Lorain approves energy special improvement district

A project to rehabilitate The Broadway Building in Lorain will be eligible for a state energy direct loan, after Council members recently approved the creation of an energy special improvement district (ESID), The Chronicle reports. Developer Ariel on Broadway will be able to obtain a PACE (Property Assessed Clean Energy) loan of $1.6 million for energy improvements, a “crucial piece of financing,” according to Port Authority Director Tom Brown. Brown and attorney Caleb Bell of Bricker & Eckler LLP explained the ESID agreement to members of Council in a Committee of the Whole session. Bell explained that the $8 million project “will not have full financing” without the PACE loan. For more, read the full article

Economic Development, Energy Efficiency, Project Finance, State Updates

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, CantonRep.com 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

CDFA and PACENation events – September 25-26

On September 25-26, join CDFA and PACENation in Dublin, Ohio, for the CDFA Ohio Financing Roundtable and the PACENation Ohio Regional Conference. Bricker attorney Rob McCarthy will present on Downtown Redevelopment Districts at the CDFA Roundtable, while attorneys Caleb Bell and Colin Kalvas will present on PACE and C-PACE at the PACENation conference. More information, including ticket pricing and registration, are available here.

Economic Development, Project Finance

Bricker partners with Ohio advancement groups to host economic development trainings

Attorneys within Bricker & Eckler's economic development practice have partnered with APEG, JobsOhio and OEDA to design and host EDNow!, an upcoming economic development training program. EDNow! empowers elected and appointed community leaders, especially those within Southern and Eastern Ohio, to guide their local communities’ futures with cutting-edge economic development strategies. Buckeye Hills Regional Council, OVRDC and OMEGA have also assisted with this initiative.

The program will be offered in various Ohio locations on September 26 and October 10. For more information, including the schedule, location details and ticket information, visit the EDNow! event page.

Economic Development, Miscellaneous, Project Finance

Tax credits bring close to 1,500 jobs to Monroe in five years

The City of Monroe has gained millions in investment dollars and almost 1,500 jobs over the past five years, which were generated by several large companies that received tax credits from the state. The Ohio Tax Credit Authority has approved state tax credits for companies including Amazon.com, Bed Bath & Beyond and others over that time, and those projects have brought investment “of nearly $107 million” and have created 1,492 new jobs in Monroe, the Journal-News reports. The latest project, an 827,080-square-foot Bed Bath & Beyond distribution center, will “create approximately 900 full-time jobs generating $26.6 million in new annual payroll,” according to the article. The Ohio Tax Credit Authority approved a 1.467 percent, 10-year Job Creation Tax Credit for that project. For more, read the full article.

Economic Development, Financial Incentives, State Updates

EmberClear investing nearly $1B in 1,050-MW Harrison combined-cycle plant

A new natural gas-fired combined-cycle power plant in Harrison Industrial Park will increase efficiency, create jobs, and generate millions in payments to local governments and schools, the Herald-Star reports. Texas-based energy development company EmberClear “is investing nearly $1 billion in construction” for the 1,050-megawatt power plant in the Harrison Industrial Park. The plant, which will create 700 construction jobs and more than 20 permanent positions, “will be designed to meet the growing industrial demands fueled by the local natural gas economy and replace older, less efficient plants,” according to the article. EmberClear will receive a 15-year property tax exemption as part of a P.I.L.O.T (Payment in Lieu of Taxes) agreement; in exchange, the developer will pay $31 million to Harrison County, the Harrison Hills City School District, and local villages and townships. For more, read the full article

Economic Development, Energy Efficiency, Financial Incentives

Fifth “giant building” project at Dayton airport could bring new jobs total to 2,500

A Missouri-based company that is helping make Dayton International Airport “a hotbed of economic activity” wants to add to its investment in the airport, the Journal-News reports. Missouri-based NorthPoint Development has “completed one large facility at the airport, has two others under construction,” a fourth beginning construction this month, and wants to add a fifth, according to the article. If the city approves their request to purchase the land for the fifth building, the company’s total investment at the airport “would likely exceed $90 million and its projects would be responsible for creating more than 2,500 jobs,” said Terry Slaybaugh, Dayton’s director of aviation. For more, read the full article.

Economic Development, State Updates
  • 1
  • 2
  • 3
  • 4