Posts Authored by Robert F. McCarthy

Amazon HQ2 bid process “built Columbus’ muscles” to compete for big projects

The City of Columbus made it to the top 20 finalists for Amazon’s $5 billion second headquarters project (see our January 18, 2018 blog post), and while Amazon chose other cities in the end, the bid process brought its own “wins” for central Ohio, Columbus Business First reports. Local “government agencies, businesses and colleges amped up their collaborative tradition” and “built up knowledge and tactics being applied right now in talks with other major employers, several officials said,” according to the article. An editorial in The Columbus Dispatch said the “Columbus region already won just by being among the elite top 20 finalists out of 238 cities to bid on the project,” receiving “global attention” from media reports about Amazon’s search. The Dispatch article also noted Amazon has “announced $2 billion in Ohio projects since 2011.”  For more, read the full Columbus Business First and Columbus Dispatch articles. 

Economic Development, State Updates

Fortune 500 company could bring $147M project to Dayton area

An unidentified Fortune 500 manufacturing company is “considering multiple Dayton-area locations for a $147 million project” that would create at least 80 new jobs, the Dayton Business Journal reports. The company is looking at Dayton, Union and Brookville for the massive project proposal, called “Project Nora,” to construct “a 300,000-square-foot facility that could expand to 1.1 million square feet over time,” according to the article. Each city is planning to offer a 15-year tax abatement as well as proposing “a $500,000 Economic Development/Government Equity (ED/GE) grant from the county” to help offset development costs. Because the project is “highly competitive,” incentives “and a move-in ready site are key to ensuring it is located in Montgomery County.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Kettering mayor’s economic development initiatives attract businesses

Don Patterson, the mayor of Kettering since 2005, has had a “mission of developing the city’s economic base,” and his efforts have transformed the city into “a community of opportunity,” the Dayton Business Journal reports. His initiatives have included the $10-million Wilmington Pike Improvement Plan to “revitalize run-down properties” and “overall redevelop the space” to create opportunity for growth, and the $1.5-million purchase of “almost 300 acres of unimproved land at the Miami Valley Research Park,” according to the article. That land is now home to companies such as Kodak and Reynolds and Reynolds. A new $50-million facility by Community Tissue Services could bring 200 to 300 new jobs to Kettering, while manufacturer Tenneco Inc. plans to invest $61 million to expand its Kettering facility, bringing in another 300 jobs. For more, read the full article

Economic Development, State Updates

Lebanon plans CRA that would provide incentives for $18M development

Lebanon City Council plans to create a new community reinvestment area along the city’s North Broadway corridor that would allow a proposed $18-million residential and commercial project to receive tax abatements, the Dayton Daily News reports. That development, at the site of the city’s maintenance garage, would include “18 town homes, 86 apartments, a brewpub and two restaurants,” according to the article. The city projects the development will help generate $65,000 in annual income tax and $1.1 million in “annual total spending power.” Developer Jim Cohen’s proposal said the project will provide parking and other amenities, and will facilitate commercial and residential development close to the downtown area. For more, read the full article.

Economic Development, Financial Incentives

New Albany International Business Park continues to grow

The New Albany International Business Park, which houses “more than two dozen retail, technology and manufacturing companies,” recently received approval to annex an additional 130 acres, and “hopes to see an additional 450 acres” added as well, The Columbus Dispatch reports. Facebook’s “$750 million, 970,000-square-foot complex is under construction on 345 acres” with the first phase expected to be completed in 2019, according to the article. AEP’s transmissions operations facility “was already at capacity” when it opened its 175,000-square-foot building last year and quickly began construction on a neighboring twin facility. The business park currently “covers about 11.5 million square feet of development between Franklin and Licking counties.” For more, read the full article.

Economic Development

JEDD has proven to be a win-win for Tallmadge, Brimfield Township

The creation of a joint economic development district (JEDD) between Tallmadge and Brimfield Township has proven to be “a win-win for both,” Tallmadge Mayor David G. Kline said in a recent article. Each local government “benefits economically through the arrangement which permits the pair to develop a business zone and share revenue,” the article reports. The Brimfield-Tallmadge JEDD “generated approximately $1.3 million in income tax revenue in 2017,” according to Tallmadge Finance Director Mollie Gilbride. The development “has elicited strong job creation,” adding hundreds of jobs to businesses in the designation. Kline says the JEDD is one of the reasons Tallmadge is in “great financial condition.” For more, read the full article

Economic Development

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, 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
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