Public/private partnerships fueling economic development surge in Painesville

Painesville is experiencing a “surge in economic development” largely due to public/private partnerships, according to City Manager Doug Lewis, Cleveland Magazine reports. Lewis said “the city is laying the groundwork to attract developers” by “creating concept plans for available properties, passing more business-friendly legislation, making infrastructure improvements and establishing an economic development fund,” according to the article. The city has also used tax increment financing (TIFs) in strategic districts. “Working together benefits everyone. . . .[i]n the 13 years I have been with the city, I have not seen as much interest in development as we have seen recently,” Lewis said. One of the biggest projects is the redevelopment of a former Chase Bank property into dormitories for Lake Erie College, “funded through a $14.5 million investment from the developer, along with several outside grants.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Downtown Cincinnati apartment project gets initial approval for tax incentive

The Fourth and Pike Apartments project across from Lytle Park “received a vital show of support at City Hall” as the budget and finance committee voted in favor of a 15-year, 52% tax abatement, WCPO.com reports. The city “projects the development will cost more than $19 million” and “would bring more people Downtown who would also contribute to the income tax base,” according to the article. Developer Eagle Realty Group is “remodeling the building into 30 refurbished apartments and making several other improvements to the 50-year-old property.” David Nevers, vice president of public relations for Eagle’s parent company, Western and Southern Financial Group, said the tax revenue the project will bring to the city “is going to grow and it’s going to grow significantly.” For more, read the full article

Economic Development, Financial Incentives, State Updates

ARPA Final Rule - The "B-sides collection": Affordable housing development

With the U.S. Treasury’s January 2022 release of its Final Rule in the use of American Rescue Plan Act (ARPA) funds, we began publishing this series of articles reviewing the lesser publicized aspects of that guidance (hence, the “B-sides” moniker). In this edition, we address the Treasury’s presumed eligible use of federal stimulus funding in the development of affordable housing, and the limited scope under which private, for-profit entities may receive transfers of ARPA funds to carry out such ends.  

For more, read the full article.

Economic Development, Federal Updates, Financial Incentives

ARPA cash: Demolition and capital expenses related to vacant and abandoned buildings

Much ballyhoo has accompanied the U.S. Treasury’s publication in January 2022 of its Final Rule in the use of American Rescue Plan Act (ARPA) funds. Local governments across the country are scrambling to deploy their stimulus funds in response to the pandemic, pay essential workers, provide government services, and invest in water, sewer and broadband infrastructure. Buried in the Final Rule and its 403-page clarifying guidance is an express authorization to use funds to address vacant and abandoned buildings, including commercial and industrial structures.  

For more, read the full article

Economic Development, Federal Updates, Financial Incentives

Developer proposes fourth phase of Library Park in downtown Columbus

Pizzuti Cos. has plans for a new phase of its Library Park development near Topiary Park in downtown Columbus, according to a recent Columbus Business First article. The developer wants to “construct a new seven-story, 157,000-square-foot building” with 117 apartment units, “an amenity deck and coworking space” in place of an existing apartment building, the article reports. Before construction, Pizzuti would replace the current building with a “temporary parking lot for up to two years.” Library Park is a “collection of six residential buildings”; residents began moving into the third phase, “a six-story, 145-unit luxury residential building,” this spring. For more, read the full article (subscription may be required). 

Economic Development, State Updates

Study says Ohio is poised to become a leader in hydrogen economy

A comprehensive study released by JobsOhio and the Stark Area Regional Transit Authority (SARTA) “asserts that Ohio is poised to become a leader in the clean hydrogen-fueled, zero-emission economy,” yahoo!finance reports. The study, Developing a Hydrogen Economy in Ohio: Challenges and Opportunities, “validates Ohio as a prime location for a Clean Hydrogen Hub, as defined by the United States Department of Energy (DOE),” according to the article. The Infrastructure Investment and Jobs Act (IIJA) “appropriated $10 billion to DOE for the creation of at least four Clean Hydrogen Hubs” in the United States. J.P. Nauseef, president and CEO of JobsOhio, said the study “provides clear and convincing evidence that Ohio not only meets but exceeds the criteria established for the hubs in the IIJA.” Nauseef said Ohio has “feedstock and end-use diversity, one of the nation’s largest supplies of natural gas, and the geology to accommodate hydrogen storage and carbon sequestration,” as well as being “geographically positioned in an area where critical processing, storage, and distribution infrastructure will be developed.” For more, read the full article

Economic Development, Environmental, State Updates

Atlanta developer building huge spec warehouse in Medina County

Stonemont Financial Group, an Atlanta-based integrated real estate company, purchased a 39-acre site by the I-71 and I-76 interchange in Medina County for $3.42 million, and “plans to build a warehouse large enough to hold 16 football fields,” Crain’s Cleveland reports. The 451,000-square-foot building is being built on spec, but Stonemont development manager Brian Danahy said the developer “has several prospective clients who might like the entire property,” according to the article. The 40-foot tall building will have “36 feet of clear space under its roof to allow e-commerce tenants to stack racks higher than in the 32-foot buildings common among even newer building in the market,” as well as docks “lining both sides of the building” to facilitate goods moving quickly “between arriving and departing trucks.” For more, read the full article (subscription may be required). 

Economic Development, State Updates

TIF plan for Carnation Mall in Alliance moves forward

Alliance City Council recently “took the first step in moving forward with a tax agreement for the Carnation City Mall redevelopment project,” The Alliance Review reports. The city plans to “place the mall property into a tax incremental financing (TIF) program that will exempt the owners from real property taxes for 30 years,” according to the article. The TIF setup is “rather complicated,” Mayor Alan Andreani said, because it requires the city, property owner, and developer to sign an agreement transferring the land between those three entities. City Council reached an agreement between the city and Marlington Local School District that will ensure the school district will “receive an amount equal to 25% of what it would have gotten if not for the TIF.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Dayton: tax incentives supported $200M in new investment in 2021

New construction or renovation projects approved for property tax abatements in Dayton last year will “result in more than $200 million in new investment,” the Dayton Daily News reports. Dayton has 17 Community Reinvestment Areas (CRAs), which provide property tax breaks of up to 100% for as long as 15 years for developers or owners who “construct new buildings or renovate existing structures,” according to the article. Among the projects approved in 2021 for tax incentives was a new AC Hotel by Marriot, with an estimated project value of $23 million. Another approved project, the redevelopment of the Mendelsons liquidation outlet building into a mixed-use development, is expected to generate more than $82 million in investment. Dayton City Commissioner and Tax Incentive Review Council member Chris Shaw called the incentives for development “a very important tool,” saying, “[w]here we do have to use these tools, we want it to be effective and we want to see a return on investment — and we’re really seeing that.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Tax incentive helps bring Buckeye Sports Center to Huron

Huron City Council members recently approved a tax abatement for Buckeye Sports Center’s new brick-and-mortar location; the agreement “forgives 100% of all property taxes for new development for a 15-year period,” the Sandusky Register reports. As part of the deal, Buckeye Sports Center “agreed to provide payment to Huron Schools and EHOVE Career Center for the amount of taxes they normally would have received if there wasn’t an agreement in place,” Huron City Manager Matt Lasko said in the article. Lasko commented, “[w]e believe that it’s critical for local communities to look for ways to incentive companies to help offset their construction costs to ensure the long-term viability of the company after opening.” For more, read the full article

Economic Development, Financial Incentives, State Updates
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