IT distributor Tech Data chooses Ohio for expansion

Tech Data Corp., a distributor of IT equipment, plans to add 88 jobs to its current base of 208 positions at its Obetz facility, an expansion company spokesperson Bobby Eagle called a testament to the distribution center’s performance, Columbus Business First reports. Ohio “was competing with Arizona, Texas and Georgia” for the project to increase capacity, according to the article. The Ohio Tax Credit Authority approved “a 1.35 percent, six-year tax credit based on the payroll generated by the net new jobs,” a deal that “would be worth $275,000 over the life of the agreement, if the company creates all the pledged jobs and meets other terms.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

2019 Infrastructure Funding: How to get it and spend it wisely

On January 14, 2019, the President signed the Water Infrastructure Improvement Act (H.R. 7279), granting municipalities new statutory tools to affordably confront expensive infrastructure challenges using Integrated Planning. Bricker & Eckler, McMahon DeGulis and Muskingum Watershed Conservancy District are hosting a free series of public infrastructure planning events to discuss these tools and the integrated planning process.

This program will be offered in various Ohio locations February through May.  For more information, including schedule, location details and to register, visit the event page.

Economic Development, Federal Updates, Financial Incentives

Canton approves incentives for two companies to bring jobs downtown

Canton City Council recently approved tax incentives for Thrasher Engineering and Julz by Alan Rodriguez to relocate to downtown Canton, CantopRep.com reports. The agreements “will create more than 30 new jobs total in the city,” according to the article. Thrasher, an architecture, engineering and field services firm, is moving its 27 employees to the Stark State College campus; the council approved a one percent income tax credit and discounted city parking for the company. Downtown jeweler Julz, which “will double staffing to eight employees” in its new space at 537 Cleveland Ave. NW, received “a 10-year tax exemption on any improvements to the property.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Dayton Arcade renewal project close to $96M in crucial financing, tax credits

The “next chapter” of the Dayton Arcade is “hitting its stride,” as developer Cross Street Partners is nearing $96 million in public tax credits, the Dayton Daily News reports. The project “is eyeing a capital stack” including $36.5 million in New Market tax credits, $22 million in housing tax credits, and $25 million in state and federal tax credits. PACE (property assessed clean energy) financing, $1.2 million in Montgomery County ED/GE development help, a $10 million loan from the city of Dayton, and a $900,000 JobsOhio grant are also “in play,” according to the article. David Williams, Arcade project manager for Cross Street, said, “[w]hat we’re really trying to do is write the next chapter” of the Arcade, with plans for restaurants, retail, affordable housing units, fine arts space, a University of Dayton innovation center, and more. For more, read the full article.  

Economic Development, Financial Incentives, Project Finance, State Updates

Cincinnati Council members propose changes to tax abatement criteria

Three members of Cincinnati City Council are asking for more information on how the city grants tax incentives and whether the city should add requirements for affordable housing and environmental standards to those tax incentives, CityBeat reports. Council members Tamaya Dennard, Greg Landsman and Wendell Young introduced a motion in an effort to “both continue to incentivize development in Cincinnati while making sure people who live in the city’s neighborhoods benefit from it and aren’t displaced by changes coming to various communities” including rapidly developing Over-the-Rhine and others. Some specific changes to the city’s abatement policy “could include requiring LEED Gold or Platinum certification” as opposed to the currently required Silver, “and requiring residential developments seeking abatements to provide some units affordable to those with lower income levels.” For more, read the full article

Economic Development, Energy Efficiency, Environmental, Financial Incentives

Two Columbus projects awarded Historic Preservation Tax Credits

The Ohio Development Services Agency recently granted Ohio Historic Preservation Tax Credits to The Hayden in downtown Columbus and Brad DeHays’ Trolley Barn on the Near East Side of Columbus, Columbus Underground reports. The $19M Hayden project, a 13-story building at 16 E. Broad Street and a 4-story building at 20 E. Broad Street that dates to 1869, received a total tax credit of $1,940,000. Brad DeHays’ Trolley Barn, a trio of buildings that will be converted into office space, a residential building and a coffee shop, received a total of $361,000 in tax credits. Bricker & Eckler LLP served as PACE counsel for The Hayden. For more, read the full article

Economic Development, Financial Incentives, State Updates

Honda R&D Americas adding 175 new jobs at Ohio Center

JobsOhio and Honda R&D Americas recently announced a “partnership supporting a growing, high-tech workforce at Honda R&D Americas’s Ohio Center in Union County” that will create an additional 175 jobs, The Columbus Dispatch reports. Frank Paluch, president of Honda R&D Americas, said in a news release, “[a]s Honda takes on new challenges to meet the future needs of our customers, we continue to build a next-generation workforce by investing in our associates, our operations and our communities to promote the growing, high-tech presence here in Ohio.” JobsOhio will support the expansion with a $1.2M Workforce Grant, a JobsOhio R&D Center Grant, and JobsOhio Talent Acquisition Services. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

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
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