Three big Columbus projects granted state historic preservation tax credits

A “handful of old and empty Columbus buildings” will get new life after renovation plans were approved for Ohio Historic Preservation Tax Credits, The Columbus Dispatch reports. Eclipse Real Estate’s proposed $60.6-million transformation of the former Madison’s Department store and White-Haines buildings was granted $4.4 million in tax credits. Eclipse plans to keep the ground-floor retail, add apartments above, and add a new building for parking, commercial spaces and additional residences, according to the article. Developer Eli Adahan’s $17.6-million plans for The Broadwin apartment building received $1.755 million in tax credits. Brad DeHays proposes an $8.5-million redevelopment of the Market Mohawk Center to convert first-floor offices into apartments and retain offices on the upper floors. The project was granted $842,267 in tax credits. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Lawsuit claims Cincinnati’s residential tax abatement program increases racial disparity

Cincinnati’s residential property tax abatement program “rewards wealthy white homeowners in predominantly white neighborhoods while punishing minorities and poor people who often don’t qualify for tax breaks,” a lawsuit filed against the city claims, according to a recent Cincinnati.com article. The lawsuit claims the rule mandating homeowners “spend at least $5,000 on a home improvement project” to qualify leads to exacerbation of “the racially segregated residency pattern” in the city. Some city officials have expressed concern about the program over the years; Cincinnati City Council “created the Property Tax Working Group more than a year ago to examine the system and propose changes.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Campbell City Schools converting all buildings to clean energy

The Campbell City school district will invest $2 million in infrastructure upgrades to “convert all of its buildings to be powered by clean energy,” with work beginning later this summer, The Business Journal reports. The upgrades, including a hybrid solar and combined heat and power systems, “are being made at no cost to the community thanks to incentive programs,” according to the article. Matthew Bowen, superintendent of Campbell City Schools, said in a statement the school district will be free from the energy grid in 20 years and will “capture a full $300,000 annual benefit.” For more, read the full article

Environmental, Financial Incentives, Renewable Energy, State Updates

Carvana receives JobsOhio grant for $24M investment, 400 new jobs

JobsOhio recently awarded online car retailer Carvana a $175,000 economic development grant to accelerate its nearly $24.2 million investment to develop “an approximately 200,000-square-foot automotive processing facility” near Middletown, the Dayton Business Journal reports. The proposed project “would be a distribution facility that includes vehicle intake, repair, storage and delivery” that is expected to create 400 permanent jobs generating $13.3 million in payroll by the end of 2024, according to the article. The Ohio Tax Credit Authority also granted a Job Creation Tax Credit for the project (see our July 15, 2020 blog post). For more, read the full article

Economic Development, Financial Incentives, State Updates

Columbus ESID closes over $100 million in funding

On July 17, 2020, the Columbus Regional Special Improvement District (ESID)'s PACE financing program, administered by the Columbus-Franklin County Finance Authority, announced that they have now closed over $100 million in funding for local energy-related projects. Since 2015, the Columbus Regional ESID has provided a 32 percent average utility bill reduction and annual energy savings of $1.4 million in Franklin County. Congratulations to the ESID and Finance Authority teams, and a special congratulations to Jeremy Druhot for his hard work in making our local PACE financing program a nationally recognized success. For more, read the full press release.

Economic Development, Energy Efficiency, Financial Incentives, Project Finance

Butler County projects win tax credits for promised 464 new jobs

The Ohio Tax Credit Authority has granted tax credits for Butler County projects that will bring investment in new facilities and create 464 new jobs, the Hamilton Journal-News reports. Origin Venture, a paper company providing papermaking, recycling, and corrugated packaging manufacturing, received “a 1.618 percent, eight-year Job Creation Tax Credit,” according to the article. The company “expects to create at least 64 full-time positions in Hamilton, generating $4.7 million in new annual payroll.” Carvana, an online platform for users to “trade, finance, buy and sell used cars,” received “a 1.368 percent, eight-year Job Creation Tax Credit.” Carvana expects to create 400 full-time positions generating $13.3 million in new annual payroll for its 200,000-square-foot facility in Trenton. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Ohio Attorney General pushes for GM to repay $60M in tax incentives after plant closure

State Attorney General Dave Yost recently “ratcheted up the pressure” on General Motors (GM) to repay $60 million in state tax incentives, citing the company’s failure to meet the contractual obligations of the incentive agreement, Gongwer reports. AG Yost filed a brief with the Tax Credit Authority arguing “a clawback of the benefits was in order” due to GM’s closure of its Lordstown plant last year; the incentives “came with the caveat that GM would maintain operations . . . through 2028 and retain 3,700 jobs through 2040,” according to the article. Yost said “repaying the tax credits will be at a cost to GM of one percent of its 2019 savings from closing the facility,” based on GM’s report that the plant closure saved the company $6 billion. 

 

Economic Development, Financial Incentives, State Updates

Central Ohio pursues public tech company’s 285-job operations center

MongoDB Inc., an open-source general purpose database platform provider, is looking at locations including central Ohio for an administrative hub that would employ about 285 people, Columbus Business First reports. The Ohio Tax Credit Authority recently approved a 10-year, 1.96% tax credit “if MongoDB chooses Franklin County and stays at least 13 years,” according to the article. That credit “would be worth $3 million” if the company meets the job-creation goal and other terms of the deal. MongoDB currently employs 1,800 employees worldwide, and its reported revenue for the year ending January 31, 2020 was $422 million. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Lower Price Hill mixed-use project wins federal tax credits and loans for construction

A mixed-use development project that will bring “47 units of affordable housing and renovated commercial space” to Cincinnati’s Lower Price Hill has landed approximately $846,000 in federal Low Income Housing Tax Credits administered by the Ohio Housing Finance Authority (OHFA), CityBeat reports. Lower Price Hill nonprofit Community Matters “is partnering with Over-the-Rhine Community Housing (OTRCH) on the project,” called LPH Thrives, according to the article. The tax credits “can be used to attract investors to finance construction”; in return, the property owner must “keep the residential units affordable and reserved for low and moderate income households.” OHFA also approved federal loans to help finance project costs. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Huber Heights establishing incentive programs to bolster economic growth

Officials in Huber Heights are “establishing several new programs as part of an economic and workforce development strategy” with the mission to ensure the city continues to grow its economy, the Dayton Business Journal reports. The programs include a tuition subsidy for residents working to obtain degrees in certain specialized fields, a façade improvement program for older properties, and a rent guarantee program, according to the article.  Additionally, a local income tax rebate “would benefit Huber Heights residents, current business owners and potential business owners who may be looking to establish operations here.” Jason Foster, the city’s economic development coordinator, “said the goal with all these programs is to bolster the economic vibrancy and quality of life in Huber Heights.” For more, read the full article.

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