Posts Authored by John Caleb Bell

Ohio plans to become fourth state to offer residential PACE financing

Joining California, Florida and Missouri, Ohio will soon be the fourth state to offer residential PACE (property assessed clean energy) programs. The City of Bexley in Franklin County and the City of Toledo in Lucas County have authorized agreements with the Toledo-Lucas County Port Authority to offer residential PACE (RPACE), allowing homeowners in those cities access to low-interest loans for energy efficiency improvements. Summit County will make RPACE financing available to homeowners in communities that have joined the Akron-Summit County Energy Special Improvement District (ESID), Cleveland.com reports. Homeowners who “are making energy efficiency improvements” to “HVAC, furnace, roofing, windows and doors, insulation” and other systems “can finance the up-front costs and then pay back the loans through a voluntary assessment” on their property tax bill, according to the article. Residential PACE is expected to roll out statewide by the end of 2019. For more on Summit County RPACE financing, read the full article.

Energy Efficiency, Project Finance, State Updates

Winston named as new president and CEO of Toledo-Lucas County Port Authority

The Toledo-Lucas County Port Authority’s board of directors voted unanimously to promote current vice president of administration and chief financial officer Thomas Winston to its top leadership role, The Toledo Blade reports. President and CEO Paul Toth will retire after leading the authority since 2009, and Winston will assume that role beginning September 1, 2019. The port board formed a search committee late last year, but “quickly identified Mr. Winston as its top candidate and scrapped plans to conduct a national search,” according to the article. Port board vice chairman Sharon Speyer said Winston is passionate about the community and has the skill set and vision to execute today and “in the next 10 years from an economic development standpoint.” DevelopOhio and Bricker & Eckler LLP congratulate Thomas Winston on his new position. For more, read the full article.

Economic Development, State Updates

The Energy Exchange: Charging Toward the Future event May 9, 2019

Please join us for Bricker & Eckler’s biannual Energy Exchange event to discuss updates on legal and policy issues surrounding electric vehicles in Ohio. Featuring State Representative Kent Smith; Mark Patton, Vice President at Smart Cities, Columbus Partnership; and David Schatz, Director of Public Policy at ChargePoint, Inc., we will discuss the impact of the electric vehicle industry and the growing need for EV charging stations to meet the increasing demand.

To register for the May 9, 2019 Energy Exchange, click here.

Environmental, Smart Cities, State Updates

Historic Dayton Arcade revitalization project is underway

With this week’s financial closings, the historic Dayton Arcade revitalization project is underway. For more, read the full article

Economic Development, Financial Incentives, Project Finance, Renewable Energy

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

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

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

Ohio SB 8 would authorize tax credits for Opportunity Zone investments

A bill that would authorize tax credits for investments in an Ohio Opportunity Zone (see our August 13, 2018 blog post) received support from the Summit County Executive and the Greater Cleveland Partnership, Gongwer reports. Senate Bill 8 (SB 8) would amend and enact sections of the Revised Code to authorize tax credits including job creation, job retention, historic preservation and other tax credits for investments in designated Opportunity Zones. Summit County Executive Ilene Shapiro said Opportunity Zones in Summit County are areas that “have seen great difficulty drawing private capital for development projects necessary to move these communities forward,” according to the article. Alesha Washington, vice president of government advocacy for the Greater Cleveland Partnership, said, “[w]e believe Senate Bill 8 offers much needed support to local economic development efforts to attract and keep potential Opportunity Zone investors interested in Ohio.” 

Economic Development, Financial Incentives, State Updates

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

Summary of 2018 PACE transactions in Ohio

2018 PACE Financing in Ohio

Economic Development, State Updates
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