United Candle Company creating 100 new jobs in Muskingum County

A new company formed by USA Tealights, LLC, will lease the former Lumi-Lite Candle Company’s building in Muskingum County and bring 100 new jobs totaling $4 million in payroll to the area, according to a recent news release from the Zanesville Muskingum County Port Authority. United Candle Company LLC “is buying Lumi-Lite’s equipment, leasing their building and moving manufacturing from New Jersey to Ohio,” according to the release. The company “will create 100 new jobs with $4M in new payroll” and invest $1,815,000 in fixed assets and building upgrades. JobsOhio and the State of Ohio “are supporting the project with a $125,000 JobsOhio Grant and a 6-year Jobs Creation Tax Credit.” For more, read the full release at zmcport.com.

Economic Development, Financial Incentives, State Updates

Proposed $30M redevelopment would revive historic Dayton high-rise

Columbus-based developer The Windsor Companies has plans for a $30-million transformation of Grant-Deneau Tower, Dayton’s first modern skyscraper, into luxury apartments, a hotel, office and retail space, Columbus Business First reports. Eric VanZwieten, head of marketing and public relations for Windsor, “said there is no specific timeline for the project, as financing must be secured before it can fully move forward,” according to the article. Grant-Deneau is eligible for federal and state historic credits, and it is located in the downtown Dayton Community Reinvestment Area, making it eligible for a property tax abatement. Securing financing “through these means will likely be critical for the project’s success.” The building resides in an Opportunity Zone (see our April 5, 2019 blog post) as well. For more, read the full article

Economic Development, Financial Incentives, Project Finance, State Updates

Columbus approves incentives for $500M in major downtown projects

Arena District, North Market, and Franklinton development projects that will bring “much-needed additional housing and office space” to the downtown Columbus area recently received incentives from City Council, Columbus Business First reports. A $210 million expansion of the Arena District, featuring offices, apartments, and parking will include “a new headquarters for Chipotle Mexican Grill” that will create and retain nearly 400 jobs, according to the article. Columbus “will extend the existing TIF [tax-increment financing district] for the area to cover the project site” and provide $20 million in infrastructure support for construction for the project. The “$120 million expansion of the Gravity project in Franklinton” was granted a TIF and $2 million for parking components and streetscape improvements. Columbus will provide $2 million for the public plaza at the $192 million North Market mixed-use tower, and “will set up a North Market Capital Maintenance Fund with 75% of the bed tax collections from the hotel portion of the project for 30 years.” For more, read the full article.

Economic Development, Financial Incentives

Developer plans $77M Artistry Cincinnati mixed-use project near Ohio River

Milhaus, an Indianapolis-based developer, plans to build a mixed-use development with an artistic touch, incorporating large-scale, permanent art pieces and a 2,500-square-foot gallery into the property where people will live and work, the Cincinnati Business Courier reports. Artistry Cincinnati will house 344 apartment units and 8,000 square feet of commercial space “in a quiet location along the beautiful Ohio River Trail,” according to the article. Milhaus “will work with local artists to design and build” the artwork, and the property “will have artist studios for artists who live there.” Cincinnati City Council is considering a “30-year tax increment financing district around the site,” which is within a federal Opportunity Zone (see our August 13, 2018 blog post). For more, read the full article

Economic Development, Financial Incentives, State Updates

Bell featured on Debtwire: PACE financing likely to expand as a result of regulation, securitization

Issued by local government entities, PACE (Property Assessed Clean Energy) bonds allow residential or commercial property owners to finance energy improvement upgrades to their properties. Bonds may be issued and sold directly to the property owner, to a third-party lender, or to institutional investors. Until recently, as Bricker’s Public Finance Chair Caleb Bell notes in a recent article on Acuris’ Debtwire, PACE bonds have been mostly unregulated with only state and local legal requirements. In California, where stricter lending standards are taking shape, Bell notes, “those protections broaden into the actual ability of the homeowner to repay the loan,” resulting in a “much more solid product.” Bell adds that securitizations are becoming increasingly common in this sector and that commercial PACE financing is “becoming its own unique asset class.” These new developments in standardization and regulation are likely to increase the popularity of PACE bonds with investors.

Economic Development, Energy Efficiency, Financial Incentives, State Updates

Tax abatement will help bring new life to former Anthem HQ

One of the largest suburban office buildings in central Ohio “is being positioned for redevelopment” thanks to a tax break from the City of Worthington, Columbus Business First reports. Worthington City Council granted a “10-year, 75% community reinvestment area property tax abatement for improvements” to the 207,961-square-foot former Anthem Blue Cross Blue Shield Ohio headquarters building to help “its new owner, Worthington 17 LLC, position the building for new life,” according to the article. Upgrades are expected to cost $4 to $6 million; estimates included in city documents “predict the property could host up to 400 jobs and $16 million in payroll once the renovation is complete.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Delaware County 2,000-acre Berlin Business Park would focus on commercial, light industrial

Officials in Delaware County are working on plans for a “massive new business park” in Berlin Township, on “about 2,000 acres of mostly rural land,” Columbus Business First reports. Bob Lamb, the county’s economic development director, said “the intent is for commercial and light industrial businesses to occupy major parts of the land, with some room for retail and medical offices.” Delaware County is planning to invest “in major infrastructure work to support the development”; once the site is ready to be developed, the county “will roll out a host of incentives” including a Community Reinvestment Area tax credit and access to bond financing, among others. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Zanesville begins talks about new Downtown Redevelopment District

The City of Zanesville is considering a request from property owners to create a new Downtown Redevelopment District (DRD), the Zanesville Times Recorder reports. Zanesville currently has a DRD “containing portions of Third, Fourth, South and Main streets”; the new DRD would be “based on the properties located around Sixth Street,” according to the article. Property owners and the city “would benefit from the payments derived from the increased assessed value of any improvement to real property” if the DRD is established. The city could pull up to 70% of the increase in value “and use that money to help historical properties with improvements like repairing facades or fixing code corrections,” among others. For more, read the full article.

Economic Development, Financial Incentives, Project Finance

Delphos kicks off Energy District with city project

Businesses, government, healthcare, and educational facilities in Delphos have access to Property Assessed Clean Energy (PACE) financing now that the city is an Energy District, the Delphos Herald reports. Safety Service Director Shane Coleman “signed the paperwork for an $8,000 loan . . . for an energy-efficient lighting project at the water treatment plant,” kicking off the Energy District, according to the article. The district is sponsored by “the Toledo-Lucas County Port Authority through its Betterbuildings Northwest Ohio [BBNWO]”; financing will come from the BBNWO’s PACE program. Eligible projects include upgrades to energy efficiency for lighting, HVAC, and refrigeration, among others. For more, read the full article.

Energy Efficiency, Financial Incentives, Project Finance, State Updates

Bexley says CRA could fund Mayfield Place remediation and remodel

Bexley City Council is considering a Community Reinvestment Area (CRA) agreement that “would enable a private developer to environmentally remediate and remodel an apartment complex” in southwest Bexley, according to Mayor Ben Kessler, ThisWeek Community News reports. Ordinance 12-19, if approved, would allow “for a 100 percent, 15-year tax abatement on the new improvements” to Mayfield Place, according to the article. The legislation states that the developer “would undertake environmental remediation of contaminated soil at the Mayfield Place in accordance with the Ohio Environmental Protection Agency’s Voluntary Action Plan.” Council member Richard Sharp noted the city would not abate current taxes, but “future improvement and value.” For more, read the full article.

Economic Development, Environmental, Financial Incentives, Project Finance
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