Downtown Dayton experiencing “largest construction boom in decades”

Investment in the downtown Dayton area “has surpassed $932 million since 2010,” with “about $428 million worth of projects” under development currently, the Dayton Daily News reports. Among those projects are “the massive rehab of the Dayton Arcade and the construction of the Levitt Pavilion Dayton, a new outdoor music amphitheater,” according to the article. The “first new office tower in years,” the CareSource Center City building, is expected to open in 2019. A Fairfield Inn and Suites hotel under construction now is the first new hotel in downtown Dayton in decades. The construction boom is being driven by “colossal interest in urban living and the growing appetite for unique and authentic” options to live, work, and play in the downtown area. For more, read the full article.  

Regional Updates, State Updates

Authority approves $49M in bond financing for redevelopment of shuttered hotel

The Lake County Ohio Port and Economic Development Authority recently announced approval for a “$49 million bond financing package for Tapestry Wickliffe LLC” to convert a former hotel to senior citizen housing, Crain’s Cleveland reports. Minneapolis-based LaSalle Development Group Ltd. will turn the shuttered hotel at 28500 Euclid Ave. into “a 167-unit assisted living center for senior citizens with a memory care center,” according to the article. The port’s director of public finance, Tim Cahill, “said the bond package consists of taxable and tax exempt bonds that the port board and Lake County commissioners approved.” According to a news release from the port, the project will create more than 100 new jobs. For more, read the full article.

Regional Updates, State Updates

State grants more than $2.5M to communities for infrastructure projects

The Ohio Development Services Agency (ODSA) recently awarded 10 grants to communities across the state to “improve streets, sidewalks, bridges, public facilities and infrastructure,” The Daily Jeff reports. The grants, “totaling more than $2.5 million,” were awarded through the Community Development Critical Infrastructure program, according to the article. David Goodman, director of the ODSA, said, “[c]ommunities with reliable infrastructure are better positioned for growth.” Counties receiving grants include Fairfield County, which “will receive a $216,500 grant to help the village of Baltimore repair Water Street Bridge and relocate an exposed water pipeline,” and Coshocton County, which “will receive a $300,000 grant to help the city of Coshocton with sewer facility improvements.” For more, read the full article.

JobsOhio/ODSA, Regional Updates, State Updates

Cargill will build new $50M plant in Dayton area

Minneapolis-based Cargill Inc. will expand its presence in the Dayton region with a new, $50-million manufacturing plant that will create 12 new jobs, the Dayton Business Journal reports. Cargill, which “provides food, agriculture, financial aid and industrial products,” will construct a “300,000-square-foot animal nutrition plant near its other facility in the Preble County town of Lewisburg,” according to the article. The new plant will be “the company’s only ‘fully non-medicated’ animal feed plant in the U.S.” when it opens in 2019. Cargill currently employs 957 people in the Dayton region among its facilities in Dayton, Lewisburg, Sidney and Brookville. For more, read the full article.

Regional Updates, State Updates

Chillicothe has opportunity to become the next Charleston

The historical heritage preserved in downtown Chillicothe could be the key to transforming the city into the “Charleston of the Midwest,” according to a nationally recognized city planner, the Chillicothe Gazette reports. Robert Gibbs, “a Michigan-based planner widely recognized nationally as one of the industry’s most influential,” said Chillicothe “feels to me like Charleston (South Carolina) felt to me 40 years ago,” the article reports. Gibbs noted that Chillicothe still has “beautiful, historic buildings in their original state” that have not been “‘vandalized’ by modernism.” Gibbs was part of an international group of developers, planners, and architects who recently spent time touring Chillicothe and “meeting with downtown building and business owners and officials involved with revitalization.” The panel addressed questions involving a variety of areas, including “creating an actionable downtown vision, one-way versus two-way streets,” and “finding available resources and attracting outside investment,” among others. For more, read the full article

