Solon will use $89K NOPEC grant for municipal facility upgrades

The city of Solon received a 2019 Energized Community Grant from Northeast Ohio Public Energy Council (NOPEC) for “nearly $89,000,” which it will use to “assist with municipal efficiency upgrades,” Cleveland.com reports. That money “will be added to the roughly $92,000 Energized Community Grant awarded by NOPEC late last year,” the article reports. City Finance Director Matt Rubino said Solon anticipates applying the combined $181,000 toward “new LED lighting and various equipment upgrades like heating, ventilation and air conditioning (HVAC) and other building systems.” For more, read the full article.

Energy Efficiency, Project Finance, State Updates

NOPEC grant will fund energy upgrades for Madison Township facilities

Madison Township will use part of a Northeast Ohio Public Energy Council (NOPEC) grant to purchase and install energy efficient replacement windows in the Bill Stanton Community Park banquet hall, The News-Herald reports. The township received a $47,362 NOPEC Energized Community grant for 2019, and “has a $31,000 carryover from the same program last year,” according to the article. Money from the grant will also be used to install “a new heating, ventilation and air conditioning unit for the township Administration Building.” For more, read the full article.

 

Energy Efficiency, Project Finance

Tallmadge joins Akron-Summit County ESID

Businesses and organizations in the city of Tallmadge “now have the opportunity to borrow money to pay for energy improvement projects and then repay the loan through a special assessment,” MyTownNEO reports. Tallmadge City Council recently approved making the city a member of the Akron-Summit County Energy Special Improvement District (ESID). Businesses, non-profits and governmental agencies in the ESID can fund energy upgrades to lighting, heating and air conditioning, roofing and other systems and repay the loan through an assessment against the property. For more, read the full article.

Energy Efficiency, Project Finance

Fairview Park awarded $68K grant for energy efficiency improvements

The city of Fairview Park was recently awarded a $68,400 Northeast Ohio Public Energy Council (NOPEC) grant “for energy efficiency and/or energy infrastructure projects in the community,” Cleveland.com reports. Director of Public Service and Development Shawn Leininger said there are “a number of energy efficiency improvement projects” the city is considering, including lighting improvements or more energy-efficient doors and windows for the service garage. The city also received a NOPEC grant in 2018; that $70,000 is going toward the Senior Center’s $554,000 roof replacement. For more, read the full article.

Energy Efficiency, Project Finance

Dayton Arcade renewal project close to $96M in crucial financing, tax credits

The “next chapter” of the Dayton Arcade is “hitting its stride,” as developer Cross Street Partners is nearing $96 million in public tax credits, the Dayton Daily News reports. The project “is eyeing a capital stack” including $36.5 million in New Market tax credits, $22 million in housing tax credits, and $25 million in state and federal tax credits. PACE (property assessed clean energy) financing, $1.2 million in Montgomery County ED/GE development help, a $10 million loan from the city of Dayton, and a $900,000 JobsOhio grant are also “in play,” according to the article. David Williams, Arcade project manager for Cross Street, said, “[w]hat we’re really trying to do is write the next chapter” of the Arcade, with plans for restaurants, retail, affordable housing units, fine arts space, a University of Dayton innovation center, and more. For more, read the full article.  

Economic Development, Financial Incentives, Project Finance, State Updates

OSU-area hotel making $16M in energy efficiency upgrades with PACE financing

The Marriott Hotel & Residence Inn on Olentangy River Road near The Ohio State University main campus will get $16.3 million in energy efficiency upgrades funded through Commercial Property Assessed Clean Energy (C-PACE) financing, Columbus Business First reports. The financing, which was the largest publicly announced C-PACE transaction in the United States in 2018 (see our December 14, 2018 blog post), will fund “a comprehensive building envelope upgrade, lighting improvements and other efficiency measures,” according to the article. The upgrades “are expected to save significant energy costs for the hotel in coming years.” For more, read the full article.

Energy Efficiency, Project Finance

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

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’ 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
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