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

Gov. DeWine proposes income tax credit for investors in distressed communities

Ohio Governor Mike DeWine announced a proposed 10-percent income tax credit “for businesses that invest in economically distressed parts” of the state and create jobs, the Akron Beacon Journal reports. The tax credit would apply to Opportunity Zones (see our August 13, 2018 blog post), a program that “involves the use of federal tax credits to provide incentives to businesses to move into or expand in the zones.” DeWine told a business roundtable, “[w]hat we propose to do in Ohio is enhance these with a tax break also from the state of Ohio,” and that the new tax credit is also intended “to induce people outside the state to invest in Ohio.” For more, read the full article

Economic Development, Financial Incentives, State Updates

Delaware approves mixed-use Kerbler project in Orange Township

A nearly 300-acre mixed-use development in Orange Township has the green light to move forward, after the township approved zoning and Delaware County Commissioners approved a development agreement with the housing developer, Schottenstein Real Estate Group, The Columbus Dispatch reports. The Kerbler project “is expected to include single-family homes and about 300 condominiums and apartments, a senior-care facility, retail space, offices and ‘light industrial’ buildings,” according to the article. Developers will help finance an extension of Home Road east of US-23 as part of the deal. A tax-increment financing (TIF) district was created for the project, which is “projected to generate $36.7 million to support infrastructure improvements and go toward local schools.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Two Cincinnati-area health care firms awarded $11.7M in clean-air financing

The Ohio Air Quality Development Authority approved $11.7 million in clean air financing in awards to two Greater Cincinnati health care companies, the Cincinnati Business Courier reports. Both firms will use “property assessed clean energy (PACE) financing in coordination with their lenders,” according to the article. JZB Realty Holdings Co. “received approval for up to $4.7 million in PACE financing for energy efficiency improvements and the addition of a solar array” on the roof of Forest Hills Care Center in Anderson Township. Clermont Health Realty “was approved for up to $7 million for energy efficiency financing” that will be used for an HVAC system, lighting, windows and other features of a new skilled nursing facility in Amelia. For more, read the full article

Energy Efficiency, Financial Incentives, Renewable Energy, State Updates

Big projects changing Middletown’s once-stalled downtown

More than 35 new businesses “have opened up in downtown Middletown” in the past few years, including restaurants, microbreweries and distilleries, in addition to Ohio’s first Designated Outdoor Refreshment Area, the Journal-News reports. BMW Motorcycles of Greater Cincinnati is redeveloping the former Middletown Senior Center into “a regional BMW Motorcycles dealership.” The city granted a 12-year, 100 percent real property improvements tax abatement as well as a $50,000 Small Business Economic Development Job Creation Grant for the project, which includes “an investment of $1.273 million in construction and upgrades” and will create 12 new full-time jobs. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Development agencies eagerly anticipate Opportunity Zones’ possibilities

Economic development agencies are looking forward to using the new federal Opportunity Zones “as a tool to enhance available incentives,” The Business Journal reports. The state of Ohio “chose 15 census tracts in the Mahoning Valley” for the program, which “allows taxpayers to defer any tax owed on capital gains by investing the realized gain” in the low-income Opportunity Zone tracts (see our August 13, 2018 blog post), according to the article. Anthony Trevena, director of the Northeast Ohio Development and Finance Authority, said, “[e]veryone believes it’s got the potential to be a game changer for our communities in those zones.” For more, read the full article

Economic Development, Financial Incentives, State Updates

Three NE Ohio manufacturers adding 599 jobs and $31.2M payroll win tax credits

The Ohio Tax Credit Authority (TCA) awarded tax credits to three Ohio companies whose expansion plans will “add a total of nearly 600 jobs and $31.2 million in payroll,” Crain’s Cleveland reports. The Great Lakes Cheese Co. “expects to create 400 full-time positions, generating $23.8 million in new annual payroll” as part of its headquarters expansion; the TCA approved a 2.281%, 10-year Job Creation Tax Credit for that project. Youngstown Tool and Die Co. will construct a new plant and add 60 new jobs that will create $2.5 million in annual payroll. Morgan Truck Body LLC “won a $1.293%, eight-year tax credit for its plan to create 139 new full-time jobs in Orrville,” adding $4.9 million in new annual payroll. For more, read the full article

Economic Development, Financial Incentives, State Updates

New Albany will be site of $600M Google data center

Google recently confirmed it “plans to develop a $600 million data center in New Albany this year,” ThisWeek Community News reports. Montauk Innovations, a Google affiliate, “has purchased 447 acres in Franklin and Licking counties for $54.5 million,” according to the article. Google “has received millions of dollars in state and local tax incentives for the project,” with state tax incentives estimated to be $43.5 million. Kenny McDonald, chief economic officer for Columbus 2020, tweeted, “@Cbusregion is proud to be a partner of one of the world’s greatest enterprises.” For more, read the full article.

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