Regional Updates, State Updates

TIFs for two Hillsboro development projects will generate revenue for the city

A new dental office and an Orscheln Farm and Home store under construction in Hillsboro “will bring revenue back into the area for infrastructure improvements through Tax Increment Financing [TIF],” The Times-Gazette reports. Hillsboro Safety and Service Director Mel McKenzie said “he is organizing TIF designation for the two properties” and that the TIFs “will be a good source of income for the city over the next 10 years,” according to the article. McKenzie said the dental office and Orscheln properties are expected to generate approximately $83,000 and $260,000 in new property taxes respectively over the next ten years, with 75 percent of that income to be used for public improvements that “could include roadwork, water and sewer line replacement, storm water collection and new sidewalks.” For more, read the full article

Financial Incentives, Regional Updates, State Updates

Columbus gaining parking capacity with new $18M, 650-space parking garage near Convention Center

The Franklin County Convention Facilities Authority is planning a new parking garage to help ease parking for downtown events, The Columbus Dispatch reports. The new garage will be built on what Authority Executive Director Don Brown called “The Lower Yard,” east of the Greater Columbus Convention Center. The Authority “currently has 4,000 parking spaces” in four facilities but Authority Executive Director Don Brown said they still typically experience “overflow conditions” during events. To raise the $18 million needed to build the new garage, the Authority plans to sell bonds, and Franklin County Treasurer Cheryl Brooks Sullivan “plans [for the County] to buy the bonds because they pay more than the average government bond investment.” The county will save the cost of buying the bonds on the private market; the bonds are a safe investment because the income backing them comes “from all of the Authority’s parking facilities, two of which are debt-free,” according to County Administrator Kenneth Wilson. For more, read the full article

Regional Updates, State Updates

Cleveland approves TIF for Terminal Tower apartments project

The observation deck of Terminal Tower will be a lot closer for some downtown Cleveland residents, after twelve floors of that building are converted into apartments, Cleveland.com reports. Cleveland City Council recently “approved a tax increment financing agreement that will allow use of newly generated tax revenue that would have gone to the city to be used instead to help finance the project,” according to the article. Developer K&D Group plans to leave the upper floors as offices and convert the fourth through fifteenth floors to one- and two-bedroom apartments. The agreement “does not impact the tax dollars that would go to the Cleveland school district.” For more, read the full article

Financial Incentives, Regional Updates, State Updates

New Maumee mixed-use project will benefit city, school district

Maumee’s “biggest development” in 40 or 50 years will generate new tax revenue for the school district and create “a very substantial amount” of jobs for the area, The Toledo Blade reports. An “open field” will be transformed into a mixed-used economic development that “will likely include a hotel, restaurants, retail shops, independent living, and a 90,000-square foot medical office,” according to the article. The city, developer Joe Swolsky, and the school district collaborated on the agreement, part of which “states a tax incremental finance district will be formed, and the schools will receive 10 percent of all new taxes for 20 years.” That money “will be used to upgrade facilities the public uses,” such as athletic facilities, playgrounds and the performing arts center. Taxes generated from the project will help the city offset losses from the closing of The Andersons retail store earlier this year. For more, read the full article

 

Financial Incentives, Regional Updates, State Updates

State approves tax credits for projects to bring 388 jobs and $23M in investments

Ohio Governor John Kasich recently announced “the approval of assistance for 5 projects set to create 388 new jobs” and bring millions in investment to the state, The Sunbury News reports. The Ohio Tax Credit Authority (TCA) “reviewed economic development proposals brought to the board by JobsOhio and its regional partners,” the article reports. Those five projects are expected to “spur more than $23 million in investments across Ohio.” Among the credits the TCA approved is “a 1.402 percent, seven-year Job Creation Tax Credit” for BoxCast Inc.’s expansion that is expected to create 71 new full-time positions. UPS Supply Chain Solutions, Inc. received “a 1.505 percent, seven-year Job Creation Tax Credit” for a new project in West Chester that will add 130 full-time positions, “generating $5.5 million in new annual payroll.” For more, read the full article

JobsOhio/ODSA, Regional Updates, State Updates
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