Posts Authored by Robert F. McCarthy

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

Ohio State medical facility would be biggest development in Powell history

The Powell City Council “is considering an ordinance to approve an ambulatory-care” outpatient facility proposed by The Ohio State University that “is expected to employ up to 500 people and have a payroll of up to $50 million in its first phase,” The Columbus Dispatch reports. The project would be “the biggest development in the city’s history” and the city’s largest employer, according to the article. The first phase would include a five-story, 150,000-square-foot building and a two-story, 56,000-square-foot building, housing the ambulatory-care center, diagnostic services, house specialty care and offices for “primary-care physicians, internists and mental-health professionals.” The second phase “would add 216,000 square feet and could include a ‘micro-hospital.’” For more, read the full article.

Economic Development, State Updates

IT distributor Tech Data chooses Ohio for expansion

Tech Data Corp., a distributor of IT equipment, plans to add 88 jobs to its current base of 208 positions at its Obetz facility, an expansion company spokesperson Bobby Eagle called a testament to the distribution center’s performance, Columbus Business First reports. Ohio “was competing with Arizona, Texas and Georgia” for the project to increase capacity, according to the article. The Ohio Tax Credit Authority approved “a 1.35 percent, six-year tax credit based on the payroll generated by the net new jobs,” a deal that “would be worth $275,000 over the life of the agreement, if the company creates all the pledged jobs and meets other terms.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Cincinnati tripled its prior year job growth in 2018

Job growth in the 15-county Greater Cincinnati region rose dramatically last year, with 24,900 jobs added — “more than triple the growth” of 2017’s 6,900 new jobs, the Cincinnati Business Courier reports. Those numbers reflect a 2.3 percent growth rate for 2018 compared to 0.6 percent for 2017. Janet Harrah, senior director of Northern Kentucky University’s Center for Economic Analysis and Development, “pointed out the local economy has increased jobs for 96 consecutive months,” according to the article. The service sector created the most jobs, with 19,700, while “[p]rofessional and business services jobs increased by 4,700.” For more, read the full article.

Economic Development, State Updates

Canton approves incentives for two companies to bring jobs downtown

Canton City Council recently approved tax incentives for Thrasher Engineering and Julz by Alan Rodriguez to relocate to downtown Canton, reports. The agreements “will create more than 30 new jobs total in the city,” according to the article. Thrasher, an architecture, engineering and field services firm, is moving its 27 employees to the Stark State College campus; the council approved a one percent income tax credit and discounted city parking for the company. Downtown jeweler Julz, which “will double staffing to eight employees” in its new space at 537 Cleveland Ave. NW, received “a 10-year tax exemption on any improvements to the property.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Dayton Arcade renewal project close to $96M in crucial financing, tax credits

The “next chapter” of the Dayton Arcade is “hitting its stride,” as developer Cross Street Partners is nearing $96 million in public tax credits, the Dayton Daily News reports. The project “is eyeing a capital stack” including $36.5 million in New Market tax credits, $22 million in housing tax credits, and $25 million in state and federal tax credits. PACE (property assessed clean energy) financing, $1.2 million in Montgomery County ED/GE development help, a $10 million loan from the city of Dayton, and a $900,000 JobsOhio grant are also “in play,” according to the article. David Williams, Arcade project manager for Cross Street, said, “[w]hat we’re really trying to do is write the next chapter” of the Arcade, with plans for restaurants, retail, affordable housing units, fine arts space, a University of Dayton innovation center, and more. For more, read the full article.  

Economic Development, Financial Incentives, Project Finance, State Updates

Cincinnati Council members propose changes to tax abatement criteria

Three members of Cincinnati City Council are asking for more information on how the city grants tax incentives and whether the city should add requirements for affordable housing and environmental standards to those tax incentives, CityBeat reports. Council members Tamaya Dennard, Greg Landsman and Wendell Young introduced a motion in an effort to “both continue to incentivize development in Cincinnati while making sure people who live in the city’s neighborhoods benefit from it and aren’t displaced by changes coming to various communities” including rapidly developing Over-the-Rhine and others. Some specific changes to the city’s abatement policy “could include requiring LEED Gold or Platinum certification” as opposed to the currently required Silver, “and requiring residential developments seeking abatements to provide some units affordable to those with lower income levels.” For more, read the full article

Economic Development, Energy Efficiency, Environmental, Financial Incentives

Twinsburg explores downtown redevelopment district to spur jobs and economic development

City officials in Twinsburg propose creating a downtown redevelopment district (DRD) that could generate about $2.3 million over a 10-year period to “rehabilitate historic buildings, create jobs and encourage economic development,” MyTownNEO reports. A 2016 state legislative act “allows a municipality to exempt up to 70 percent of the increased value of parcels in the DRD from property taxes, and requires parcel owners to make service payments,” according to the article. Twinsburg Director of Planning and Community Development Larry Finch said a 10-acre area around the historic First Congregational Church that includes older residences and commercial structures “would be the most likely area to create a DRD” because it “has great potential for redevelopment.” For more, read the full article.

Economic Development, Project Finance, State Updates

Summit County DFA explores plans for new financing tool

A new source of financing could be available for future Akron real estate development projects, if the Summit County Development Finance Authority (DFA) proceeds with plans for a community development financial institution (CDFI), Crain’s Cleveland reports. City and county officials “are encouraging” the DFA to pursue either creating or partnering with a CDFI, which would provide the organization with “access to more sources of capital, with fewer restrictions on where it could use that capital,” according to the article. DFA President Chris Burnham said CDFIs, which are supported by the Community Development Financial Institutions Fund within the U.S. Treasury Department, “can do the legwork for banks in terms of finding loan demand and credit-worthy borrowers in distressed and struggling communities.” For more, read the full article

Economic Development, Project Finance, State Updates

Austin Landing bolstering tax revenue for cities with JEDDs

As the Austin Landing development continues to grow, area cities are benefitting from increased revenue generated by joint economic development districts (JEDDs) with Miami Township, the Dayton Daily News reports. The Austin Center JEDD saw a more than 15% increase over 2017 tax revenues, bringing in about $1.025 million for 2018. Two other JEDDs, Dayton and Miami Crossing, “combined to bring in slightly more revenue” than Austin Center, according to the article. Miami Twp. Board of Trustees President John Morris said the JEDDs “help fund roads; they help fund parks — and the overall general services that we’re allowed to offer the community.” For more, read the full article.

Economic Development, State Updates
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