- Federal Updates
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- Regional Updates
- State Updates
Turtlecreek Twp. TIFs would fund infrastructure for $445M development
A 1,400-acre development in Turtlecreek Township that was approved in October 2014 could take “a big step forward” if the Board of Trustees’ plan for tax increment financing (TIF) districts is implemented, the Dayton Daily News reports. The board “plans to use property taxes from residential and commercial development” in Union Village “to pay for roads and other infrastructure for the $445 million development,” according to the article. The township sent letters to Lebanon City Schools, Warren County and the Warren County Career Center advising them of plans “to hold a meeting on April 25 for a decision” on setting up the proposed TIFs. The plan “calls for a diversion of 50 percent of property taxes on up to 4,500 homes approved for the development to be built and 100 percent for commercial development for 30 years.” For more, read the full article.
APEG has seen $40M investment, 420 new jobs in Highland County since 2011
The Appalachian Partnership for Economic Growth (APEG), a network partner of JobsOhio, has helped Highland County bring in “[m]ore than $40 million in new investments” as well as 420 new jobs while retaining an additional 875 jobs since 2011, according to project manager Katy Farber, The Times-Gazette reports. Farber is the project manager for “the portion of [APEG] that serves Highland, Adams, Gallia, Jackson, Lawrence, Pike, Ross, Scioto and Vinton Counties.” In addition to state and regional incentives, a strong local workforce helped APEG bring Corvac, an automotive supplier, to locate and create 175 new jobs in Highland County, according to Farber. Industrial parks in Greenfield and Leesburg are also “positive indicators of more jobs” coming to the county, Farber said. For more, read the full article.
Columbus-based CoverMyMeds sells for $1.1 billion
The recent sale of Columbus health-care technology company CoverMyMeds for $1.1 billion is “a pivotal event that can take local startup efforts to a higher level,” The Columbus Dispatch reports. San Francisco-based wholesale drug distributor McKesson, “one of three giant companies that dominate U.S. pharmaceutical distribution,” bought CoverMyMeds, which “produces software used by doctors and pharmacists to obtain quick drug approval for patients,” according to the article. Chris Olsen, partner at Columbus venture-capital firm Drive Capital, said the deal “is a seminal moment for the Columbus startup community,” proving “you can start up a company in Columbus, outmaneuver all the competition and build a massive business.” For more, read the full article.
Easton’s $68 million tax break will benefit Linden neighborhood
A tax break for new development in one part of Columbus will help revitalize another area of the city, The Columbus Dispatch reports. The city will give “a 10-year, 100 percent property-tax abatement worth about $68 million” to Easton developer The Georgetown Co., and in return, the developer will “pay the city about $5.75 million” that will “be used to build up the city’s struggling Linden neighborhood,” according to the article. Georgetown must also “create 250 permanent, full-time jobs outside the retail sector at Easton by the end of 2021” and “a total of 500 jobs by the end of 2028” as part of the deal. For more, read the full article.
Workshop designed to help Champaign County-area governments promote economic development
The Champaign Economic Partnership (CEP) recently sponsored a free workshop, Tools for Successful Economic Development, to help local government officials understand “the variety of tax incentives available in Ohio to promote business development,” the Urbana Daily Citizen reports. Chris Schmenk, of counsel for Bricker and Eckler LLP, led the training attended by county, city, village, township and school district officials. Schmenk, who is also the former director of the Ohio Development Services Agency, presented information on economic development tools that “provide temporary tax exemptions in return for investing in business creation or expansion and retaining or creating jobs,” including Community Reinvestment Areas (CRAs), Tax Increment Financing (TIF) Districts and Joint Economic Development Districts (JEDDs), among others. CEP Director Marcia Bailey explained, “[t]ax incentives vary, but they typically exempt a portion of taxes on business improvements for a specific time, after which the business pays the full amount of the tax to support local government services and infrastructure . . . [they] are designed to encourage business and job growth, which benefits Champaign County and local citizens.” For more, read the full article.
