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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

 

Jan 28, 2015

Portsmouth bypass will be ODOT’s first public-private partnership
 

A planned $429 million bypass around the city of Portsmouth in Scioto County will be the largest project in the history of the Ohio Department of Transportation (ODOT), and it will also be the first public-private financing partnership, reports The Columbus Dispatch. A new mechanism adopted in 2011 “allows the private sector to build and pay for public transportation projects while the state repays them over time,” according to the article. “It’s kind of like when you buy your house (with a mortgage). You get the road up front,” said ODOT spokeswoman Melissa Ayers. The total cost to taxpayers has not been determined yet; ODOT will use “a combination of federal funds that in past years have been earmarked for Appalachian highways and other construction money” to make payments over the 35-year contract. The 16-mile bypass will link Route 23 and Route 52, allowing drivers “to avoid about 26 miles of Rts. 23 and 52 and a slew of stoplights through Portsmouth.” Construction is expected to take about four years. For more, read the full article


 
Posted by R. McCarthy in  State Updates   |  Permalink

 

Jan 26, 2015

Development boom turning West Chester, Liberty Township into a metropolis
 

Eight development projects are scheduled to open in 2015 in the West Chester/Liberty Township area, creating a new destination location in the “I-75 Growth Corridor” between Cincinnati and Dayton, reports the Journal-News. Three hotels, the $350 million mixed-use Liberty Center, Cincinnati Children’s Hospital’s expansion including a fourth floor and a proton therapy center, and Butler Tech’s bioscience training facility are all part of “the next wave of development in this hot spot between Cincinnati and Dayton.” Joe Hinson, president of West Chester-Liberty Chamber Alliance, said “We’ve become a small area of farmland now transitioning into a metropolis…with two central business districts and also now becoming a more regional draw for our entire area,” which includes Ohio, Indiana, and Kentucky.  The Liberty Center, which will encompass more than 1 million square feet of "retail and dining, residential and office space,” has been designed with future expansion already in mind that could “more than double the floor space,” according to Bloomberg Businessweek. “It’s projected that within the next 10 to 15 years, this will be a top 10 metro area within the U.S.,” Hinson said in the Journal-News article. For more, read the full Journal-News and Bloomberg Businessweek articles.


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Jan 08, 2015

$1 million economic development pilot program will support “stage two” businesses
 

A new pilot program aimed at supporting middle-range businesses was amended into a lame duck sales tax holiday measure, according to a recent Gongwer report. The Economic Gardening Technical Assistance Pilot Program “aims to provide eligible businesses assistance with market research and marketing as well as creating connections with trade associations, academic institutions, business advocacy groups, mentor programs and other businesses,” during its two-year pilot operation. Rep. Michael Stinziano, who “sponsored measures to create the program,” said that “while the state works to attract and retain big businesses through JobsOhio and provides assistance to budding entrepreneurs through numerous programs, the economic gardening program will support middle-range or so-called ‘stage-two’ businesses that aren’t new but also don’t necessarily have significant national or international reach.” To be eligible for the program, businesses must have been located in Ohio for the last two years, employ between six and 99 employees, and generate revenue between $750,000 and $25 million. Additionally, companies must have “recorded increases in gross revenue and the number of full-time Ohio employees during three of the past five years.” Stinziano said research into similar programs in Indiana, Michigan and Florida “supports his theory that the program could increase jobs and revenue among Ohio’s stage two businesses and those who work for them.”


 
Posted by R. McCarthy in  State Updates   |  Permalink

 

Dec 12, 2014

Promised job-creation program funded by sales-tax increase unveiled
 

When Franklin County commissioners voted to raise the county sales tax in 2013, they promised to use some of the money for a new job-creation program. In October of this year, they launched “the first part of that program, the Franklin County Infrastructure Bank,” The Columbus Dispatch reports. The bank will “make low-interest loans available to other local governments for road, bridge, sewer, lighting and other improvements designed to make them attractive to businesses.” James Schimmer, Franklin County’s economic-development and planning director, said the bank will provide financing that “will leverage other dollars” from sources including private investment or state and federal programs, to “get projects done when they otherwise would come up short.” An initial investment of $3.5 million collected from the additional sales-tax revenue will start the fund, and the county will “add a similar amount for the next four to five years,” with the hope that the bank eventually becomes self-sustaining, as money paid back from successful projects funds future loans. Commissioner John O’Grady said the fund will benefit all residents of Franklin County, because, “[i]f we want to continue to grow the economy . . . we can’t have crumbling infrastructure. When local governments are looking to improve their communities through new development, they have to look at new infrastructure.” For more, read the full article.


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

 

Dec 04, 2014

New development chief for Cincinnati ready to build on city’s momentum
 

Oscar Bedolla, Cincinnati’s new development director, “may be City Manager Harry Black’s most important hire” in terms of keeping Cincinnati’s growth momentum going, according to a recent Cincinnati Business Courier article. Bedolla has “worked on major projects in Chicago, Baltimore, Denver, Washington D.C. and Louisiana,” according to the article, and Black says, “[h]e’s got a very broad scope of experience.” As trade and development director, Bedolla will be involved in major development and real estate deals to bring companies to Cincinnati, especially projects that involve tax incentives. Bedolla says deals like the new General Electric U.S. Global Operations Center coming to Cincinnati create momentum and breathe life into the city that can be leveraged to attract more businesses. Speaking of what attracted him to the position here, he said, “I think the key to development is strong partnerships. And here one of the key things they have is the relationship with the business community as well as the neighborhood communities.” Long-term, he says, he’d like “to be a part of the thought leadership associated with how cities grow from an economic development standpoint.” For more, read the full article.


 
Posted by R. McCarthy in  Regional Updates   |  Permalink

 

Dec 03, 2014

Canton city council grants tax incentive and JEDD for Stolle Machinery
 

A new joint economic development district (JEDD) won unanimous approval from Canton City Council to help a local business remain in the area, reports CantonRep.com. Stolle Machinery has outgrown its facility on Marion Avenue in Canton, and the company plans to relocate to Jackson Township. City council approved the JEDD with Jackson Township, which “will allow the city and township to charge employees an income tax,” according to the article. The city will then return half of the taxes collected to Stolle for 10 years to help with relocation costs. Townships generally do not have authority to collect income taxes outside of a JEDD agreement. In 2010, the city of Canton and Jackson Township “approved a cooperative economic development agreement that encourages them to partner by providing shared services and incentives for businesses.” That agreement also forbids Canton from “annexing any township land for 50 years.” Jackson Township trustees have approved the JEDD for Stolle Machinery. For more, read the full article


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

 

Dec 03, 2014

Proposed H.B. 676 streamlines PACE financing process and creates role for port authorities
 

On December 2, 2014, Representative Margaret Conditt (R–Liberty Twp.) introduced H.B. 676, a bill that would change how Ohioans utilize Property Assessed Clean Energy (PACE) financing. PACE financing allows property owners to pay for energy efficiency improvements and renewable energy projects over time via a special assessment on property taxes. Current Ohio law requires property owners to access PACE financing through a modification to the law governing special improvement districts – governmental entities formed to improve and provide services to properties. H.B. 676 would streamline the PACE process, allowing property owners to choose from one of two simplified PACE financing processes. A significant change, the bill would authorize port authorities to serve as the primary local government involved in creating PACE programs. H.B. 676 would also expand the list of projects eligible for PACE financing, harmonizing the list of authorized energy efficiency improvements and renewable energy projects with provisions in Ohio’s utilities laws. For more, read the full text of H.B. 676.
 
Posted by C. Kalvas in  Legal Developments  State Updates   |  Permalink

 

 

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