Delaware County 2,000-acre Berlin Business Park would focus on commercial, light industrial

Officials in Delaware County are working on plans for a “massive new business park” in Berlin Township, on “about 2,000 acres of mostly rural land,” Columbus Business First reports. Bob Lamb, the county’s economic development director, said “the intent is for commercial and light industrial businesses to occupy major parts of the land, with some room for retail and medical offices.” Delaware County is planning to invest “in major infrastructure work to support the development”; once the site is ready to be developed, the county “will roll out a host of incentives” including a Community Reinvestment Area tax credit and access to bond financing, among others. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Zanesville begins talks about new Downtown Redevelopment District

The City of Zanesville is considering a request from property owners to create a new Downtown Redevelopment District (DRD), the Zanesville Times Recorder reports. Zanesville currently has a DRD “containing portions of Third, Fourth, South and Main streets”; the new DRD would be “based on the properties located around Sixth Street,” according to the article. Property owners and the city “would benefit from the payments derived from the increased assessed value of any improvement to real property” if the DRD is established. The city could pull up to 70% of the increase in value “and use that money to help historical properties with improvements like repairing facades or fixing code corrections,” among others. For more, read the full article.

Economic Development, Financial Incentives, Project Finance

Delphos kicks off Energy District with city project

Businesses, government, healthcare, and educational facilities in Delphos have access to Property Assessed Clean Energy (PACE) financing now that the city is an Energy District, the Delphos Herald reports. Safety Service Director Shane Coleman “signed the paperwork for an $8,000 loan . . . for an energy-efficient lighting project at the water treatment plant,” kicking off the Energy District, according to the article. The district is sponsored by “the Toledo-Lucas County Port Authority through its Betterbuildings Northwest Ohio [BBNWO]”; financing will come from the BBNWO’s PACE program. Eligible projects include upgrades to energy efficiency for lighting, HVAC, and refrigeration, among others. For more, read the full article.

Energy Efficiency, Financial Incentives, Project Finance, State Updates

Bexley says CRA could fund Mayfield Place remediation and remodel

Bexley City Council is considering a Community Reinvestment Area (CRA) agreement that “would enable a private developer to environmentally remediate and remodel an apartment complex” in southwest Bexley, according to Mayor Ben Kessler, ThisWeek Community News reports. Ordinance 12-19, if approved, would allow “for a 100 percent, 15-year tax abatement on the new improvements” to Mayfield Place, according to the article. The legislation states that the developer “would undertake environmental remediation of contaminated soil at the Mayfield Place in accordance with the Ohio Environmental Protection Agency’s Voluntary Action Plan.” Council member Richard Sharp noted the city would not abate current taxes, but “future improvement and value.” For more, read the full article.

Economic Development, Environmental, Financial Incentives, Project Finance

Brecksville considers TIF for mixed-use project

The City of Brecksville is considering a TIF agreement to help finance the mixed-use Valor Acres development project proposed for the former U.S. Department of Veterans Affairs Brecksville hospital site, Cleveland.com reports. The 103-acre Valor Acres “may include stores, restaurants, apartments, hotels, hospitals, manufacturing plants, offices and-or laboratories,” according to the article. New property taxes generated from the development would fund infrastructure improvements; Mayor Jerry Hruby said in an email to Cleveland.com, “[w]e believe (a TIF) is the best option to develop the (Valor Acres) property and the area infrastructure.” Brecksville-Broadview Heights schools would not lose any existing property taxes under the TIF. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Historic Dayton Arcade revitalization project is underway

With this week’s financial closings, the historic Dayton Arcade revitalization project is underway. For more, read the full article

Economic Development, Financial Incentives, Project Finance, Renewable Energy

Two Cleveland development projects will generate combined $4.2M in annual payroll

Cleveland City Council approved development agreements for two companies bringing an expected 60 jobs totaling approximately $4.2 million in annual payroll into the city, Cleveland.com reports. A 10-year, 60-percent tax abatement on property improvements will allow Northern Stamping, Inc. “to expand its operations at a site on Harvard Avenue,” adding 28 jobs at an estimated annual payroll of nearly $1.4 million, according to the article. Dynamic Metal Services will consolidate operations “into a 280,000-square-foot building on Euclid Avenue,” bringing 30 jobs to the city. City Council granted the company a “10-year, 30-percent tax abatement on the site improvements.” For more, read the full article

 

Economic Development, Financial Incentives, State Updates

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,” Cleveland.com 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
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