Perkins Township “poised for growth” despite challenges of pandemic

While some of Perkins Township’s original plans for 2020 had to be revised or delayed, the outlook for 2021 is hopeful, the Sandusky Register reports. The township’s community development department’s “most significant planning activity in 2020” involved the finalization of its comprehensive plan update, according to the article. The department is providing guidance on the proposed reinvestment in the Sandusky Mall complex and the redevelopment of vacant industrial property on Hayes Avenue. The development of new roads “in the vicinity of Sam’s Club Way and Baywinds Drive that will provide access to commercially zoned properties” will enable the future development of those properties. For more, read the full article

Economic Development, State Updates

Loges named first economic development director for New Albany

The City of New Albany has hired Michael Loges as its first economic development manager, ColumbusCEO reports. Loges, who previously served as the senior economic development project manager for the Central Ohio Transit Authority, “will contribute to the Community Development Department and market the community to attract businesses worldwide,” according to the article. His experience also includes roles as a business development specialist for the City of Columbus and as a special projects manager for the Ohio Development Services Agency. For more, read the full article.

Economic Development, State Updates

Kingsdale Shopping Center project will benefit Upper Arlington, Schoeny says

A redevelopment of the former Macy’s building in Upper Arlington’s Kingsdale Shopping Center “would bring a windfall to the city,” and city manager Steve Schoeny “has sought to keep the momentum going” on the project, Columbus Business First reports. Continental Real Estate plans a mixed-use development “including apartments, senior living, offices, restaurants” and space that could possibly be used as a community center, according to the article. Upper Arlington derives 57% of its budget from income and property taxes, with office space generating higher taxes, but only about 1% of land in the city is zoned for office use. Schoeny, who also lives in Upper Arlington, said outside schools and roads, the project is “our most complex community asset investment, maybe ever.” For more, read the full article.

Economic Development, State Updates

Developer investing $1.75M in two spec buildings for Piqua industrial park

The Sherry Development Company and Ferguson Construction are building “two 20,000-square-foot buildings on spec in the Paul Sherry Industrial Park” in Piqua at an estimated project value of $1,751,390, the Dayton Daily News reports. Chris Schmeising, community and economic development director for Piqua, said the build “will open opportunities for local businesses to expand or new businesses to locate in Piqua,” according to the article. The industrial park, which is zoned for industrial uses, is home to Allied Coating, Miami Valley Steel, AM Leonard Tool & Supply and Atlantis Sportswear, among others. For more, read the full article.

Economic Development, State Updates

“Landmark” Arlington Gateway mixed-use development scheduled to begin work

Demolition in advance of construction of the “landmark development” Arlington Gateway project on Lane Avenue is scheduled to begin in February 2021, with “deep foundation work” planned the following month, ThisWeek Community News reports. Arlington Gateway will create 225 luxury apartments, office space, retail and restaurant space, and a seven-story parking garage, according to the article. Steve Schoeny, Upper Arlington city manager, calls the project “a rare opportunity . . . and a significant development accomplishment for the city.” Current projections indicate the site will generate approximately $500,000 in annual income tax, with expected increases over time. For more, read the full article.

Economic Development, State Updates

New “transformational mixed use development” state tax credits

Taxpayers can now access a new, nonrefundable insurance premium tax credit for capital contributions to certain “transformational mixed use developments” (TMUDs). Amended Substitute Senate Bill 39, a piece of legislation finished during the recent lame duck session and signed into law by Ohio Governor DeWine on December 29, 2020, allows property owners or insurance companies to apply to the Ohio Tax Credit Authority for certification and preliminary approval of tax credits against taxes imposed on insurance companies under R.C. Section 5725.18 or R.C. SECTION 5729.03. The Tax Credit Authority is limited to awarding $100 million per year (with individual projects capped at $40 million each). Rural areas received a set-aside under the legislation of $20 million per year in available tax credits. Once awarded, the tax credits may be sold or transferred to raise capital for certified projects. To be eligible, projects must meet four requirements. For more, read the full article. See our post from January 7, 2021 for more on Senate Bill 39.

Economic Development, Financial Incentives, State Updates

Second downtown Dayton investment fund created to fill funding gaps

The newly created Downtown Dayton Investment Fund 2 (DDIF2) has launched “to help businesses, developers and entrepreneurs fill in funding gaps for real estate development and tenant improvements,” the Dayton Daily News reports. DDIF2, which has already raised “nearly half of its $5 million goal,” will support “catalytic projects by offering expanded financial tools, such as debt loan products and tenant improvement assistance,” and is intended to complement the original fund, according to the article. Officials said DDIF2 “will be able to help surrounding working-class neighborhoods and areas near downtown that the city of Dayton has targeted for redevelopment.” For more, read the full article.

Economic Development, Project Finance, State Updates

Municipal port authority would expand Middletown’s economic development options

Middletown City Council is planning to dissolve its Community Improvement Corporation (CIC) and create a municipal port authority to “enable the city to address its unique economic development needs,” the Journal-News reports. Port authorities have the same powers as CICs as well as additional powers including creating sales tax exemption programs, loan funding at competitive rates, directly incentivizing specific community needs such as additional infrastructure, and facilitating job creation projects, according to the article. City Economic Development Director Chris Xeil Lyons “said the tax-exempt status of port authorities has the advantage of passing savings on to private economic development projects, thus making complex projects possible that might not otherwise happen.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Cincinnati Business Courier’s 20 projects that will reshape Greater Cincinnati

While many development projects were put on hold in 2020 due to the pandemic, “developers and businesses remain bullish on the Greater Cincinnati regions,” the Cincinnati Business Courier reports. The Courier selected 20 projects “that will reshape the region” including five “that will have the greatest impact in 2021” based on the level of change they will bring, according to the article. Among these are Cincinnati Children’s Hospital’s $90 million investment in a 164,000-square-foot building “to improve mental and behavioral health services for children and teens” and Purina’s $550 million investment in a new dry pet food facility (see our November 9, 2020 blog post). One of the largest private investments, Trinitas Ventures and Crawford Hoying’s $420 million joint venture to develop the District at Clifton Heights, will reshape a neighborhood next to the University of Cincinnati with student and senior housing, hotel rooms, commercial space and parking. For more, read the full article.

Economic Development, State Updates

New law could “dramatically change” Ohio’s downtown skylines

Governor Mike DeWine recently signed into law a bill that “is intended to incentivize insurance companies to invest in Transformational Mixed Use Development projects in Ohio’s downtowns,” which could dramatically change downtown skylines, Columbus Business First reports. Senate Bill 39 “authorizes a capped tax credit for insurance companies” to invest in the construction of new buildings “or the redevelopment, rehabilitation, expansion or other improvement of vacant buildings or structures” that “have the potential to have a significant economic impact,” according to the article. To be eligible, projects must exceed $50 million in cost and be either 15 stories in height or be 350,000 square feet or more in size. For more, read the full article.

Economic Development, Financial Incentives, State Updates
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