Posts Authored by Robert F. McCarthy

Three big Columbus projects granted state historic preservation tax credits

A “handful of old and empty Columbus buildings” will get new life after renovation plans were approved for Ohio Historic Preservation Tax Credits, The Columbus Dispatch reports. Eclipse Real Estate’s proposed $60.6-million transformation of the former Madison’s Department store and White-Haines buildings was granted $4.4 million in tax credits. Eclipse plans to keep the ground-floor retail, add apartments above, and add a new building for parking, commercial spaces and additional residences, according to the article. Developer Eli Adahan’s $17.6-million plans for The Broadwin apartment building received $1.755 million in tax credits. Brad DeHays proposes an $8.5-million redevelopment of the Market Mohawk Center to convert first-floor offices into apartments and retain offices on the upper floors. The project was granted $842,267 in tax credits. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Dayton, developer reach agreement for project that could bring 400 new jobs

The City of Dayton has reached a purchase option agreement with NorthPoint Development for land at the Dayton-Wright Brothers Airport, where the company hopes to develop “a high-tech manufacturing project that could bring 400 new jobs to the area,” the Dayton Daily News reports. The city “has been working with NorthPoint to attract ‘Project Flyer’ to the property,” which is in the Joint Economic Development District (JEDD) between Dayton and Miami Township, according to the article. NorthPoint has “constructed around half a dozen buildings near the Dayton International Airport, totaling more than 3 million square feet of space that employ more than 2,200 people.” For more, read the full article.

Economic Development, State Updates

$474 million pig iron plant bringing jobs, new opportunities to Ashtabula

The construction of Petmin’s $474 million nodular pig iron plant in Ashtabula Harbor is expected to bring up to 600 jobs during construction, and approximately 100 new permanent jobs upon completion, the Star Beacon reports. Currently, all of the nodular pig iron — “a type of metal used to produce high value metal components like engine blocks and landing gear” — used in the United States is imported, according to the article. State Representative John Patterson said the pig iron plant and the recently completed Risberg natural gas pipeline “are foundational industries that will move the county forward.” Ashtabula County could see a resurgence of high-tech jobs in the county “if a metal casting facility comes to the area,” Patterson said. For more, read the full article.

Economic Development, State Updates

Lawsuit claims Cincinnati’s residential tax abatement program increases racial disparity

Cincinnati’s residential property tax abatement program “rewards wealthy white homeowners in predominantly white neighborhoods while punishing minorities and poor people who often don’t qualify for tax breaks,” a lawsuit filed against the city claims, according to a recent Cincinnati.com article. The lawsuit claims the rule mandating homeowners “spend at least $5,000 on a home improvement project” to qualify leads to exacerbation of “the racially segregated residency pattern” in the city. Some city officials have expressed concern about the program over the years; Cincinnati City Council “created the Property Tax Working Group more than a year ago to examine the system and propose changes.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

High-rise projects in Columbus “press forward” despite pandemic

Several high-rise construction projects representing “the first skyline-altering additions” to Columbus in a decade are moving forward despite the effects of the COVID-19 pandemic, Columbus Business First reports. The $192-million North Market tower, the 1.75-million-square-foot Whittier Peninsula mega-development, and the $150-million Millennial Tower are all still pressing forward, according to the article. And while hotels, “an anchor tenant of many high-rise projects,” have seen significantly lowered occupancy rates in recent months, the Hilton Columbus Downtown “isn’t slowing plans for its 28-story, $220 million expansion.” Don Brown, executive director of the Franklin County Convention Facilities Authority, said, “[w]e’re confident the demand is there for 2022 and beyond.” For more, read the full article.

 

Economic Development, State Updates

Microlender introduces $10M targeted Ohio COVID-19 loan fund

The Ohio Development Services Agency (ODSA) is launching a $10-million revolving loan fund “to help women- and minority-owned businesses recover from the coronavirus fallout,” the Dayton Business Journal reports. Microlender Economic and Community Development Institute (ECDI) will administer the funds, loaning “up to $350,000 apiece to businesses at 2% interest,” according to the article. ECDI founder and CEO Inna Kinney said the nonprofit “aims to increase the fund by many multiples, kicking off a fundraising campaign to match the state dollars from the banks and local governments it works with.” For more, read the full article.

State Updates

Carvana receives JobsOhio grant for $24M investment, 400 new jobs

JobsOhio recently awarded online car retailer Carvana a $175,000 economic development grant to accelerate its nearly $24.2 million investment to develop “an approximately 200,000-square-foot automotive processing facility” near Middletown, the Dayton Business Journal reports. The proposed project “would be a distribution facility that includes vehicle intake, repair, storage and delivery” that is expected to create 400 permanent jobs generating $13.3 million in payroll by the end of 2024, according to the article. The Ohio Tax Credit Authority also granted a Job Creation Tax Credit for the project (see our July 15, 2020 blog post). For more, read the full article

Economic Development, Financial Incentives, State Updates

JobsOhio accepting applications for new Inclusion Grant

A new grant from JobsOhio aims to “support businesses in designated areas of distress” or those “run by underrepresented populations,” LimaOhio.com reports. Eligible businesses include those located in zip codes 45801, 45804, 45805, 45887 or businesses with majority owners who are disabled, veterans, or an underrepresented race or gender, according to the article. Applicants must be within the targeted areas of “advanced manufacturing, aerospace/aviation, automotive, energy/chemicals, financial services, healthcare, agribusiness, logistics/distribution and technology.” For more, read the full article.

Economic Development, State Updates

LinkUS initiative plans transit corridors to connect jobs, housing

The City of Columbus, the Central Ohio Transit Authority (COTA) and the Mid-Ohio Regional Planning Commission (MORPC) are working together in a new effort “to plan for options along transit corridors in Franklin County” while also focusing on “creating jobs and new housing built around transportation in those corridors,” The Columbus Dispatch reports. The initiative, LinkUS, “will work with neighborhoods and business to develop high-capacity and rapid-transit systems in the corridors with improvements for bicyclists and pedestrians,” according to the article. William Murdock, executive director of MORPC, called the plan a “catalyst to reinvent the region” as “people want more walkable, bikeable and transit-friendly neighborhoods.” For more, read the full article

Economic Development, State Updates

North Baltimore considers JEDD during special meeting

The Village of North Baltimore recently held a public hearing to consider approval of a Joint Economic Development District (JEDD) agreement with Henry Township, theNBXpress.com reports. The agreement “would allow for imposition and collection of an income tax at the North Pointe Development site,” with Henry Township receiving 60% of the revenue collected from the construction phase and beyond, and North Baltimore receiving 30%. A JEDD board, made up of township and village representatives plus legal counsel, would receive 10%. North Baltimore Village Finance Officer Tony Swartz said the village could receive “around $50,000 for the first year alone” if the deal is approved, with revenue going up as construction increases. For more, read the full article.

Economic Development, State Updates
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