Sirna and Sons solar installation generates 35% of company’s electric usage

Ravenna-based Sirna and Sons Produce has installed 1,331 solar panels on the roof of their Route 88 facility, enough to generate 35% of the electricity needed to power the 115,000 square feet of warehouse and office space, the Record-Courier reports. Tom Sirna, president of the fourth-generation wholesale food distributor, said the 30-percent federal tax credit lowered the payback period of the project from 10 to 12 years to 6 years. Without that, Sirna said, “the company probably wouldn’t have gone solar,” according to the article. The 452.5-kilowatt system “should cut carbon emissions by 650 tons every year,” which not only increases the company’s marketability, but aligns with Sirna’s goals to be more energy efficient and environmentally friendly. For more, read the full article.

Environmental, Financial Incentives, Renewable Energy, State Updates

Largest C-PACE deal in U.S. for 2018: $16.3M for Columbus project

Petros PACE Finance, LLC announced “the closing of a $16.3 million Commercial Property Assessed Clean Energy (C-PACE) transaction in Columbus, Ohio with UPH Holdings, LLC, an affiliate of Continental Hospitality Group and Concord Hospitality Enterprises,” according to a Business Insider press release. The deal, which “will fund eligible upgrades to a 354-room dual branded Marriott Hotel & Residence Inn” near The Ohio State University, is “the largest publicly-announced C-PACE deal in the country to date in 2018,” according to the release. Continental secured the C-PACE financing through the Columbus Regional Energy Special Improvement District PACE program; Bricker & Eckler LLP served as PACE counsel for the project. For more, read the full press release.

Economic Development, Financial Incentives, Project Finance, State Updates

Warren County lays groundwork for CRA to draw “top companies”

Commissioners in Warren County voted to establish a tax abatement zone on large parcels of undeveloped land in order to help draw “top companies shopping for new places to bring expansions and quality jobs,” the Dayton Daily News reports. Commissioner Dave Young “expressed reluctance about setting up the community investment area [CRA]” before the vote but agreed “the county needed the economic development tool in its toolbox,” according to the article. Projects to bring industrial or commercial developments to the CRA along Interstate 75 between Cincinnati and Dayton could receive tax abatements “of up to 75 percent for 15 years” and would likely be offered in conjunction with a joint economic development district that would enable Turtlecreek Township to collect income tax.  For more, read the full article

Economic Development, Financial Incentives, State Updates

Fortune 500 company could bring $147M project to Dayton area

An unidentified Fortune 500 manufacturing company is “considering multiple Dayton-area locations for a $147 million project” that would create at least 80 new jobs, the Dayton Business Journal reports. The company is looking at Dayton, Union and Brookville for the massive project proposal, called “Project Nora,” to construct “a 300,000-square-foot facility that could expand to 1.1 million square feet over time,” according to the article. Each city is planning to offer a 15-year tax abatement as well as proposing “a $500,000 Economic Development/Government Equity (ED/GE) grant from the county” to help offset development costs. Because the project is “highly competitive,” incentives “and a move-in ready site are key to ensuring it is located in Montgomery County.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Lebanon plans CRA that would provide incentives for $18M development

Lebanon City Council plans to create a new community reinvestment area along the city’s North Broadway corridor that would allow a proposed $18-million residential and commercial project to receive tax abatements, the Dayton Daily News reports. That development, at the site of the city’s maintenance garage, would include “18 town homes, 86 apartments, a brewpub and two restaurants,” according to the article. The city projects the development will help generate $65,000 in annual income tax and $1.1 million in “annual total spending power.” Developer Jim Cohen’s proposal said the project will provide parking and other amenities, and will facilitate commercial and residential development close to the downtown area. For more, read the full article.

Economic Development, Financial Incentives

Columbus-Franklin County Finance Authority, partners earn CDFA Excellence in Development Finance Award

The Columbus-Franklin County Finance Authority was given the 2018 Council of Development Finance Agencies’ (CDFA) Distinguished Development Finance Project Award for its work on the Bridge Park parking garage project in Dublin, Ohio. The City of Dublin, Summit County Development Finance Authority and Toledo-Lucas County Port Authority were also recognized for their partnership on the project.

The award spotlights outstanding development finance programs, agencies, leaders and projects for excellence in the use – and championing –  of financing tools for economic development. Bridge Park is a $500 million public-private development project that gives Dublin’s Bridge Street District a walkable, urban community featuring more than one million square feet of office, retail, restaurant and housing space. The Columbus-Franklin County Finance Authority began work on the project with developer Crawford Hoying in 2015, having issued over $280 million in bonds. 

Bricker & Eckler served as bond counsel for many elements of the financing and has represented Crawford Hoying for the Bridge Park project.

Economic Development, Financial Incentives

PACE Financing Resource Center and whitepaper

Bricker's Economic Development team recently launched a collection of online resources highlighting the opportunities, challenges and mechanics of PACE financing. In addition to an interactive map identifying all of the state's PACE programs, the resource center also features a free, downloadable white paper describing the details of using this financing tool in Ohio.  

Economic Development, Energy Efficiency, Financial Incentives, Project Finance, State Updates

Treasury Department and Internal Revenue Service release guidance for Opportunity Zone incentive

The Treasury Department has released guidance for the new opportunity zone (OZ) tax incentive, which addresses gains invested in qualified opportunity funds (QOF), and has also released special rules for capital gains invested in opportunity zones. For more, read the full guidance and the special rules.

Economic Development, Federal Updates, Financial Incentives

Largest state tax incentive deals in Central Ohio ranked by number of proposed new jobs

The parent company of a local insurance startup tops Columbus Business First’s list of state tax incentive recipients, ranked by the number of proposed new jobs each deal could help create, according to a recent article in that publication. IBOD Co. Inc., parent company of Root Insurance, received a “10-year, 2.38 percent job creation tax credit, potentially valued at more than $8 million,” in return for 463 new jobs. The other companies in the top five are Macy’s with 410 new jobs, Le Tote Inc. with 400, Aetna Resources LLC with 350, and FacilitySource, 272. The “total estimated proposed value of the 25 largest incentives approved from July 2017 to June 2018 is $65.05 million, which includes two data center sales tax exemptions as well as job creation tax credits,” Columbus Business First reports. For more, read the full article (subscription required).

Economic Development, Financial Incentives, State Updates

Dayton’s downtown resurgence fueled by incentives, public-private partnerships

The new CareSource building, Dayton Dragons Stadium and Riverscape MetroPark exemplify how government incentives and public-private partnerships have spurred Dayton’s downtown resurgence over the past 20 years, the Dayton Business Journal reports. Rep. Mike Turner (R-Dayton) listed those projects at a recent press conference where he was joined by Rep. Brad Wenstrup (R-Cincinnati), local developer Charlie Simms and executive director of Five Rivers MetroParks Becky Benna. Turner “touted the positive effects of government incentives” such as historic tax credits and programs including community reinvestment areas and opportunity zones, which have “helped spur growth in Dayton.” He said, “[t]here are more people living, working and enjoying downtown than there were 20 years ago . . . [w]e have real examples of how a community like this uses those federal tools of tax credits and grant monies to be able to turn downtown around.” For more, read the full article.

Economic Development, Financial Incentives
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