Posts Authored by Robert F. McCarthy

Canton innovation district receives funding approval

The City of Canton, the Stark Community Foundation, and Cleveland-based nonprofit JumpStart Inc. will provide a total of $266,000 in yearly funding to the city’s innovation district, CantonRep.com reports. The innovation district, which was created last year, “requires high-speed internet connectivity and allows for tax abatements that can be used to support technology businesses,” according to the article. The city will provide $75,000, the Stark Community Foundation $40,000, and JumpStart “will provide $52,000 and $99,000 through the state’s Third Frontier network.” For more, read the full article.

Economic Development, State Updates

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

Japan looks to strengthen ties to Ohio

Investment by Japanese companies has created 77,000 jobs in Ohio, and those numbers are expected to grow, as Japan “is looking to do even more business with Ohio and the U.S.,” The Columbus Dispatch reports. There are “484 Japanese facilities in Ohio,” many of which are tied to the auto industry; Honda of America alone employs 14,500 people in the state. Japan’s minister of economy, trade and industry, Hiroshige Seko, “said Japanese companies are looking to make further investments in the state,” according to the article. Seko was recently in Columbus to speak at an event sponsored by the Japan External Trade Organization, the Japan-American Society of Central Ohio, JobsOhio and Columbus 2020. Kenny McDonald, CEO of Columbus 2020, said his group is focused on “maintaining, accelerating and evolving our relationship with the Japanese business community and our many Japanese partners for the coming decades.” For more, read the full article.

Economic Development, State Updates

CDFA and PACENation events – September 25-26

On September 25-26, join CDFA and PACENation in Dublin, Ohio, for the CDFA Ohio Financing Roundtable and the PACENation Ohio Regional Conference. Bricker attorney Rob McCarthy will present on Downtown Redevelopment Districts at the CDFA Roundtable, while attorneys Caleb Bell and Colin Kalvas will present on PACE and C-PACE at the PACENation conference. More information, including ticket pricing and registration, are available here.

Economic Development, Project Finance

Bricker partners with Ohio advancement groups to host economic development trainings

Attorneys within Bricker & Eckler's economic development practice have partnered with APEG, JobsOhio and OEDA to design and host EDNow!, an upcoming economic development training program. EDNow! empowers elected and appointed community leaders, especially those within Southern and Eastern Ohio, to guide their local communities’ futures with cutting-edge economic development strategies. Buckeye Hills Regional Council, OVRDC and OMEGA have also assisted with this initiative.

The program will be offered in various Ohio locations on September 26 and October 10. For more information, including the schedule, location details and ticket information, visit the EDNow! event page.

Economic Development, Miscellaneous, 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

Fifth “giant building” project at Dayton airport could bring new jobs total to 2,500

A Missouri-based company that is helping make Dayton International Airport “a hotbed of economic activity” wants to add to its investment in the airport, the Journal-News reports. Missouri-based NorthPoint Development has “completed one large facility at the airport, has two others under construction,” a fourth beginning construction this month, and wants to add a fifth, according to the article. If the city approves their request to purchase the land for the fifth building, the company’s total investment at the airport “would likely exceed $90 million and its projects would be responsible for creating more than 2,500 jobs,” said Terry Slaybaugh, Dayton’s director of aviation. For more, read the full article.

Economic Development, State Updates

Dayton-area Union Village could draw up to $1.5B in investment

A “massive Warren County project” that “is expected to grow over three decades into 4,500 homes, a sports complex, commercial services and up to $1.5 billion in private investment,” has begun construction, the Dayton Daily News reports. The Union Village community is “one of the Dayton area’s most ambitious projects” and could eventually house up to 12,000 residents, according to the article. The $15 million Warren County Sports Park at Union Village will anchor the project, and the community is “expected to include a mix of commercial development serving and complementing the residential neighborhoods.” State Senator Steve Wilson (R-Maineville) said the development is “going to be great for Warren County and southwestern Ohio,” calling it a “whole different concept on how to live and work and play.” For more, read the full article

Economic Development, State Updates

JumpStart “more than doubled” its original $27M Evergreen Fund

Through JumpStart’s original Evergreen Fund, the nonprofit organization invested in 76 startups; thanks to its success with those investments, the group will be able to continue investing in local tech startups “for the foreseeable future,” Crain’s Cleveland reports. JumpStart “has more than doubled” the initial $27 million put into the first version of its Evergreen fund, and has formed “a second version of the Evergreen Fund a few years ago with capital from the Ohio Third Frontier economic development program and philanthropic groups.” The success of the first Evergreen Fund “is helping it fund new programs targeting entrepreneurs,” CEO Ray Leach said, such as support for Growth Opportunity Partners, “a separate nonprofit that makes loans to small local businesses” and the Plug and Play Cleveland health tech startup accelerator. For more, read the full article.

Economic Development, State Updates
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