Opportunity Appalachia forum features ideas for attracting community investment

The Opportunity Appalachia forum, held in Marietta, Ohio, on January 14, brought together approximately 75 local leaders in southeastern Ohio to learn more about the federal Opportunity Zone program. Created as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones allow investors with significant capital gains to make investments in eligible areas in Ohio to delay and/or reduce their federal tax obligations. Bricker & Eckler was represented by Public Finance attorney Jeff Harris as one of many state and national speakers addressing the audience on how to attract investments to their communities. Harris specifically talked about how to create an Opportunity Zone prospectus, to be published online and in print form, to highlight eligible investment projects in one’s local community. For more, read the full story.

Economic Development, Federal Updates, Financial Incentives, State Updates

Will a $5B tech company choose Columbus for its U.S. headquarters?

Veeam Software Corp., a $5-billion Swiss cloud computing company, will be moving its headquarters from Baar, Switzerland to the U.S., and several top executives at the company have ties to Columbus, according to a recent Columbus Business First article. Insight Partners, “a New York City venture capital and private equity firm that specializes in software,” recently acquired Veeam and announced it would relocate the company’s headquarters to the U.S., the article reports. William Largent, who is resuming his former role as CEO of Veeam, graduated from Franklin University and owns a house in Delaware County. Co-founders Ratmir Timashev and Andrei Baronov founded another company, Aelita Software, in Columbus suburb Dublin before starting Veeam. Timashev is a graduate of The Ohio State University. For more, read the full article.

Economic Development, State Updates

Cuyahoga Falls approves tax incentive for company bringing jobs, $22M investment

Cuyahoga Falls City Council approved “a 10-year, 75-percent property tax break” for manufacturing company Kyocera SGS Precision Tools, which will make “a $22.4 million investment that will move 84 employees” to the city, MyTownNEO reports. Kyocera “is planning to spend $2.97 million to remodel the inside and outside” of two buildings on Marc Drive, and will relocate “about $11.3 million in machinery and equipment” to the new sites, according to the article. The 84 employees represent almost $5.7 million in annual payroll. For more, read the full article.

Economic Development, Financial Incentives, State Updates

C-pass program helping downtown Columbus companies attract and retain employees

Businesses in downtown Columbus say a program providing “thousands of Downtown workers the ability to ride Central Ohio Transit Authority [COTA] buses free,” C-pass, is helping them both recruit and retain employees, according to a recent article in The Columbus Dispatch. Since June 2018, C-pass “has provided 1.6 million rides and enrolled more than 440 companies and 15,100 employees,” the article reports. A New York City-based company that produces clear teeth aligners, Candid, chose downtown Columbus for its second headquarters site for several reasons: a “thriving business startup scene,” a tax incentive package, and C-pass, according to the article. A survey by the Capital Crossroads Special Improvement District found C-pass influenced companies’ decisions to sign or renew leases in C-pass eligible buildings. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Team NEO, Ohio Economic Development Association and Bricker & Eckler to host an event focused on strengthening communities

Team NEO, Ohio Economic Development Association (OEDA) and Bricker & Eckler will host a half-day economic development conference, Thursday, January 16, 2020, 7:30 a.m. - 1:00 p.m., at Corporate College East in Warrensville Heights, Ohio. The conference will include presentations, panel and roundtable discussions on the importance of having a strategic plan, competitive-ready communities and innovative economic development tools. Lt. Governor Jon Husted will provide keynote remarks during lunch.

Economic Development, Energy Efficiency, Financial Incentives

Summary of 2019 PACE transactions in Ohio

In an upward climb, Ohio’s investment in property assessed clean energy increased by over 42 percent from 2018 to 2019. Want to know the details? Check out Bricker’s interactive map of #PACE programs across the state.

 

Economic Development, Energy Efficiency, Project Finance, State Updates

Dayton Arcade awarded $2.75M in state tax credits for Third Street Arcade rehab

The “most complicated project in the city of Dayton’s history,” the Dayton Arcade redevelopment project, was awarded state historic tax credits for the $27.6 million rehab of the Third Street Arcade, the Dayton Daily News reports. The state of Ohio awarded $2.75 million for “a second phase of the arcade’s restoration focused on two northern buildings in the nine-building complex,” according to the article. This is the third time the Dayton Arcade has won state historic tax credits, bringing the project’s total awards to $11.75 million. The Third Street Arcade project will “rehab an elaborate façade and two-story, sky-lit arcade into a mix of uses,” including a new kitchen incubator, retail and restaurant spaces, apartments and office space. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Canadian auto parts supplier to open first U.S. facility in Toledo

Toronto-based Axiom Group Inc., an auto parts manufacturer, plans to start construction soon on a new manufacturing plant in central Toledo “and create at least 250 new jobs,” The Toledo Blade reports. The facility will be Axiom’s first in the United States. The project “is contingent on receiving an incentive package” from JobsOhio and the Ohio Tax Credit Authority, and will receive loans from Lucas County Builds, “a development loan program created by the Lucas County Commissioners’ office,” according to the article. Perry Rizzo, president and CEO of Axiom, said, “[w]e see investing in Toledo as a fantastic location for our latest facility and we are pleased with the government support and the ‘open for business’ attitude.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Steel manufacturer plans Dayton area expansion, doubling its local workforce

Epix Tube Company, a steel manufacturer headquartered in Trotwood, “is planning to grow its Dayton-area operations with the purchase of a new facility,” an expansion that would add 60 to 75 new full-time jobs within the next five years, the Dayton Business Journal reports. Epix is looking to acquire a 278,000-square-foot facility on Marion Street in southwest Dayton; the company plans to perform upgrades to the site and purchase new equipment and machinery. The City of Dayton has “extended a $150,000 development grant” for the project and has requested $250,000 in Montgomery County Economic Development/Government Equity grant funding to help defray the cost of expansion. The new positions created by the expansion will generate between $2.9 million and $3.6 million in annual payroll. For more, read the full article.

Economic Development, Financial Incentives, State Updates

$120M Oregon East project will create “vibrant, mixed-use district” in downtown Dayton

An underutilized section of Dayton will be transformed into a “vibrant, mixed-use district” by the $120-million Oregon East project that aims to build off the downtown Oregon District, constructing a hotel, residential units, entertainment venues and office space, the Dayton Business Journal reports. Phase One of the project “has been completed with the redevelopment of the Wheelhouse Building as a mixed-use facility,” according to the article. Key to Phase Two is the $11-million parking garage that would eliminate surface lots in the area, allowing them to be redeveloped as residences and businesses. The City of Dayton is requesting a $500,000 Economic Development/Government Equity (ED/GE) grant from Montgomery County to fund utility upgrades; the city is also planning to establish a Tax Increment Financing (TIF) district “that will generate revenue to finance the parking garage.” For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates
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