Downtown Dayton experiencing “largest construction boom in decades”

Investment in the downtown Dayton area “has surpassed $932 million since 2010,” with “about $428 million worth of projects” under development currently, the Dayton Daily News reports. Among those projects are “the massive rehab of the Dayton Arcade and the construction of the Levitt Pavilion Dayton, a new outdoor music amphitheater,” according to the article. The “first new office tower in years,” the CareSource Center City building, is expected to open in 2019. A Fairfield Inn and Suites hotel under construction now is the first new hotel in downtown Dayton in decades. The construction boom is being driven by “colossal interest in urban living and the growing appetite for unique and authentic” options to live, work, and play in the downtown area. For more, read the full article.  

Regional Updates, State Updates

House of Representatives and Senate Finance Committee pass Tax Cuts and Jobs Act

The House of Representatives passed H.R. 1, the Tax Cuts and Jobs Act, on November 16, 2017, by a vote of 227 to 205. The House bill continues to contain the repeal of private activity bonds and advance refundings. The Senate Finance Committee passed its version of tax reform hours later, 14-12. The Senate bill is silent on private activity bonds but contains the advance refunding repeal. The full Senate is expected to consider its version after Thanksgiving. Read more >>

Federal Updates, Legal Developments

Senate releases its version of the Tax Cuts and Jobs Act

On November 9, the Senate Finance Committee released the "Chairman's Mark," which is a summary of what the Senate's version of the Tax Cuts and Jobs Act is expected to contain. Unlike the House's version of tax reform, the tax exemption for private activity bonds is not repealed. However, the repeal of authorization for advance refunding has been included in the Senate version. Especially with the appearance of the prohibition for advance refundings in both the House and Senates tax bills, modification of financing techniques that provide significant flexibility to governmental issuers and 501(c)(3) entities and help them take advantage of falling interest rates is likely on the horizon. Read more >>

Federal Updates, Legal Developments

Authority approves $49M in bond financing for redevelopment of shuttered hotel

The Lake County Ohio Port and Economic Development Authority recently announced approval for a “$49 million bond financing package for Tapestry Wickliffe LLC” to convert a former hotel to senior citizen housing, Crain’s Cleveland reports. Minneapolis-based LaSalle Development Group Ltd. will turn the shuttered hotel at 28500 Euclid Ave. into “a 167-unit assisted living center for senior citizens with a memory care center,” according to the article. The port’s director of public finance, Tim Cahill, “said the bond package consists of taxable and tax exempt bonds that the port board and Lake County commissioners approved.” According to a news release from the port, the project will create more than 100 new jobs. For more, read the full article.

Regional Updates, State Updates

State grants more than $2.5M to communities for infrastructure projects

The Ohio Development Services Agency (ODSA) recently awarded 10 grants to communities across the state to “improve streets, sidewalks, bridges, public facilities and infrastructure,” The Daily Jeff reports. The grants, “totaling more than $2.5 million,” were awarded through the Community Development Critical Infrastructure program, according to the article. David Goodman, director of the ODSA, said, “[c]ommunities with reliable infrastructure are better positioned for growth.” Counties receiving grants include Fairfield County, which “will receive a $216,500 grant to help the village of Baltimore repair Water Street Bridge and relocate an exposed water pipeline,” and Coshocton County, which “will receive a $300,000 grant to help the city of Coshocton with sewer facility improvements.” For more, read the full article.

JobsOhio/ODSA, Regional Updates, State Updates

H.R. 1 proposes significant limits on municipal bonds

On November 2, 2017, the U.S. House of Representatives Ways & Means Committee released its first draft of H.R. 1, known as the Tax Cuts and Job Act (the bill). If enacted in its current form, the bill would prohibit the use of a number of funding techniques that use tax exempt bonds. Specifically, the bill would no longer permit private activity bonds to be issued as tax exempt, would forbid the use of tax exempt advance refunding bonds, would eliminate tax credit bonds and would terminate tax exempt bonds for professional sports stadiums. Read more >>

Federal Updates, Legal Developments

Cargill will build new $50M plant in Dayton area

Minneapolis-based Cargill Inc. will expand its presence in the Dayton region with a new, $50-million manufacturing plant that will create 12 new jobs, the Dayton Business Journal reports. Cargill, which “provides food, agriculture, financial aid and industrial products,” will construct a “300,000-square-foot animal nutrition plant near its other facility in the Preble County town of Lewisburg,” according to the article. The new plant will be “the company’s only ‘fully non-medicated’ animal feed plant in the U.S.” when it opens in 2019. Cargill currently employs 957 people in the Dayton region among its facilities in Dayton, Lewisburg, Sidney and Brookville. For more, read the full article.

Regional Updates, State Updates

Chillicothe has opportunity to become the next Charleston

The historical heritage preserved in downtown Chillicothe could be the key to transforming the city into the “Charleston of the Midwest,” according to a nationally recognized city planner, the Chillicothe Gazette reports. Robert Gibbs, “a Michigan-based planner widely recognized nationally as one of the industry’s most influential,” said Chillicothe “feels to me like Charleston (South Carolina) felt to me 40 years ago,” the article reports. Gibbs noted that Chillicothe still has “beautiful, historic buildings in their original state” that have not been “‘vandalized’ by modernism.” Gibbs was part of an international group of developers, planners, and architects who recently spent time touring Chillicothe and “meeting with downtown building and business owners and officials involved with revitalization.” The panel addressed questions involving a variety of areas, including “creating an actionable downtown vision, one-way versus two-way streets,” and “finding available resources and attracting outside investment,” among others. For more, read the full article

Regional Updates, State Updates

TIFs for two Hillsboro development projects will generate revenue for the city

A new dental office and an Orscheln Farm and Home store under construction in Hillsboro “will bring revenue back into the area for infrastructure improvements through Tax Increment Financing [TIF],” The Times-Gazette reports. Hillsboro Safety and Service Director Mel McKenzie said “he is organizing TIF designation for the two properties” and that the TIFs “will be a good source of income for the city over the next 10 years,” according to the article. McKenzie said the dental office and Orscheln properties are expected to generate approximately $83,000 and $260,000 in new property taxes respectively over the next ten years, with 75 percent of that income to be used for public improvements that “could include roadwork, water and sewer line replacement, storm water collection and new sidewalks.” For more, read the full article

Financial Incentives, Regional Updates, State Updates

Columbus gaining parking capacity with new $18M, 650-space parking garage near Convention Center

The Franklin County Convention Facilities Authority is planning a new parking garage to help ease parking for downtown events, The Columbus Dispatch reports. The new garage will be built on what Authority Executive Director Don Brown called “The Lower Yard,” east of the Greater Columbus Convention Center. The Authority “currently has 4,000 parking spaces” in four facilities but Authority Executive Director Don Brown said they still typically experience “overflow conditions” during events. To raise the $18 million needed to build the new garage, the Authority plans to sell bonds, and Franklin County Treasurer Cheryl Brooks Sullivan “plans [for the County] to buy the bonds because they pay more than the average government bond investment.” The county will save the cost of buying the bonds on the private market; the bonds are a safe investment because the income backing them comes “from all of the Authority’s parking facilities, two of which are debt-free,” according to County Administrator Kenneth Wilson. For more, read the full article

Regional Updates, State Updates
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