Posts Authored by Robert F. McCarthy

$72M One Lakewood Place expected to get green light

Lakewood City Council is expected to approve a major mixed-use project for the city-owned former Lakewood Hospital site that could begin construction this summer, Cleveland.com reports. The proposed $72 million One Lakewood Place “calls for 100,000 square feet of office, 80,000 square feet of retail, 200 housing units with both lease and for-sale options, a .5-acre public plaza, parking garage and the historic renovation of the Curtis Block,” according to the article. City Council President Sam O’Leary said, “[w]e’re at the final approval stage for basically what amounts to a rezoning of the property to a planned development (PD) district designation in our code.” When completed, the project will “provide more than $1.5 million annually to the city and schools” in property and income taxes. For more, read the full article.

 

Economic Development, State Updates

South Field Energy $1.3B investment benefits community, school district

South Field Energy LLC’s project to build “a modern, technologically sophisticated combined-cycle electrical generation plant” in Wellsville, Ohio, is “one of the largest single construction projects” as well as one of the largest single investments the region has seen, The Business Journal reports. Operating Engineers Local 66 business agent Carlton Ingram said the project “expects to have more than 1,000 tradesmen at the site” during peak construction, according to the article. South Field has paid $1.7 million to the Wellsville School District during the construction phase, and will pay the district $1.3 million annually for 15 years when operational. For more, read the full article.

Economic Development, State Updates

Delaware County 2,000-acre Berlin Business Park would focus on commercial, light industrial

Officials in Delaware County are working on plans for a “massive new business park” in Berlin Township, on “about 2,000 acres of mostly rural land,” Columbus Business First reports. Bob Lamb, the county’s economic development director, said “the intent is for commercial and light industrial businesses to occupy major parts of the land, with some room for retail and medical offices.” Delaware County is planning to invest “in major infrastructure work to support the development”; once the site is ready to be developed, the county “will roll out a host of incentives” including a Community Reinvestment Area tax credit and access to bond financing, among others. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Zanesville begins talks about new Downtown Redevelopment District

The City of Zanesville is considering a request from property owners to create a new Downtown Redevelopment District (DRD), the Zanesville Times Recorder reports. Zanesville currently has a DRD “containing portions of Third, Fourth, South and Main streets”; the new DRD would be “based on the properties located around Sixth Street,” according to the article. Property owners and the city “would benefit from the payments derived from the increased assessed value of any improvement to real property” if the DRD is established. The city could pull up to 70% of the increase in value “and use that money to help historical properties with improvements like repairing facades or fixing code corrections,” among others. For more, read the full article.

Economic Development, Financial Incentives, Project Finance

New mixed-used Weston development to replace dormant Westland Mall

A “major hurdle” to transforming the “long-dormant” Westland Mall property has been cleared, as LGR Weston recently purchased “the Sears portion of the mall,” The Columbus Dispatch reports. That “$3.15 million purchase gives LGR and its sister company, Plaza Properties, control of the entire 88-acre mall site,” allowing them to move forward with plans to redevelop the property, according to the article. Developers plan to demolish the 1-million-square-foot mall and replace it with “a mixed-use development, ‘complementary’ to Hollywood Casino across Georgesville Road to the east.” For more, read the full article.

Economic Development, State Updates

Bexley says CRA could fund Mayfield Place remediation and remodel

Bexley City Council is considering a Community Reinvestment Area (CRA) agreement that “would enable a private developer to environmentally remediate and remodel an apartment complex” in southwest Bexley, according to Mayor Ben Kessler, ThisWeek Community News reports. Ordinance 12-19, if approved, would allow “for a 100 percent, 15-year tax abatement on the new improvements” to Mayfield Place, according to the article. The legislation states that the developer “would undertake environmental remediation of contaminated soil at the Mayfield Place in accordance with the Ohio Environmental Protection Agency’s Voluntary Action Plan.” Council member Richard Sharp noted the city would not abate current taxes, but “future improvement and value.” For more, read the full article.

Economic Development, Environmental, Financial Incentives, Project Finance

Brecksville considers TIF for mixed-use project

The City of Brecksville is considering a TIF agreement to help finance the mixed-use Valor Acres development project proposed for the former U.S. Department of Veterans Affairs Brecksville hospital site, Cleveland.com reports. The 103-acre Valor Acres “may include stores, restaurants, apartments, hotels, hospitals, manufacturing plants, offices and-or laboratories,” according to the article. New property taxes generated from the development would fund infrastructure improvements; Mayor Jerry Hruby said in an email to Cleveland.com, “[w]e believe (a TIF) is the best option to develop the (Valor Acres) property and the area infrastructure.” Brecksville-Broadview Heights schools would not lose any existing property taxes under the TIF. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Kettering Business Park growth brings job numbers back up

Recent growth from companies including Amazon, Alternate Solutions Health Network and Kettering Health Network in the Kettering Business Park “has helped offset a couple thousand jobs lost” from Air Force consolidation, the Dayton Daily News reports. A “planned Amazon ‘last-mile’ distribution center” is expected to bring at least 300 full-time equivalent jobs by the end of 2021, according to the article. Kettering Health Network’s new $10-million operations command center could house another 300 employees when fully operational. Kettering-based Alternate Solutions Health Network purchased a 200,000-square-foot facility that “will allow a projected growth in employment of more than 340 jobs in the next five years.” For more, read the full article.

Economic Development, State Updates

Two Cleveland development projects will generate combined $4.2M in annual payroll

Cleveland City Council approved development agreements for two companies bringing an expected 60 jobs totaling approximately $4.2 million in annual payroll into the city, Cleveland.com reports. A 10-year, 60-percent tax abatement on property improvements will allow Northern Stamping, Inc. “to expand its operations at a site on Harvard Avenue,” adding 28 jobs at an estimated annual payroll of nearly $1.4 million, according to the article. Dynamic Metal Services will consolidate operations “into a 280,000-square-foot building on Euclid Avenue,” bringing 30 jobs to the city. City Council granted the company a “10-year, 30-percent tax abatement on the site improvements.” For more, read the full article

 

Economic Development, Financial Incentives, State Updates

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
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