Approval from city “sets stage” for Dayton Arcade’s financial close

The Dayton City Commission unanimously approved seven ordinances and two resolutions for the Dayton Arcade redevelopment, “setting the stage for the project’s much anticipated financial close,” the Dayton Business Journal reports. The commission approved authorizing the city manager to enter into Community Reinvestment Area (CRA) tax abatement agreements with Dayton Rotunda Commerical LLC and South Arcade Commerical LLC, “providing real property tax incentives to the project in accordance with the city’s agreement with Dayton Public Schools,” according to the article. Additionally, the commission approved “the petition and supplemental plan for special energy improvement projects” and authorized the city manager to execute an $11 million loan agreement with CityWide Development Corp. Bricker & Eckler LLP served as counsel to the City of Dayton for this important redevelopment project. For more, read the full article

Economic Development, Financial Incentives, Project Finance

Mayfield Village looks at CRA to incentivize business

The Mayfield Village Council is expected to vote this month on the formation of a community reinvestment area (CRA) to “make Mayfield more attractive to new and existing businesses,” reports. Mayor Brenda Bodnar said the village realized “a CRA is a tool most communities around here have in their tool kit . . . we wanted that to be in our tool box, too,” according to the article. Within the CRA, commercial projects making a minimum $300,000 improvement could apply for a property tax abatement of up to 100 percent of the added value for up to 15 years. Village Economic Development Director John Marquart said the CRA’s incentives would allow “Mayfield Village the ability to make more competitive offers to developers and/or companies.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Ohio Senate passes bill to authorize state tax credits for Opportunity Zones investments

Senate Bill 8 (SB 8), authorizing “a nonrefundable income tax credit equal to 10% of a taxpayer’s investment” in designated Opportunity Zones in the state, passed an Ohio Senate vote 31-0, Gongwer reports. The legislation “works in conjunction with the federal Tax Cuts and Jobs Act of 2017” and addresses a specific issue not covered in that act, a release on Senate President Larry Obhof’s page states. The federal law “did not specify that investments from Ohio need to be made in Ohio”; SB 8 “adds an additional Ohio tax advantage to encourage investments in an Opportunity Zone Fund that will be used exclusively in state,” according to the release. Obhof said in the release, “Senate Bill 8 will incentivize investments in these areas in order to foster new development, job creation and improved local tax revenue.” For more, read the full release.

Economic Development, Financial Incentives, State Updates

Gov. DeWine proposes income tax credit for investors in distressed communities

Ohio Governor Mike DeWine announced a proposed 10-percent income tax credit “for businesses that invest in economically distressed parts” of the state and create jobs, the Akron Beacon Journal reports. The tax credit would apply to Opportunity Zones (see our August 13, 2018 blog post), a program that “involves the use of federal tax credits to provide incentives to businesses to move into or expand in the zones.” DeWine told a business roundtable, “[w]hat we propose to do in Ohio is enhance these with a tax break also from the state of Ohio,” and that the new tax credit is also intended “to induce people outside the state to invest in Ohio.” For more, read the full article

Economic Development, Financial Incentives, State Updates

Ohio ranks in top 10 states for clean energy jobs

A new report from nonpartisan business group E2 shows nearly 113,000 people “are employed in Ohio’s clean energy sector,” ranking the state eighth in the country “for the number of people employed in the clean energy sector,” Cleveland Scene reports. That number reflects a 4.6-percent increase in the past year, higher than the national growth rate of 3.6 percent. E2 Executive Director Robert Keefe “says the biggest story is the 16 percent growth in clean vehicle manufacturing . . . spurred by growing consumer adoption of electric vehicle technology, state expansion of charging infrastructure, and falling battery prices.” Clean car employment increased by 9 percent, or approximately 1,300 new jobs. For more, read the full article

Economic Development, Environmental, State Updates

Delaware approves mixed-use Kerbler project in Orange Township

A nearly 300-acre mixed-use development in Orange Township has the green light to move forward, after the township approved zoning and Delaware County Commissioners approved a development agreement with the housing developer, Schottenstein Real Estate Group, The Columbus Dispatch reports. The Kerbler project “is expected to include single-family homes and about 300 condominiums and apartments, a senior-care facility, retail space, offices and ‘light industrial’ buildings,” according to the article. Developers will help finance an extension of Home Road east of US-23 as part of the deal. A tax-increment financing (TIF) district was created for the project, which is “projected to generate $36.7 million to support infrastructure improvements and go toward local schools.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Big projects changing Middletown’s once-stalled downtown

More than 35 new businesses “have opened up in downtown Middletown” in the past few years, including restaurants, microbreweries and distilleries, in addition to Ohio’s first Designated Outdoor Refreshment Area, the Journal-News reports. BMW Motorcycles of Greater Cincinnati is redeveloping the former Middletown Senior Center into “a regional BMW Motorcycles dealership.” The city granted a 12-year, 100 percent real property improvements tax abatement as well as a $50,000 Small Business Economic Development Job Creation Grant for the project, which includes “an investment of $1.273 million in construction and upgrades” and will create 12 new full-time jobs. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Republic Wind Farm adjudicatory hearing rescheduled for June 3, 2019

The Ohio Power Siting Board (OPSB) “has rescheduled the adjudicatory hearing regarding Republic Wind LLC’s application” to construct the proposed 200-megawatt Republic Wind Farm in Seneca and Sandusky counties, The Advertiser-Tribune reports. The hearing will be held June 3, 2019 at 10:00 a.m. The OPSB rescheduled the hearing “in response to a motion filed by a group of local residents, who are a party to the case,” according to the article. The purpose of the adjudicatory hearing “is to allow formal parties to the case to present prefiled testimony and evidence, and to cross-examine other parties’ witnesses.” For more, read the full article

Economic Development, Renewable Energy, State Updates

Bricker attorney Caleb Bell to moderate C-PACE discussion at PACENation Summit

On April 4, 2019, Bricker & Eckler attorney Caleb Bell will moderate a PACENation Summit panel discussion entitled, “C-PACE Project From Start to Finish.” Participants will dig into the details of a C-PACE project from multiple angles: origination, administration, financing and more. For additional information, visit the event page.

Economic Development, Energy Efficiency, Project Finance

Development agencies eagerly anticipate Opportunity Zones’ possibilities

Economic development agencies are looking forward to using the new federal Opportunity Zones “as a tool to enhance available incentives,” The Business Journal reports. The state of Ohio “chose 15 census tracts in the Mahoning Valley” for the program, which “allows taxpayers to defer any tax owed on capital gains by investing the realized gain” in the low-income Opportunity Zone tracts (see our August 13, 2018 blog post), according to the article. Anthony Trevena, director of the Northeast Ohio Development and Finance Authority, said, “[e]veryone believes it’s got the potential to be a game changer for our communities in those zones.” For more, read the full article

Economic Development, Financial Incentives, State Updates
  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10