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

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

Interactive Map: Ohio PACE Programs

For your reference, our team recently developed a comprehensive Ohio map featuring all active and inactive PACE programs in the state. Scroll over each dot for additional information, including jurisdiction name, ESID and management identification, and the number of closed projects.

Financial Incentives, Project Finance, State Updates

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

TJX seeks tax abatement for $160M distribution center in Lordstown

A property tax abatement for TJX Companies Inc. to build a 1.2-million-square-foot warehouse in Lordstown could help the local school district avoid seeking a levy, The Business Journal reports. TJX is seeking a “10-year, 75% property tax abatement for its proposed $160 million” distribution center that would serve its HomeGoods chain, according to the article. The school district would receive a share of the income tax generated by the facility. Lordstown school board president Bill Catlin said the property for the proposed project currently generates $7,600 in property taxes annually, but based on the projected payroll of $27 million, “the village income tax would generate about $270,000 annually.” The Ohio Tax Credit Authority approved a Job Creation Tax Credit for the project that is “potentially worth more than $3.5 million” to TJX. For more, read the full article

Economic Development, Financial Incentives

Auto supplier plans additional $73M investment, 204 jobs in Springfield

Topre America is expanding its previous plans for a new facility in Springfield (see our June 12, 2017 blog post), announcing it will invest an additional $73 million in the facility to meet increased production requests, the Dayton Business Journal reports. The additional investment in the 177,000 square-foot stamping and steel production plant will “create 204 assembly, research and development, stamping and light manufacturing jobs,” according to the article. The expansion is “contingent upon the approval of state and local incentives.” Jeff Hoagland, president and CEO of the Dayton Development Coalition regional JobsOhio affiliate, said the coalition understands the impact of more than 200 new jobs and “will continue to work with our partners in Springfield and JobsOhio to move this project forward.” For more, read the full article.

Financial Incentives, JobsOhio/ODSA, Regional Updates, State Updates

Dayton’s strategic use of CRA fueling growth in downtown, other areas

While home prices have been rising in downtown Dayton, Webster Station and other Dayton neighborhoods, property taxes don’t always immediately rise along with them, thanks to the city’s Community Reinvestment Area program, the Dayton Daily News reports. The program “incentivizes property improvements and new construction by exempting taxation on the value of the improvements,” the article reports. Dayton uses the abatements strategically by targeting “the neighborhoods that need it most,” said Karl Keith, Montgomery County Auditor. Keith said the city’s targeted approach will help reverse the trends of declining property values in areas that have experienced urban decay and blight. Some of the recent new homes in downtown Dayton have sold for prices that were “unimaginable to developers a decade ago.” As of 2017, “nearly $63 million was invested in Dayton properties” in the CRA program. For more, read the full article

Financial Incentives, Regional Updates, State Updates
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