Posts Authored by Robert F. McCarthy

Despite COVID-19, Hamilton still expects 2020 to be “big year” for development

Hamilton city officials “remain bullish on development within their city this year” despite state-mandated business closures due to the coronavirus pandemic, the Hamilton Journal-News reports. The city recently published its 2019 Economic Development Annual Report, which shows “the city has seen $539.6 million in private development” over the past 10 years, according to the article. During that time, “75 businesses opened in the urban core; 2,712 jobs were created and 273 housing units were created.” City officials believe the Spooky Nook Sports Champion Mill indoor sports facility and convention center, due to be completed in 2021, “will significantly buoy the city’s fortunes” as it is expected to attract a million people each year, “a reason new shops have been opening along the Main Street business corridor.” For more, read the full article.

Economic Development, State Updates

Mansfield proposes citywide CRA

Developers could receive tax abatements for added or improved value anywhere in the city of Mansfield if City Council approves a proposed citywide community reinvestment area (CRA), the Mansfield News Journal reports. Mansfield economic development director Tim Bowersock said, “we’re not hurting the existing tax base with this program — we’re trying to spur investment,” according to the article. Bowersock noted nearby communities Galion, Mount Vernon, Ashland and Lexington have CRAs. Mansfield’s program would allow taxes on improved value to be abated for up to 10 to 15 years depending on the scope of the project. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Rickenbacker-based Foreign Trade Zone moved $10.4B in goods in 2018

Pringles cans and “a superfast Swedish sports car” have helped Central Ohio’s status as an import-export hub to grow, with Rickenbacker Airport-based Foreign Trade Zone (FTZ) 138 ranked seventh out of 195 such zones in the United States, Columbus Monthly reports. The Columbus Regional Airport Authority announced “$10.4 billion in goods” passed through FTZ 138 in 2018. The zones are considered to be outside U.S Customs territory, “so imported goods don’t require duty payment upon entry,” according to the article. The majority of goods moving through Zone 138 in 2018 were textiles and footwear, but the zone also saw horses exported to the Middle East and a Swedish Koenigsegg Agera supercar exported to Dubai. The zone’s only manufacturing site is International Converter, “which fuses ultrathin aluminum to packaging paper for the likes of Pringles cans and Arby’s wrappers.” For more, read the full article.

Economic Development, State Updates

Zanesville wins grant to promote Opportunity Zones

The City of Zanesville teamed up with the Zanesville-Muskingum County Port Authority to apply for a grant from Opportunity Appalachia, which will “provide technical expertise to help advertise” the city’s two Opportunity Zones, the Times Recorder reports. Zanesville Mayor Don Mason credits that partnership with securing the grant designed “to help attract investment to smaller, rural areas,” according to the article. Mason said the grant “will help us strategically market the Opportunity Zones to investors who are seeking the program’s federal tax advantages,” noting it is important to the community and local schools to encourage that investment. For more, read the full article.

Economic Development, Financial Incentives, State Updates

$27M project near Dayton airport expected to create 100 new jobs

New details regarding a “massive construction project” near the Dayton International Airport have been revealed, as the developer recently filed for a Tax Increment Financing (TIF) agreement with the city, the Dayton Business Journal reports. NorthPoint Development, “the Kansas-City based developer behind the majority of new construction near the airport,” filed the request for Dayton Building V, a more than 521,000-square-foot facility that will cost an estimated $27.7 million to construct, according to the article. NorthPoint “estimates approximately 100 new jobs will be created as a result of the project, generating an annual payroll of $4.1 million.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Dayton-area tech firm named to $20B defense contract, expanding workforce by 50%

Centerville-based IT company Ardent Technologies Inc. “is bolstering its workforce as a result of a massive defense contract it was awarded,” the Dayton Business Journal reports. Ardent was the only Ohio company named to the $20-billion deal “to provide federal agencies with integrated professional services,” according to the article. The company “anticipates expanding its corporate staff by 50 percent to handle the increase in proposals, recruiting and business development” due to the contract, part of “the military’s One Acquisition Solution for Integrated Services (OASIS) program — a large federal procurement vehicle.” For more, read the full article.

Economic Development, State Updates

Developer buys large, rundown commercial property for East Oregon project

Kentucky-based Weyland Ventures has purchased the vacant historic building at 101 Bainbridge St. in Dayton to be part of its “new dense, active, pedestrian-friendly and mixed-use” Oregon East neighborhood, the Dayton Daily News reports. Since 2013, the City of Dayton and the Oregon Innovation District development teams “have collaborated via a private-public partnership to transform the area between Wayne Avenue and Keowee Street,” according to the article. Weyland Ventures has already “spent nearly $30 million creating the new Oregon East district,” and proposes “investing more than $120 million” to “create 730,000 square feet of new development” for the project. For more, read the full article.

Economic Development, State Updates

Stevens named Director of Columbus Department of Development

Mayor Andrew J. Ginther recently announced Michael Stevens, who has been the interim Director of the Columbus Department of Development since September 2019, will be the new permanent director, reports. “Mike is particularly well positioned to manage the needs of our neighborhoods now and as we transition through the COVID-19 public health crisis into a time of economic recovery,” Mayor Ginther said in the article. Stevens has served as Chief Innovation Officer spearheading the Smart Columbus initiative since 2017. He said he looks forward to working with Development Department and city colleagues as well as community partners “as we respond to the economic impact of the COVID crisis, continue to address affordable housing, and develop a growth strategy that will fuel prosperity for all residents.” For more, read the full article.

Economic Development, State Updates

Industrial market keeps commercial realty market brisk despite pandemic

Despite the closings of restaurants, offices and factories due to the COVID-19 pandemic and the statewide stay-at-home order, the commercial realty market remains strong, with an expanded appetite for warehouse space, Crain’s Cleveland reports. The “wave of business shutdowns and social distancing” is “bringing more medical, packaging and food businesses into the fray,” joining “a market that’s already heated due to the push for more space to accommodate last-mile deliveries serving the rise of online shopping,” according to the article. At commercial real estate firm CBRE’s Cleveland office, “the industrial unit has not seen a negative impact, but the office sector has slowed and elements of the retail market have changed direction.” For more, read the full article.

Economic Development, State Updates

CARES Act “filled with options” to help small businesses, MAGNET says

The Cleveland-based Manufacturing Advocacy and Growth Network (MAGNET) is working with several groups to help manufacturers navigate the effects of the COVID-19 pandemic, reports. Their efforts include studying the CARES Act recently passed by Congress “to find the changes that can benefit small businesses,” according to the article. MAGNET says the CARES Act “is filled with options to assist small business owners,” including “a loan of up to 2.5 times a company’s average monthly payroll,” deferment of the 6.2% Social Security tax for 2020 until the end of 2022, and options “for expanding and paying for unemployment.” For more, read the full article.

Federal Updates, Miscellaneous
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