Enterprise zone agreement helps fund $38M new school complex in Carrollton

Carrollton area officials celebrated the groundbreaking of a new education complex that will be built through a unique funding formula requiring no new taxes, according to a recent Times-Reporter article. “The bulk of the money — 61 percent — will be coming from Carroll County Energy, which is building an electric generating plant north of Carrollton,” according to the article. A 2014 enterprise zone agreement guarantees the school district $1.3 million annually from Carroll County Energy for the next 30 years. Commissioner Jeff Ohler said the new middle school and high school complex will “help with economic development in Carroll County.” Ohler said “two big factors” that companies have seen as obstacles to locating in the area were “water and sewer,” which “we’re working diligently on” and the school facilities. For more, read the full article.

Regional Updates, State Updates

Miami Valley manufacturer plans $73M renovation and expansion project

Emerson Climate Technologies, “[o]ne of the largest manufacturers in the Miami Valley,” is asking for government funds for a proposed $73-million substantial renovation and addition to its campus, the Dayton Business Journal reports. Emerson, which manufactures heating, air conditioning, ventilation and refrigeration products, employs about 1,600 people at its Dayton and Sidney offices. The Dayton-Montgomery County Port Authority approved “about $73 million in financing . . . to help pay for the pending construction work,” according to the article. JobsOhio and the Dayton Development Coalition are also working with the company on the project, which would include adding on to the current facility and rebuilding laboratory space. For more, read the full article

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

New auto parts plant in Englewood will bring 100 jobs to Montgomery County

Montgomery County commissioners recently approved $400,000 in funding to help bring a new auto parts production facility to Englewood, the Dayton Daily News reports. Ferguson Construction is expected to break ground June 6 for the “new U.S. headquarters” of Hematite, an Ontario-based plastics producer. Hematite president John Pavanel told Montgomery County leaders that the site “has room for a second building — one that could process raw material” and said that all new jobs created would be local. County leaders approved the funding “with the expectation that the company would employ at least 100 people,” but Englewood’s development director, Bill Singer, “believes that number is conservative.” For more, read the full article

Financial Incentives, Regional Updates, State Updates

First Lorain County Economic Summit focuses on development opportunities

The Lorain County Chamber of Commerce recently hosted its first Economic Summit, focusing on ideas about spurring economic development in the county, The Morning Journal reports. Keynote speaker Don Marinelli, retired Carnegie Mellon University professor, drew parallels between Lorain County and his town of Pittsburgh, PA, which had to focus on other opportunities after “the bottom fell out” of the steel industry. Explaining how Pittsburgh turned its attention in other directions after losing that industry, Marinelli said he sees similar potential for Lorain County. He highlighted the county’s strengths in its rich history, “diverse economy and involvement in agriculture,” and the North Coast. “What you need to see is the good you already have here and you need to figure out how to synergize it and how to get the message out,” Marinelli said. For more, read the full article

Regional Updates, State Updates

CareSource’s $39M investment a success story for Ohio

JobsOhio is touting CareSource’s $38.9-million investment in Dayton as a success story for the state, calling it “the major driver of downtown Dayton’s revitalization,” the Dayton Business Journal reports. A JobsOhio case study calls the “continued growth of the $7.2 billion Medicaid, Medicare Advantage and health insurance company” a “model for other companies in the biohealth industry looking to grow in the state.” CareSource has committed to 650 new jobs in the region, with 400 of those in the next three years; by 2020, the company plans to employ 2,500 people in the Dayton area. The Ohio Tax Credit Authority approved a 40-percent job creation tax credit through 2021 for the company, and JobsOhio awarded CareSource a $300,000 revitalization grant. In return, the company “is growing its payroll commitment in the Dayton area to $129.15 million” and its fixed-asset investment to $42.39 million. For more, read the full article.

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

Ford partnering with Columbus to create “21st century version of the Model T”

Ford sees Columbus as the ideal partner city for the company’s plans “to create the future of mobility,” The Columbus Dispatch reports. Jon Coleman, director of city solutions for Ford Smart Mobility, said Ford looked for alignment in the city space and in the private sphere, as well as “a strong non-profit . . . academic sector that can do a lot of heavy lifting (in the technology area),” according to the article. In addition to meeting those criteria, Columbus “bested six other finalists in the U.S. Department of Transportation’s Smart City competition to receive $50 million in grants from the federal government and Vulcan Inc. to develop the city into the nation’s proving ground for intelligent transportation systems (see our June 21, 2016 blog post).” Ford is “trying to figure out the 21st century vision of the Model T . . . a way to help people who were previously constrained by a lack of mobility to thrive and flourish.” For more, read the full article.

Regional Updates, State Updates

The Cleveland200 fund goal: finance 100 startup companies

Flashstarts has big plans for its Cleveland200 fund; the business startup accelerator wants to invest $5 million in “at least 100 startup companies,” Crain’s Cleveland reports. The fund “is designed to serve as an on ramp that will help startups access all that new capital,” according to the article. Flashstarts CEO Charles Stack called it “a once-in-a-generation opportunity.” The Cleveland200 fund “will invest between $20,000 and $50,000 in each company, in exchange for a 4% to 8% equity stake”; Flashstarts will focus on Northeast Ohio companies, as well as those throughout the state or interested in moving to Ohio. Shannon Lyons, chief operating officer at Flashstarts, said while the fund will invest in startups in “a variety of industries,” the organization is “looking for dynamic teams with really big ideas.” For more, read the full article

Regional Updates, State Updates

Project to revitalize downtown Dayton building secures $100K JobsOhio grant

A local developer has won a $100,000 grant from JobsOhio for a development project that has already filled a once-vacant downtown Dayton building with tenants, the Dayton Business Journal reports. JobsOhio awarded the grant to Woodward Development for its $549,000 “revitalization project of the 444 W. Second St. building”; that project “will create 18 jobs and $1.08 million in payroll” plus retain another 12 jobs in the region, according to the article. The development company bought the property from CityWide Development Corp. late last year, moved into the space, and “went to work on building it out.” The property has become “a hotbed for technology” and is part of “a new ‘innovation district’ planned with 444 as the anchor.” Tenants including the Air Force Research Laboratory, startup software company Mile Two LLC, and tech company Galois have leased space in the building. For more, read the full article

JobsOhio/ODSA, Regional Updates, State Updates

Franklinton project plans expanded to $50 million mixed-use development

What was originally planned as a $20-million mixed-use development on the former Riverside-Bradley site in Franklinton will now be much larger, The Columbus Dispatch reports. Columbus City Council recently approved “a revised economic development agreement” that expands the project from the initial $20-million plan to a larger, $50-million development. The new plans increase the number of residential units from 124 to 230, the commercial space from 20,000 to 28,000 square feet, and the garage parking spaces from 250 to 292. City economic development director Steve Schoeny said the developers “think there’s opportunity there.” For more, read the full article

Regional Updates, State Updates

Thanks to Lordstown Energy project, investment in Mahoning Valley tops $1 billion

The $900 million Lordstown Energy Center project in Trumbull County helped boost private investment in the Mahoning Valley to more than $1 billion last year, The Business Journal reports. The Youngstown Warren Regional Chamber recently released data, compiled in conjunction with its economic development partners, showing “111 projects resulted in investment of $1.09 billion, 1,253 new jobs and 3,092 retained jobs.” The Lordstown Energy Center was “the largest project announced last year in the 18 counties that comprise northeastern Ohio,” according to the article. For more, read the full article

Regional Updates, State Updates
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