Posts Authored by Robert F. McCarthy

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

Gov. DeWine proposes income tax credit for investors in distressed communities

Ohio Governor Mike DeWine announced a proposed 10-percent income tax credit “for businesses that invest in economically distressed parts” of the state and create jobs, the Akron Beacon Journal reports. The tax credit would apply to Opportunity Zones (see our August 13, 2018 blog post), a program that “involves the use of federal tax credits to provide incentives to businesses to move into or expand in the zones.” DeWine told a business roundtable, “[w]hat we propose to do in Ohio is enhance these with a tax break also from the state of Ohio,” and that the new tax credit is also intended “to induce people outside the state to invest in Ohio.” For more, read the full article

Economic Development, Financial Incentives, State Updates

Delaware approves mixed-use Kerbler project in Orange Township

A nearly 300-acre mixed-use development in Orange Township has the green light to move forward, after the township approved zoning and Delaware County Commissioners approved a development agreement with the housing developer, Schottenstein Real Estate Group, The Columbus Dispatch reports. The Kerbler project “is expected to include single-family homes and about 300 condominiums and apartments, a senior-care facility, retail space, offices and ‘light industrial’ buildings,” according to the article. Developers will help finance an extension of Home Road east of US-23 as part of the deal. A tax-increment financing (TIF) district was created for the project, which is “projected to generate $36.7 million to support infrastructure improvements and go toward local schools.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Development agencies eagerly anticipate Opportunity Zones’ possibilities

Economic development agencies are looking forward to using the new federal Opportunity Zones “as a tool to enhance available incentives,” The Business Journal reports. The state of Ohio “chose 15 census tracts in the Mahoning Valley” for the program, which “allows taxpayers to defer any tax owed on capital gains by investing the realized gain” in the low-income Opportunity Zone tracts (see our August 13, 2018 blog post), according to the article. Anthony Trevena, director of the Northeast Ohio Development and Finance Authority, said, “[e]veryone believes it’s got the potential to be a game changer for our communities in those zones.” For more, read the full article

Economic Development, Financial Incentives, State Updates

JobsOhio helped create 27,071 new jobs in 2018

JobsOhio’s annual report for 2018 shows the nonprofit agency helped 266 companies that created 27,071 jobs with $1.3 billion in new payroll, Crain’s Cleveland reports. That number represents a 19% increase over 2017. Those companies also “made $9.6 million in capital investments,” a “new high for the 8-year-old nonprofit,” according to the article. A performance assessment that JobsOhio commissioned last year (see our August 16, 2018 blog post) “ranked JobsOhio among the top five in a group of 17 state economic development organizations it used for comparison,” and identified areas where the organization could improve. For more, read the full article

Economic Development, State Updates

Three NE Ohio manufacturers adding 599 jobs and $31.2M payroll win tax credits

The Ohio Tax Credit Authority (TCA) awarded tax credits to three Ohio companies whose expansion plans will “add a total of nearly 600 jobs and $31.2 million in payroll,” Crain’s Cleveland reports. The Great Lakes Cheese Co. “expects to create 400 full-time positions, generating $23.8 million in new annual payroll” as part of its headquarters expansion; the TCA approved a 2.281%, 10-year Job Creation Tax Credit for that project. Youngstown Tool and Die Co. will construct a new plant and add 60 new jobs that will create $2.5 million in annual payroll. Morgan Truck Body LLC “won a $1.293%, eight-year tax credit for its plan to create 139 new full-time jobs in Orrville,” adding $4.9 million in new annual payroll. For more, read the full article

Economic Development, Financial Incentives, State Updates

Trumbull Energy Center will “generate millions in economic activity”

The second Lordstown gas-fired power plant, the 940-megawatt Trumbull Energy Center, will generate not just power but “impressive numbers” in economic activity, The Vindicator reports. The plant “will produce $149 million in property taxes for Lordstown and Trumbull County over the next 50 years,” according to the article. Additionally, it will generate “$1.9 million in income taxes and $85 million of profit taxes for Lordstown over that span.” During the 34-month construction period, the power plant will generate $137 million in union wages, with 1 percent paid to Lordstown as income taxes. The company will spend $617 million on materials and services during construction and operation. For more, read the full article.

Economic Development, State Updates

New Albany will be site of $600M Google data center

Google recently confirmed it “plans to develop a $600 million data center in New Albany this year,” ThisWeek Community News reports. Montauk Innovations, a Google affiliate, “has purchased 447 acres in Franklin and Licking counties for $54.5 million,” according to the article. Google “has received millions of dollars in state and local tax incentives for the project,” with state tax incentives estimated to be $43.5 million. Kenny McDonald, chief economic officer for Columbus 2020, tweeted, “@Cbusregion is proud to be a partner of one of the world’s greatest enterprises.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Dayton considers $450k grant for pet retailer bringing $17M payroll

The city of Dayton is “considering giving $450,000 to pet retailer Chewy in support of its project to bring 600 new jobs to the Dayton airport,” the Dayton Daily News reports. Chewy is opening a new 690,500-square-foot e-commerce fulfillment center that will create those jobs, projected “to have an annual payroll of $17 million,” the article reports. The retailer’s expansion “leverages a $45 million investment that included the construction of the building and improvements to the roadways and utilities around it.” The city said the $450,000 grant money will help fund improvements to the new facility, including machinery and equipment. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Franklin County joins national network to boost development in targeted areas

The Columbus Foundation, the Columbus Partnership and venture-capital group Rev1 are joining Franklin County in a two-year pilot program to focus on “business growth in underserved neighborhoods,” The Columbus Dispatch reports. The county is joining Forward Cities, a national “economic-development network based in North Carolina” that works “to boost business startups and expansions in neighborhoods” that “haven’t benefited economically as much as other parts of participating metro areas have,” according to the article. The local program will be backed by “$250,000 in funding from the county and the three other partners” and “will include the formation of an innovation council.” For more, read the full article.

Economic Development, State Updates
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