Columbus City Council approves tax incentives for CoverMyMeds new HQ

Columbus-based prescription software firm CoverMyMeds recently received approval for two tax incentives for its $225 million project to build a new corporate campus just west of downtown; The Columbus Dispatch reports the incentives are “worth up to $83 million.” Columbus City Council approved a 15-year, 100 percent property tax abatement and an 8-year income-tax incentive for the company. CoverMyMeds “promised to retain and relocate 592 existing jobs” and to “create 1,032 new jobs with payroll totaling $76.4 million within five years” as part of the agreement, according to the article. The company will move its corporate headquarters from its current location at Miranova Place to McKinley Avenue west of North Hartford Avenue. For more, read the full article

Economic Development, Financial Incentives, State Updates

Opportunity Zone program stimulates development in distressed communities

A new federal program will encourage investment in distressed communities — Opportunity Zones — through tax incentives (see our April 10, 2018 blog post). The Opportunity Zone program allows taxpayers who invest in low-income areas specifically designated by the state and federal government to take advantage of up to three benefits: a temporary deferral, a reduction in gain realized through basis adjustment, and exclusion for capital gains on the investment. To qualify for these benefits, the investment must take place through a designated Opportunity Fund, an entity organized to acquire and hold for investment purposes equity interests in businesses or properties in Opportunity Zones. Ohio has 320 designated Opportunity Zones; there are 8,000 nationwide. For more, read our full article.

Economic Development, Federal Updates, Financial Incentives, State Updates

Trolley District project awarded $2M in tax credits to redevelop historic buildings

A historic Columbus trolley-barn complex near Franklin Park will become the Trolley District, featuring a brewpub, restaurant and market, The Columbus Dispatch reports. The state awarded $2 million in Historic Preservation Tax Credits to the development of the site, which “is made up of six brick buildings built between 1882 and 1920 that once served the city’s electric trolley system,” according to the article. Developer Brad DeHays plans a $14 million project to convert three of the six brick buildings into a brewpub, restaurant and market; he expects to find more tenants for the remaining buildings. His plan also includes a $15-million, 102-apartment complex across the street from the former trolley barns. For more, read the full article.

Economic Development, Financial Incentives

Proposed billion-dollar plus Planet Oasis is largest project in Ohio in decades

Planet Oasis, a proposed multi-billion dollar entertainment complex on 350 acres in Delaware County, is “the twice the size of any other project” in Ohio and “will continue to expand in following years,” according to developer David Glimcher in a recent Columbus Business First article. Planet Oasis will include an outdoor sports park, an e-sports facility, an arena, 15 to 20 hotels and 75 to 85 restaurants, among other attractions; Glimcher said it could create 15,000 jobs. A second Columbus Business First article reports that the capstone “would be a 200,000-square-foot UltraStar Multi-tainment Center, featuring a movie theatre, bowling alley, laser tag arena, arcade and a ‘uni-coaster.’” The project “is already in a tax-increment financing district with a joint economic development agreement set up for the Tanger Outlet Mall” that opened in 2016. For more, read the Columbus Business First articles here and here.

Economic Development, Financial Incentives, State Updates

Embracing clean energy could bring $25B in investment in Ohio

New energy technologies “could lead to $25 billion in new investment in Ohio and support another 20,000 jobs,” a recent study shows, according to an article in Columbus Business First. Massachusetts-based Synapse Energy Economics and Case Western Reserve University’s Great Lakes Energy Institute, who conducted the study, “called for favorable policies in local economic development as well as a longer-term roadmap from the Statehouse to better capture potential investment and jobs.” There are “four principal changes in the energy business” that could benefit Ohio. Corporate investment by companies who want to power facilities with renewable energy could bring $6.2 billion; transportation could add another $6 billion from electric vehicles as they change the automotive market. The analysts said Ohio “has the means to quadruple green energy investment for another $7.6 billion,” and energy efficiency could add $6.6 billion. For more, read the full article.

Economic Development, Energy Efficiency, Renewable Energy, State Updates

Coca-Cola to build new facility in Greater Cincinnati area, create 430 jobs

The former Showcase Cinemas site in Erlanger will become the home of a new Coca-Cola Bottling Co. Consolidated 300,000-square-foot facility that will create 430 new jobs, Cincinnati.com reports. The project is part of the company’s $30 million investment in the Cincinnati region; Coke Consolidated has already invested $12 million in improvements and upgrades to its Madisonville, Ohio manufacturing facility. The new Erlanger facility, expected to open by late summer 2019, will create positions in “distribution, sales, and warehouse functions.” Coke Consolidated vice president of communications Brian Nick said the company anticipates “investing additional and substantial capital in this market unit because of the growth of our business in this region.” For more, read the full article.

Economic Development

West Chester investing $5M for trade center that could bring 1,000 jobs

West Chester Township approved “more than $5 million in tax increment financing [TIF] funds to create the public infrastructure needed to facilitate development of a light industrial/office park with the potential to create 1,000 new jobs,” the Journal-News reports. NorthPoint Development will construct the 1.8-million-square-foot, $75-million West Chester Trade Center on more than 100 acres along Ohio 747, according to the article. Tenants “would likely deal in light assembly, warehouse storage, distribution or office space,” NorthPoint project manager Jeremy Michael said. The TIF funds will be used for infrastructure work including bridge and road improvements, signalized intersections, and water and sewer. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Dollar Tree $125M distribution center will bring 400 jobs to Morrow County

A new Dollar Tree distribution center in Bennington Township will be the second-largest employer in Morrow County when it is completed next year, as it will bring 400 new jobs to the area, The Morrow County Sentinel reports. Dollar Tree Inc. “plans to invest more than $125 million” into the 1.2-million-square-foot facility that will begin construction summer 2018 and be operational by summer 2019. Ted Griffith, JobsOhio managing director for logistics and distribution, said the project “was a collaborative effort with Columbus 2020, Morrow County and Dollar Tree that will grow this successful company’s presence in Ohio.” For more, read the full article

Economic Development, State Updates

Harrison County power plant will bring jobs, tax revenue

The Ohio Power Siting Board recently authorized construction of the 1,050-megawatt, natural gas-fired Harrison Power Plant in Cadiz, according to an article in the TimesReporter.com. Nick Homrighausen, executive director of community & economic development for Harrison County, said the board’s approval was “great news,” calling the power plant “a once-in-a-generation chance to use it to grow,” according to the article. Homrighausen estimates the plant’s construction will bring 500 to 700 construction jobs to the area over a three-year period, in addition to the 25 to 30 high-paying jobs once the plant is operational. Additionally, the plant will “boost income tax collections for the village of Cadiz” and help diversify the local economy. For more, read the full article.

Economic Development

Root Insurance plans move to Columbus Commons, add 463 jobs

Two-year-old Columbus-based Root Insurance Co. plans to move its headquarters to the 80 on the Commons mixed-use building in downtown Columbus this fall, as part of a move that will ultimately add 463 new jobs, Columbus Business First reports. The auto insurer “offers paperless signup and management of a policy through a mobile app,” selling policies online without agents; the app “also measures driving habits so only safe drivers can enroll,” according to the article. The city’s downtown office incentive “would pay the company as much as $2.4 million over five years — half of income tax withholding on new jobs — while generating the same amount of new taxes for the city in that span.” The agreement with Root calls for the company to retain 79 jobs and add the expected 463 new positions; estimated total new payroll is $47 million. For more, read the full article

Economic Development, Financial Incentives
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