Posts Authored by DevelopOhio

Editorial: Capital Crossroads & COTA deal could be key to revitalizing downtown

A proposal to provide thousands of downtown Columbus employees with free bus passes could be the answer to multiple issues challenging the growth of the Downtown area, according to a recent editorial in The Columbus Dispatch. The lack of parking or affordable mass transit options is hampering commercial office brokers from leasing office space, hotels from retaining employees, and corporations from moving Downtown, according to the editorial. A proposal to provide “43,000 Downtown employees with free bus passes” will go before “the board [of the] Capital Crossroads Special Improvement District [SID]” in August. The SID “conducted an 18-month test program” that saw the number of employees at participating companies riding the bus double, to 12 percent. For more, read the full article

Regional Updates, State Updates

Bricker & Eckler attorneys to present on economic development

Bricker & Eckler attorneys will present "Developing Property for Economic Growth," on February 23, 2017, at The Union Club in Cleveland. This presentation will walk attendees through the process of developing public or privately-owned properties and facilities. Presenters will address every aspect of the process, including:

  • Real estate: Acquisition, options for ownership structures, rezoning, preparation for development, and revitalization
  • Economic development: Creative tools available to assist with the project and ensure its long-term success, including tax increment financing and energy efficiency financing
  • Bond financing: Considerations for funding the project
  • Construction: Best practices for thorny issues

A networking reception including cocktails and hors d'oeuvres will follow the presentation. For more details or to register, visit the event page.

Financial Incentives, Regional Updates, State Updates

IRS issues new safe harbor provisions for management contracts

The Internal Revenue Service has announced a new safe harbor for management contracts relating to certain bond-financed facilities.  Rev. Proc.  2016-44 aims to provide what it characterizes as a “more flexible and less formulaic approach” to the question of whether an arrangement with a service provider could adversely affect the tax-exempt status of governmental bonds and qualified 501(c)(3) bonds under the Internal Revenue Code of 1986, as amended.  The new safe harbor permits longer term arrangements between the beneficiaries of tax exempt bonds and service providers without adversely affecting the tax status of those bonds. For more, read the full article.

Federal Updates, Financial Incentives, Legal Developments