Auto supplier plans additional $73M investment, 204 jobs in Springfield

Topre America is expanding its previous plans for a new facility in Springfield (see our June 12, 2017 blog post), announcing it will invest an additional $73 million in the facility to meet increased production requests, the Dayton Business Journal reports. The additional investment in the 177,000 square-foot stamping and steel production plant will “create 204 assembly, research and development, stamping and light manufacturing jobs,” according to the article. The expansion is “contingent upon the approval of state and local incentives.” Jeff Hoagland, president and CEO of the Dayton Development Coalition regional JobsOhio affiliate, said the coalition understands the impact of more than 200 new jobs and “will continue to work with our partners in Springfield and JobsOhio to move this project forward.” For more, read the full article.

Financial Incentives, JobsOhio/ODSA, Regional Updates, State Updates

Ohio recommends Opportunity Zones for federal tax breaks

The recently passed Tax Cuts and Jobs Act of 2017 created an opportunity for states “to identify up to 25% of low-income, high-poverty census tracts” for consideration for federal tax breaks for economic development, according to the Ohio Development Services Agency (ODSA) website. The U.S. Treasury “will make the final determination” of which tracts will be designation as Opportunity Zones, making them eligible for “‘Opportunity Funds’ (not yet formed) to invest in economic development to receive a 10-year federal tax break.” Ohio recommended its full 25% allocation, 320 census tracts out of the 1,280 that were eligible. According to the ODSA, tracts were prioritized by “[j]ob creation potential, history of public/private investment within the tract, future commitments of public/private investment, available land for development,” and other factors. For more, see the ODSA website.

Financial Incentives, JobsOhio/ODSA, Regional Updates, State Updates