Largest state tax incentive deals in Central Ohio ranked by number of proposed new jobs

The parent company of a local insurance startup tops Columbus Business First’s list of state tax incentive recipients, ranked by the number of proposed new jobs each deal could help create, according to a recent article in that publication. IBOD Co. Inc., parent company of Root Insurance, received a “10-year, 2.38 percent job creation tax credit, potentially valued at more than $8 million,” in return for 463 new jobs. The other companies in the top five are Macy’s with 410 new jobs, Le Tote Inc. with 400, Aetna Resources LLC with 350, and FacilitySource, 272. The “total estimated proposed value of the 25 largest incentives approved from July 2017 to June 2018 is $65.05 million, which includes two data center sales tax exemptions as well as job creation tax credits,” Columbus Business First reports. For more, read the full article (subscription required).

Economic Development, Financial Incentives, State Updates

Dayton’s downtown resurgence fueled by incentives, public-private partnerships

The new CareSource building, Dayton Dragons Stadium and Riverscape MetroPark exemplify how government incentives and public-private partnerships have spurred Dayton’s downtown resurgence over the past 20 years, the Dayton Business Journal reports. Rep. Mike Turner (R-Dayton) listed those projects at a recent press conference where he was joined by Rep. Brad Wenstrup (R-Cincinnati), local developer Charlie Simms and executive director of Five Rivers MetroParks Becky Benna. Turner “touted the positive effects of government incentives” such as historic tax credits and programs including community reinvestment areas and opportunity zones, which have “helped spur growth in Dayton.” He said, “[t]here are more people living, working and enjoying downtown than there were 20 years ago . . . [w]e have real examples of how a community like this uses those federal tools of tax credits and grant monies to be able to turn downtown around.” For more, read the full article.

Economic Development, Financial Incentives

PACE Workshop – September 26

We invite you to join Bricker & Eckler and NOPEC for the Property Assessed Clean Energy (PACE) Workshop on September 26 in Twinsburg, Ohio. Bricker attorneys Jason Tiemeier and Michael Katz will present on Ohio PACE financing. More information, including registration, is available here.  

Energy Efficiency, Financial Incentives, Project Finance

Tax credits bring close to 1,500 jobs to Monroe in five years

The City of Monroe has gained millions in investment dollars and almost 1,500 jobs over the past five years, which were generated by several large companies that received tax credits from the state. The Ohio Tax Credit Authority has approved state tax credits for companies including Amazon.com, Bed Bath & Beyond and others over that time, and those projects have brought investment “of nearly $107 million” and have created 1,492 new jobs in Monroe, the Journal-News reports. The latest project, an 827,080-square-foot Bed Bath & Beyond distribution center, will “create approximately 900 full-time jobs generating $26.6 million in new annual payroll,” according to the article. The Ohio Tax Credit Authority approved a 1.467 percent, 10-year Job Creation Tax Credit for that project. For more, read the full article.

Economic Development, Financial Incentives, State Updates

EmberClear investing nearly $1B in 1,050-MW Harrison combined-cycle plant

A new natural gas-fired combined-cycle power plant in Harrison Industrial Park will increase efficiency, create jobs, and generate millions in payments to local governments and schools, the Herald-Star reports. Texas-based energy development company EmberClear “is investing nearly $1 billion in construction” for the 1,050-megawatt power plant in the Harrison Industrial Park. The plant, which will create 700 construction jobs and more than 20 permanent positions, “will be designed to meet the growing industrial demands fueled by the local natural gas economy and replace older, less efficient plants,” according to the article. EmberClear will receive a 15-year property tax exemption as part of a P.I.L.O.T (Payment in Lieu of Taxes) agreement; in exchange, the developer will pay $31 million to Harrison County, the Harrison Hills City School District, and local villages and townships. For more, read the full article

Economic Development, Energy Efficiency, Financial Incentives

Athens Water Treatment Plant installs solar panels to reduce energy usage

New solar panels are being installed as part of a capital improvement project at the Athens Water Treatment Plant, the city’s second-largest electricity user, The Athens News reports. Third Sun Solar, an Athens-based company, is installing the panels, which “are expected to generate 178.5 kilowatts of energy,” or approximately “50 percent of the plant’s electrical needs,” according to the article. City Director of Engineering and Public Works Bob Heady said the city is “working with the AEP Ohio Business Incentive Program to receive incentives” for reducing energy consumption. Athens received funding through the Ohio EPA’s Water Supply Revolving Loan Account for the project, Heady said. For more, read the full article.

Financial Incentives, Renewable Energy

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
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