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

Two Columbus projects awarded Historic Preservation Tax Credits

The Ohio Development Services Agency recently granted Ohio Historic Preservation Tax Credits to The Hayden in downtown Columbus and Brad DeHays’ Trolley Barn on the Near East Side of Columbus, Columbus Underground reports. The $19M Hayden project, a 13-story building at 16 E. Broad Street and a 4-story building at 20 E. Broad Street that dates to 1869, received a total tax credit of $1,940,000. Brad DeHays’ Trolley Barn, a trio of buildings that will be converted into office space, a residential building and a coffee shop, received a total of $361,000 in tax credits. Bricker & Eckler LLP served as PACE counsel for The Hayden. For more, read the full article

Economic Development, Financial Incentives, State Updates

AEP’s planned Highland County solar farms a welcome boost for southern Ohio

Development, business and construction leaders across Appalachia rallied in support at the Public Utilities Commission of Ohio (PUCO)’s first public hearing on AEP’s plan to build two solar farms in Highland County, Columbus Business First reports. The 300-megawatt (MW) Highland Solar Farm, if completed, would be the largest in Ohio. AEP says constructing that farm and the 100-MW Willowbrook Solar Farm “would bring $24 million in new state tax revenue and $6.7 million in local tax revenue,” while construction “would support 4,000 jobs, including 113 permanent manufacturing jobs in the solar supply chain,” according to the article. The Columbus Dispatch reports “witnesses from economic-development and environmental groups . . . testified about the need for jobs in a region of the state that has been struggling economically, and the value of moving away from fossil fuels to renewable sources.” For more, read the full Columbus Business First and Columbus Dispatch articles. 

Economic Development, Environmental, Renewable Energy, State Updates

Summary of 2018 PACE transactions in Ohio

2018 PACE Financing in Ohio

Economic Development, 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

New $230M Crew SC stadium would be centerpiece of Confluence Village development

A proposal to keep the Columbus Crew SC in Columbus would not only build a $230-million stadium downtown, but also create a new “Confluence Village” west of Huntington Park and the Arena District, The Columbus Dispatch reports. The neighborhood would include the multilevel, 20,000-seat stadium with “30 suites and loge boxes and 1,900 ‘club seats,’” as well as residential buildings and 270,000 square feet of commercial and office space, “enough to accommodate 1,300 employees,” according to the article. Dr. Peter H. Edwards Jr. and family and Cleveland Browns owners Dee and Jimmy Haslam propose to buy the Crew for $150 million, and invest a total of $645 million to build the new stadium and Confluence Village, and to remodel Mapfre Stadium as a practice facility. Franklin County and the City of Columbus “are pledging $50 million each over 30 years” for site development and infrastructure. For more, read the full article

Economic Development, Project Finance, State Updates

Honda R&D Americas adding 175 new jobs at Ohio Center

JobsOhio and Honda R&D Americas recently announced a “partnership supporting a growing, high-tech workforce at Honda R&D Americas’s Ohio Center in Union County” that will create an additional 175 jobs, The Columbus Dispatch reports. Frank Paluch, president of Honda R&D Americas, said in a news release, “[a]s Honda takes on new challenges to meet the future needs of our customers, we continue to build a next-generation workforce by investing in our associates, our operations and our communities to promote the growing, high-tech presence here in Ohio.” JobsOhio will support the expansion with a $1.2M Workforce Grant, a JobsOhio R&D Center Grant, and JobsOhio Talent Acquisition Services. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Funding approved for new railyard facility in Hannibal

U.S. Senator Sherrod Brown announed $20 million in funding for the construction of a new railyard and pipeline facility in the town of Hannibal, Ohio on December 6, according to The Daily Jeff. The rail transloading project is expected to increase the area's energy exports and connectivity to global markets. For more, read the full story.

Economic Development, Environmental

Largest C-PACE deal in U.S. for 2018: $16.3M for Columbus project

Petros PACE Finance, LLC announced “the closing of a $16.3 million Commercial Property Assessed Clean Energy (C-PACE) transaction in Columbus, Ohio with UPH Holdings, LLC, an affiliate of Continental Hospitality Group and Concord Hospitality Enterprises,” according to a Business Insider press release. The deal, which “will fund eligible upgrades to a 354-room dual branded Marriott Hotel & Residence Inn” near The Ohio State University, is “the largest publicly-announced C-PACE deal in the country to date in 2018,” according to the release. Continental secured the C-PACE financing through the Columbus Regional Energy Special Improvement District PACE program; Bricker & Eckler LLP served as PACE counsel for the project. For more, read the full press release.

Economic Development, Financial Incentives, Project Finance, State Updates
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