Bricker & Eckler to co-host seminar offering insight into PACE financing

Bricker & Eckler LLP and Capital Crossroads & Discovery Special Improvement Districts will host an informational presentation about how PACE (Property Assessed Clean Energy) financing can help improve energy efficiency and lower operating costs for central Ohio property owners. Bricker partner Caleb Bell will present an overview of PACE financing and eligibility; other topics include improving ROI and the PACE loan process. The event will take place Tuesday, May 3, from 7:30 a.m. to 9:00 a.m., with the seminar beginning at 8:00 a.m. For more information, including a link to register online, click here

Financial Incentives, Regional Updates

Rapidly growing IT firm will hire 130 for new, larger Cincinnati location

Principle Solutions Group, an Atlanta-based “fast-growing information technology staffing and consulting company,” is expanding rapidly with plans to continue its growth in the Cincinnati market, the Cincinnati Business Courier reports. The company “entered the Cincinnati market in January 2015,” and recently moved from its office in the Blue Ash area of Cincinnati to a new office “four times larger.” The company “has 130 jobs open for software engineers, systems engineers, project managers, systems analysts, technical recruiters and account managers,” according to the article. Josh Nazarian, managing director of Principle Solutions Group, said, “[d]ue to the continued increase in demand for talented and experienced technology professionals in Ohio, we made a concerted effort to expand our presence into this market.” For more, read the full article

Regional Updates, State Updates

City funding will help two Dayton businesses expand and add jobs

A total of $50,000 in grant funding from the city of Dayton could not only retain the current jobs from two local companies, but also help those businesses expand and add new jobs, the Dayton Daily News reports. Angstron Materials Inc. and Hohman Plating are hoping for grants of $25,000 each in economic development funds, and the companies “also will receive Economic Development/Government Equity (ED/GE) awards via reimbursements if the commission approves their development agreements,” according to the article. Angstron “plans to invest more than $1 million to acquire and renovate a facility adjacent to its home,” and will add 15 new jobs in addition to retaining 11 current jobs. Hohman Plating would use the funding to help with “building improvements and the purchase of new plating equipment”; Hohman “pledges to retain 146 existing jobs and add nine new positions in the next three years.” For more, read the full article

 

Financial Incentives, Regional Updates, State Updates

Port authority says training shows commitment to economic development

The Southern Ohio Port Authority (SOPA) “plays a unique role” with economic development in the community, and members of its Board of Directors and staff have been attending coursework in order to equip themselves to play that role well, the Community Common reports. Various community leaders make up the SOPA Board of Directors — leaders who at times “have to make complex and hard decisions,” but making those decisions “can sometimes be easier, if the board is equipped with the necessary training and knowledge,” according to the article. Two members, New Boston Councilman Mike Payton and SOPA Asset Manager Adam Phillips, attended the Ohio Economic Development Association Economic Development Basic Course this spring. SOPA’s Executive Director, Jason Kester, said that after Payton completes the course, “all of our government entities (Scioto County, city of Portsmouth and the village of New Boston) will have attended some type of economic development coursework.” Kester said the training “shows our various elected and government officials’ commitment to economic development.” For more, read the full article.  

Regional Updates, State Updates

Projects seek $1.7M funding from Montgomery County development program

Eleven companies are hoping their expansion projects will receive grants from Montgomery County’s Economic Development/Government Equity, or ED/GE, program, which “helps growing companies to expand” in the region, the Dayton Business Journal reports. Altogether, the projects “seek $1.7 million in funds and promise to create 796 jobs and $63.9 million in investment in the region,” according to the article. Among the projects requesting funding are a “$33 million distribution center proposed near the Dayton International Airport that could mean 350 jobs,” as well as “$100,000 to Vandalia to support Lastar’s expansion, with a $4.2 million project that could mean 125 jobs.” The ED/GE program often works with “local incentives and assistance from the state and its private development arm, JobsOhio,” to support Dayton-area projects such as these. The county will decide which grants to issue later this spring. For more, read the full article

Financial Incentives, JobsOhio/ODSA, Regional Updates, State Updates

Cedar Point Sports Center project part of plans to create “resort destination”

