Second downtown Dayton investment fund created to fill funding gaps

The newly created Downtown Dayton Investment Fund 2 (DDIF2) has launched “to help businesses, developers and entrepreneurs fill in funding gaps for real estate development and tenant improvements,” the Dayton Daily News reports. DDIF2, which has already raised “nearly half of its $5 million goal,” will support “catalytic projects by offering expanded financial tools, such as debt loan products and tenant improvement assistance,” and is intended to complement the original fund, according to the article. Officials said DDIF2 “will be able to help surrounding working-class neighborhoods and areas near downtown that the city of Dayton has targeted for redevelopment.” For more, read the full article.

Economic Development, Project Finance, State Updates

Bricker & Eckler, with national and state partners, to host PACE market update webinar

Bricker & Eckler, along with national and state partners, will host a webinar Tuesday, January 12, 11:00 a.m. - 1 p.m. EST, to recap significant PACE industry developments from 2020 and preview what’s on the horizon for 2021. The webinar will focus on the Ohio, Kentucky, Michigan and Pennsylvania markets. Special guest Colin Bishopp, Executive Director of PACENation, will share a national perspective of the PACE landscape. More information >>

Energy Efficiency, Federal Updates, Financial Incentives, Project Finance, State Updates

JobsOhio will pay $200,000 for SpaceX satellite broadband test in Allen Township

JobsOhio “has signed SpaceX for a yearlong test of wireless broadband” in Union County’s Allen Township “to determine if it could expand access for rural areas across the state,” Columbus Business First reports. JobsOhio will pay $200,000 for 90 households and 10 small businesses to sign up for SpaceX’s Starlink service; participants will not pay for the service. Lt. Gov. Jon Husted said the pilot program “will be one of the first in the nation to look at this issue and see if it has broader applications,” according to the article. SpaceX has launched “the first 900 satellites in what will be a much larger network, and is beta testing its broadband in the northern United States.” For more, read the full article.

Economic Development, Project Finance, State Updates

Inaugural loan from new CFFA program will fund community center

The Columbus-Franklin County Finance Authority (CFFA)’s newest offering, the Neighborhood Improvement and Small Business Loan program, has granted its first loan to Community Development for All People to acquire and renovate a Parsons Avenue building that will provide “a much-needed community center,” according to a CFFA press release. In that release, CFFA President Jean Carter Ryan said the $367,000 loan “perfectly fits the program’s objective of stimulating investment in areas of need and serving a greater community purpose.” John Edgar, Executive Director of Community Development for All People, said the building will offer classrooms for remote learning and internet-connected computers to facilitate online job applications and telemedicine appointments. For more, read the full news release.

Economic Development, Project Finance, State Updates

Ohio General Assembly considering significant CRA law change during lame duck session

A new proposal in the Ohio legislature would render commercial and industrial Community Reinvestment Area (CRA) projects akin to “pre-1994” treatment. Ohio’s CRA program was initially created as a housing program in the late 1960s but quickly became a frequently used tool for addressing disinvestment in commercial and industrial settings. In 1994, after recognizing that the program was frequently being used to abate property taxes in commercial and industrial projects, the Ohio General Assembly made major revisions to the state’s CRA Program. As a result, the statutory provisions governing those CRAs designated before July 1, 1994, differ considerably from those governing CRAs designated after July 1, 1994. For more, read the full article

Economic Development, Project Finance

Webinar: Revitalize Blighted Properties With Land Banks

Bricker & Eckler attorneys Jeff Harris and Ty Compton, and Cuyahoga Land Bank President and General Counsel, Gus Frangos, will present a webinar, Thursday, November 19, 1:00-2:30 p.m. EST. Designed to inform developers how to drive stabilization, revitalization and economic growth in communities, this webinar will feature best practices for land bank programs.

Land banks are proven tools to remove blighted structures and acquire problem properties in post-industrial legacy cities and neighborhoods across the U.S. The process of land banking – whereby quasi-governmental entities acquire and manage properties that are tax delinquent and unoccupied, striving to return them to the open market – is getting a closer look as a possible response to the COVID-19 public health emergency. This presentation will review the national land bank movement and undertake a critical assessment of the Ohio land banking model.

For more information or to register, please click here.

Economic Development, Financial Incentives, Project Finance

Former Geauga Lake amusement park to become mixed-use Geauga Lake District

A Solon developer who purchased 377 acres that was previously the Geauga Lake amusement park and Sea World theme park plans to build homes, retail and restaurant space to create The Geauga Lake District, Cleveland.com reports. Industrial Commercial Properties “also plans to highlight the 50-acre lake on site and develop about 120 acres of green space for public use,” according to the article. Bainbridge Township and the City of Aurora formed a Joint Economic Development District (JEDD) “to share tax revenues and for Aurora to provide sewer and water services to the entire property.” Aurora and Bainbridge Township will each receive 25% of the tax revenue, 25% will fund maintenance and improvement, and the remaining 25% will support infrastructure and pay for water and sewer services. For more, read the full article.

Economic Development, Project Finance, State Updates

New PACE agreements approve $14M in financing for St. Clair Inn, Hotel Harrington

The St. Clair County Board recently approved new Property Assessed Clean Energy (PACE) agreements for more than $3.1 million and $11 million for the St. Clair Inn and Hotel Harrington projects, respectively, the Times Herald reports. Plans for the Harrington include ceiling insulation, LED lighting, solar features, and high-efficiency heating and cooling, while the St. Clair Inn property’s plan includes “$2.9 million in heating and cooling system improvements, as well as $2.7 million in electrical and $2.2 million in plumbing,” according to the article. The county adopted its PACE program three years ago, allowing developers to repay private loans over time through an assessment against the property.

 

Energy Efficiency, Project Finance, Renewable Energy, State Updates

PACE funding will help $45M Fairview Park project redevelop former NASA buildings

Fairview Park City Council recently passed three ordinances that will allow Ceres Enterprises to use $15 million in Property Assessed Clean Energy (PACE) financing on its $45 million redevelopment of two historic NASA buildings, West Life News reports. The mixed-use development will include a boutique hotel, an apartment complex, an event space, offices and conference rooms, according to the article. A third, new building will house a restaurant and additional hotel rooms. The project was previously awarded an Ohio Historical Preservation Tax Credit. Mayor Patrick Cooney called the project “a gateway to our city” and said it will bring jobs and new residents. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Cincinnati City Council member would like to add TDDs to toolbox for infrastructure

Transportation development districts (TDDs) could be an effective tool for Cincinnati as well other Ohio communities to fund public transportation infrastructure projects, Cincinnati Councilman Jeff Pastor writes in an opinion article for the Cincinnati Business Courier. Pastor “researched how other cities solve their transportation infrastructure problems,” and found TDDs can “[f]und, promote, plan, design, construct, improve, maintain and operate one or more projects or assist in doing so,” according to the article. He cited a Missouri TDD that funded the expansion of U.S. Route 36 to four lanes across four rural counties, using “revenue from a half-cent sales tax.” Pastor’s hope is that the Ohio General Assembly will “pass legislation that gives communities the opportunity to create TDDs so they have another tool to grow, prosper and sharpen our competitive edge.” For more, read the full article.

Economic Development, Project Finance, State Updates
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