Ohio returns to funding spec-based commercial & industrial development

In 2020, Ohio’s development officials are again awarding grants to fund commercial and industrial development projects that don’t have known end users. JobsOhio is now in the midst of launching a $50 million per year grant and loan program for spec-based opportunities. Such projects often originate from local communities or developers eager to prepare sites for future business use. These types of projects lack a business prospect waiting in the wings. They are pursued from a “if we build it, they will come” mindset. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

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

Greater Cincinnati Energy Alliance has record-breaking year for PACE financing

Bricker & Eckler LLP congratulates Greater Cincinnati Energy Alliance (GCEA) on a record-breaking year in Property Assessed Clean Energy (PACE) financing transactions. In 2019, GCEA has closed 24 PACE loans valued at nearly $27 million, more than doubling their 2018 total. GCEA is a nonprofit organization with a mission to facilitate investment in energy efficiency and renewable energy projects to reduce carbon emissions. For more about the Greater Cincinnati Energy Alliance, click here.

Energy Efficiency, Environmental, Project Finance, Renewable Energy, State Updates

Madison Village approves Energy Special Improvement District

Madison Village Council recently approved legislation to create “a program that will help property owners obtain financing at potentially attractive rates” for energy improvement projects, The News-Herald reports. Council agreed to establish an Energy Special Improvement District (ESID) in response to a petition by Vineyard Hotel Group, LLC, owner of the new Hampton Inn by Hilton in the village, according to the article. Vineyard “wants to secure financing to cover the cost of energy-saving features” including high-efficiency LED lighting, energy-efficient roof insulation, windows, and other components. Once the ESID is formed, other businesses will be able to seek financing for energy improvement projects through the Northeast Ohio Public Energy Council, the ESID’s investor, as well. For more, read the full article.

Energy Efficiency, Project Finance, 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

Columbus developer secures $3.5M in C-PACE financing for $20M Hyatt House

Petros PACE Finance LLC “closed a $3.5 million commercial property assessed clean energy (C-PACE) transaction” with Columbus developer Continental Hospitality Group (CHG) for the $20-million, 152-room Hyatt House in the Harrison West Founders Park development, Columbus Business First reports. This is the second project for which CHG has obtained C-PACE funding; the first was a $16.3-million transaction for a Marriott hotel project near The Ohio State University (see our December 14, 2018 blog post). In a news release announcing the deal, Petros PACE Finance CEO Mansoor Ghori said, “Ohio has emerged as one of the fastest growing C-PACE markets thanks to developers like Continental Hospitality Group, who are taking advantage of C-PACE as a low-cost source of capital that allows them to maximize the efficiency designs of their properties.” For more, read the full article and the full news release

Economic Development, Energy Efficiency, Project Finance, State Updates

Columbus setting the “PACE,” according to Kalvas in Columbus Business First article

Not only is Ohio a Property Assessed Clean Energy (PACE) leader among other U.S. states, but, as of mid-2019, the Columbus region “had the largest total commercial PACE investment of any single metropolitan region in the nation.” According to public finance attorney and PACE advisor Colin Kalvas in his article “Columbus setting the PACE nationally for commercial energy efficiency and sustainability financing,” PACE is a winning option for a variety of stakeholders, including property owners, tenants and lenders.

Economic Development, Energy Efficiency, Financial Incentives, Project Finance, State Updates

Dayton Arcade developer seeking critical state tax credits for next phase

Developer Cross Street Partners of the Dayton Arcade redevelopment says state historic tax incentives are “hugely critical” to the project going forward, the Dayton Daily News reports. The second phase, to rehab the north arcade and create “new housing, offices and a shared-use commercial kitchen,” could be “a $28 million to $30 million investment,” said Dave Williams, Cross Street’s senior director of development. Williams said like the $90-million first phase of the project, historic tax incentives are required for the next phase to be economically feasible, according to the article. Failure to win tax credits in the current round of awards would “likely delay the financing package” by about six months. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Downtown Toledo TIF proactive step to fund improvements

City officials in Toledo are looking at establishing a Tax Increment Financing (TIF) area downtown that “could help pay for infrastructure improvements” in the Central Business, UpTown and Warehouse districts, The Toledo Blade reports. Toledo has implemented TIFs in the past for large development projects, but this TIF would be “the first time that we’re putting it in proactively hoping that it will generate revenue,” according to Brandon Sehlhorst, commissioner of economic and business development. Infrastructure improvements would be prioritized based on the transportation and downtown master plans, and could include sidewalk improvements, planting trees and curb construction, among others. For more, read the full article.

Economic Development, Project Finance

Fairborn joining PACE program to add to economic development toolbox

The city of Fairborn recently “declared its intent to participate in the Property Assessed Clean Energy (PACE) program” as another incentive to attract businesses and jobs, the Dayton Daily News reports. Assistant City Manager Mike Gebhart said there are already “businesses interested in taking advantage” of the loan program that “finances up to 100% of energy efficient construction or remodeling for commercial and industrial property owners,” according to the article. Fairborn has not yet identified a specific project for the program, but once it has, the city will establish an Energy Special Improvement District (ESID) to make PACE financing available. For more, read the full article.  

Economic Development, Energy Efficiency, Project Finance, State Updates
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