Cornerstone’s “unyielding growth” expected to create 2,800 jobs
Kroger is the latest anchor expected to open soon in the “bustling complex” of Cornerstone of Centerville, joining Costco Wholesale and Cabela’s at Cornerstone of Centerville North, the Dayton Daily News reports. Kroger invested $21.2 million in the new 125,000-square-foot store, which is “set to open by late May or early June,” according to the article. First Financial Bank, Buy Buy Baby and Bed, Bath & Beyond are among other businesses expected to open in 2017. The Cornerstone development “has spurred economic growth in both Centerville and nearby Sugarcreek Twp.,” according to city and township officials, but the “relationship between the two entities hasn’t always been smooth.” In November 2016, Centerville and Sugarcreek Twp. reached an agreement regarding “fire services and a tax-increment financing agreement” after years of disagreement (see our November 8, 2016 blog post). Backers of the development “say it will create 2,800 jobs for the region.” For more, read the full article.
DP&L extends development efforts with website listing certified sites
Leaders at Dayton Power & Light (DP&L) want to expand their role in economic development for their service area by inviting “big industrial companies to the region,” the Dayton Daily News reports. DP&L launched a new website, OhioCertifiedSites.com, “meant to direct large industrial companies to the locations within the 24-county DP&L service area that the utility says are ripe for building and business,” according to the article. Tom Tatham, director of operations for DP&L, calls the website “an investment in the region,” saying, “[i]f the region succeeds, we succeed.” Dayton Development Coalition vice president of development Julie Sullivan said utilities “can be an intake point,” noting that companies searching for locations “want details about possible sites” and certified sites indicate “a certain level of readiness for development.” For more, read the full article.
Highway progress brings industrial growth to Lucasville
Progress on the Southern Ohio Veterans Memorial Highway (Ohio 823) is bringing businesses and jobs to an industrial site in Lucasville, the Portsmouth Daily Times reports. Federal Supply Services Inc. (FSSI), which produces “giant plastic shipping containers for the armed forces” and other customers, will operate out of a building at the former M & J Welding site and will hire “around 37 new employees,” according to the article. Stan Jennings, superintendent of the Scioto County Career Technical Center (SCCTC), bought the building and said “the situation is perfect for bringing together the education and training component with the available workforce.” Jennings said the MAACO group “is looking to expand” at the industrial site, while SCCTC will “be training specifically for the needs they have” to support a ready workforce for the business and employment for students. Jason Kester, executive director of the Southern Ohio Port Authority, said, “[w]e’ve had a significant increase in the interest in our area and regions since the [highway] project was announced,” including several $100-million-plus projects, “the largest of which was $6.5 billion.” For more, read the full article.
State grants $900,000 loan to Norwood med-tech company
ReadySet Surgical, a Norwood-based medical technology firm, would use a $900,000 loan from Ohio’s Commercial Acceleration Loan Fund to expand and create 15 full-time jobs, Cincinnati.com reports. ReadySet, which plans a $1.2 million total investment, “has developed a cloud-based platform to improve coordination of surgical vendor inventory,” according to the article. The loan would “help the company finance inventory for its surgical grade tables, onboarding of new hospital systems, staffing and the rollout of its replacement of manual invoicing systems.” Ohio Third Frontier, part of the Ohio Development Services Agency, manages the loan program that is “designed to bridge the gap between an early-stage company’s need for capital and traditional commercial sources of financing typically reserved for established businesses.” For more, read the full article.
New agreement for Austin Center JEDD approved
Miamisburg, Springboro, and Miami Township “have all approved a new agreement for the Austin Center Joint Economic Development District [JEDD] off of Interstate 75,” the Dayton Daily News reports. The JEDD, created in 2009, “includes much of Austin Landing” and “allows the three communities to levy 2.25 percent income tax on all retail businesses and some offices within the boundaries,” according to the article. Under the new agreement, the JEDD will disburse a minimum of $300,000 annually, with 57 percent going to Miami Twp., 22 percent to Miamisburg and 20.5 percent to Springboro. The new agreement “allows for redevelopment within the district” and also “provides that the entire area within the district is a mixed-use development,” which allows “all JEDD parcels . . . to be subject to income taxes.” For more, read the full article.