty Township) introduced House Bill 72 (HB 72), “[t]o authorize port authorities to create energy special improvement districts for the purpose of developing and implementing plans for special energy improvement projects and to alter the law governing such districts that are governed by a nonprofit corporation.” To read the entire text of the bill and to follow its development, click here


 
Posted by R. McCarthy in  State Updates   |  Permalink

 

Feb 17, 2015

Second community-authority tax district under consideration in New Albany
 

New Albany City Council held a public hearing in conjunction with the first reading of an ordinance to create the New Albany East Community Authority district on February 3, 2015, ThisWeek Community News reports.  The city’s proposed second community authority would encompass “742 acres in the Licking County portion of the International Personal Care and Beauty Campus and land south of state Route 161 designated as a future business campus,” the article reports. This district would “differ from the New Albany Community Authority in several ways.” It would have “no official limit on debt that could be incurred to complete local projects” and would not have an expiration date; the New Albany Community Authority was “designed to be dissolved when debt is paid off.” The new district could be dissolved by a majority vote of its board at any time if its debt is paid off, according to Jennifer Chrysler, New Albany’s community-development director. A second public hearing is scheduled for 6:30 p.m., February 17, 2015, at New Albany Village Hall. For more, read the full article


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Feb 13, 2015

Developers of Cleveland’s Flats East Bank propose new community authority
 

Cleveland City Council is currently considering a developer’s petition to establish a new community authority in the city’s Flats East Bank waterfront project, reports Cleveland.com. Among other things, the new community authority could impose community development charges on the property in the project “to pay for future improvements and maintenance.” The Wolstein Group and Fairmount Properties, as developers of the project, have proposed a 1.5 percent sales tax, a 2 percent parking tax, and a 2 percent bed tax in addition to the city’s existing tax rates; they would expect to raise about $30 million over the 30-year term of the new community authority. While a draft of their petition “provides a broad outline of possible uses for the money” that includes advertising, festivals and community events, security, and operating costs, among others, some council members “were concerned that the legislation did not adequately specify how the developers could spend the money.” The request was sent back to the council’s Finance Committee for further review. For more, read the full article.


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Feb 04, 2015

Collaboration between Butler and Warren port authorities will benefit both
 

The executive director for Warren County’s port authority, Martin Russell, will lend his expertise to help the Butler County port authority in securing development deals, reports the Journal-News. The consulting agreement will benefit both organizations, officials on both sides say. “They have perhaps a bit more experience under their belt and some things they have encountered that we hadn’t yet and (we discussed) how we can develop a relationship that would help us benefit from some of that, but would also ensure we are fully protected (against potential conflicts),” Butler County Port Authority representative Denise Quinn said. Chairman of the Ohio Council of Port Authorities Harry A. Eadon, Jr., called this type of regional approach not uncommon and something that should be encouraged, saying, “…we’re in a broader economy regionally than what just one county has. Cooperating and collaborating with each other is actually a much better idea.” Quinn “said the port is in a much better position now to consider grander scale deals, with the help of Russell.” Butler County will pay Warren County a monthly stipend. For more, read the full article


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

 

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