Cedar Point’s roller coasters and rides will soon combine with sports tournaments as part of an expansion project at the park — a combination Cedar Point is hoping will transform the amusement park into a “multiple-day resort destination” with a “sports complex able to host large tournaments” that will draw families for longer stays, the Akron Beacon Journal reports. Phase 1 of the park’s project includes transformation of the runways and former airport property on Cleveland Road into a sports complex with “nine multi-purpose, synthetic turf fields, four NCAA regulation baseball fields, a championship baseball and softball stadium, eight NCAA regulation soccer and lacrosse fields, sport-specific training areas and an ADA-accessible community field.” Other amenities will include a promenade with “miniature golf, a ropes and adventure course, a bungee trampoline challenge, playground activities along with food and beverage venues.” Jim Arnold, director of business development for The Sports Force & Fields, a partner in the project, said, “[o]ur mission to combine sports, family and fun will bring young athletes and their families from across the country and provide them with an opportunity to combine a sports tournament with a family vacation.” For more, read the full article

Regional Updates, State Updates

Performance-based tax incentives a win for Columbus, says development director

In a deal made four years ago, Columbus officials granted oil-refinery-equipment supplier MSC Industrial Direct “lucrative incentives” as part of that company’s “aggressive plan to create 300 new jobs and add $55.5 million in new manufacturing space and equipment,” The Columbus Dispatch reports. Decreased oil prices and a downturn in production recently led MSC to propose an amendment to that agreement, lowering the number of new jobs it plans to create to 198. Even with the lower number, Columbus development director Steve Schoeny said the “income-tax rebate offered to MSC is a win-win” because the incentives “are entirely performance-based . . . you get back what you put in,” according to the article. If the company doesn’t meet the original goal for new jobs, “it still only gets a percentage of the income tax revenue for those jobs created.” City development officials have said such incentives are “necessary to spur development in areas in which investors otherwise might not be interested.” For more, read the full article

Financial Incentives, Regional Updates, State Updates

Dublin office building finds new tenant to fill space Nationwide will leave

While Nationwide Mutual Insurance Co.’s consolidation plans will include vacating a 401,000-square-foot office building in Dublin, Cardinal Health Inc. plans to use the same space to consolidate 2,000 of its employees, Columbus Business First reports. Nationwide will be moving out of a seven-story office building at 5100 Rings Road next year when its lease expires, as it “consolidates downtown and at Grandview Yard,” according to the article. Cardinal will “consolidate employees from four other Dublin office buildings” in a move that will begin in 2018 and take three or four years to complete. Dublin City Council is scheduled to consider an incentive package for Cardinal’s move on April 25, 2016. The city “recently bought 24 undeveloped acres next to the building from Nationwide”; according to a statement from Cardinal, the city “has proposed using some of that land for additional parking for Cardinal employees.” For more, read the full article

Financial Incentives, Regional Updates, State Updates

Aquisense investing $2.1 million in “major expansion” of Greater Cincinnati operations

Florence-based manufacturer Aquisense Technologies LLC “is planning a major expansion of its Greater Cincinnati operations that will boost its workforce and expand its capabilities,” the Cincinnati Business Courier reports. Aquisense, which manufactures water disinfection and wastewater treatment systems, “will invest $2.1 million to create a new headquarters and manufacturing facility,” according to the article. CEO Oliver Lawal says the expansion will create at least 30 new jobs at an average salary of about $70,000 by the end of 2016, including positions for engineers, machinists, salespeople and assembly line workers. The year-old company has “already acquired several companies, including one in North Carolina”; its new facility “will move its manufacturing from North Carolina to the Tri-State.” Lawal said in the article, “we like the cost space here. I’m bullish on employing people here. We’ve got lots of universities within 20 miles.” For more, read the full article

Regional Updates, State Updates

Aerospace company will invest $10 million, add 120 jobs in southwest Ohio expansion

Arizona-based StandardAero Component Services Inc., one of the largest “maintenance, repair and overhaul providers” in the aerospace industry, plans to expand its operations at its facility in the Cincinnati suburb of Sharonville, the Dayton Business Journal reports. The company will add 120 new jobs and make a fixed asset investment of $10.5 million for new equipment and machinery to increase its operational capacity, according to the article. StandardAero “expects the new jobs would generate more than $5.2 million in annual payroll”; the company currently employs 465 people. The Ohio Tax Credit Authority approved a “1.26 percent, six-year job creation tax credit” based on new payroll; as part of that agreement, “the authority requires StandardAero to maintain operations at this project location for at least nine years.” Sharonville’s director of economic development, Chris Xeil Lyons, said keeping StandardAero in the city “further diversifies our economy and strengthens it, too.” For more read the full article

Financial Incentives, Regional Updates, State Updates
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