Pataskala approves CRA, TIF for large-scale facility

An agreement between the City of Pataskala and developer TPA Group LLC “clears the way for a new distribution-style facility’s construction in the Mink Street and Refugee Road area of the city,” the Newark Advocate reports. Pataskala Council approved a Tax Increment Financing (TIF) agreement and Community Reinvestment Area (CRA) for the “1.2 million square foot warehouse/distribution facility” and site improvements, according to the article. City Administrator Tim Hickin said the TIF agreement “will allow TPA to recoup costs related to public infrastructural improvements” in the area that is “prime for development.” For more, read the full article

Economic Development, Financial Incentives, State Updates

Sandusky approves TIF for $8.8M Hogrefe Building project

City commissioners in Sandusky recently approved a tax increment financing (TIF) agreement “to help stabilize the fiscal foundation” of two developers’ multimillion-dollar investment in the Hogrefe Building downtown, the Sandusky Register reports. Rick and Meghan Hogrefe originally budgeted $3 million to restore the historic Cooke Building at Columbus Avenue and Market Street, but the building was found to be unsalvageable, and costs escalated, according to the article. The Hogrefes have applied for a $1 million grant from the state of Ohio, and have committed to putting up $7.8 million of the expected $8.8 million cost for the mixed-use project. As part of the TIF agreement, they will make payments in lieu of taxes of at least $200,000 each year, with at least $25,000 per year going to Sandusky Schools. The remaining money will be used to service debt on the project and to finance planned public infrastructure. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Newark Arcade’s $15M restoration granted $1.1M in state historic tax credits

The Ohio Development Services Agency (ODSA) “approved the Newark Development Partners’ [NDP] application” for “about $1.1 million in historic preservation tax credits for a $15 million restoration of The Arcade,” a building that dates to 1909, the Newark Advocate reports. The project, which is expected to take approximately two years, “has received about $4 million in federal and state tax credits,” and has raised $9 million in donations pledged or paid, according to the article. NDP plans to rehabilitate 15 apartments on the eastern part of the project and create spaces for new commercial tenants on the ground floor. Terrazzo floors, historic storefronts and decorative plaster will be repaired. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Centerville considers TIF for $2M development

The City of Centerville is considering a Tax Increment Financing (TIF) district for a potential $2 million mixed-use development on city land, the Dayton Daily News reports. Centerville Development Director Michael Norton-Smith said the city is negotiating with “a first end user” of the 7.5 acres at the corner of Yankee Street and Social Row Road for a project that would involve “a mix of office and commercial uses,” according to the article. Plans “show two buildings — including one labeled as a possible restaurant — for the site,” which can accommodate 75,000 square feet according to city records. The TIF would generate revenue for public improvements. For more, read the full article.

Economic Development, Financial Incentives, State Updates

You just caught that purple unicorn – now what? Ohio’s operating budget appropriates $500 million in grant funds for brownfield remediation and (commercial) building demolition

For many observers tracking the state budget bill, the General Assembly’s change in the name of the state’s development agency – reverting back to the Ohio Department of Development – was breathtaking in and of itself. However, two new funding lines inserted into the measure (H.B. 110), representing $500 million in total grant funds available during state fiscal year (SFY) 2022, have lassoed the purple unicorn. That is, an answer now exists to the question, “how will Ohio fund clean-up and demolition of legacy commercial and industrial sites?” For more, read the full article

Economic Development, Financial Incentives, Project Finance, State Updates

Studio West’s LGBTQ+ entertainment complex development agreement includes TIF

Lakewood City Council is expected to approve a development agreement that includes tax increment financing (TIF) incentives for Studio West’s LGBTQ+ entertainment complex, including the “adaptive reuse of the former Mack Products and Phantasy nightclub buildings,” Cleveland.com reports. The city’s Director of Planning, Shawn Leininger, introduced the agreement for West 117 Development LLC’s plans to repurpose the properties “into a mixed-use restaurant, recreation, retail and entertainment hub that will preserve historic buildings,” according to the article. Leininger said when completed, the complex will generate $543,000 in annual property taxes compared to the current $33,279. The first phase of the project represents a $13 million investment “boasting three restaurants, an outdoor dining patio, a rooftop deck and an indoor and outdoor sports complex.” For more, read the full article

Economic Development, Financial Incentives, State Updates

Hillsboro considers four TIFs, transfer of park to CIC

Hillsboro City Council heard four proposed ordinances that would establish separate Tax Increment Equivalent funds (TIFs) for businesses under construction within the city, as well as a proposed resolution that would transfer a city park to the Community Improvement Corporation [CIC], The Highland County Press reports. The TIFs would exempt 75 percent of the improved value of the properties from property tax, with property owners instead paying that amount in service payments to be used to finance public improvements including “creation and/or enhancement of public service facilities and operations” and street improvements. Council also heard the first reading of a resolution authorizing Mayor Justin Harsha to “enter into an agreement with the Community Improvement Corporation [CIC] for the Railroad Street City Park property,” which the mayor explained would be “for economic development purposes.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Other people’s money: Certain use of federal stimulus cash by land banks “presumed” eligible

During the past decade, county land banks ramped up operations across Ohio largely employing one-time cash. The Hardest Hit Fund (HHF), sourced from Ohio’s share of mortgage industry settlement payments related to the Great Recession, was a catalytic funding source for demolishing thousands of vacant and abandoned residential structures throughout the state. HHF served its purpose, and served it well. However, as the remaining program dollars are drawn down, many county land banks are facing existential funding questions. For more, read the full article

Economic Development, Financial Incentives, Project Finance

Butler County’s economic development plans include millions in investment

Butler County officials hope 2021 will be “the ‘transformational’ year for spurring economic development” as the COVID-19 pandemic begins to ease up, and they plan to invest “healthy amounts of cash” to support that goal, the Journal-News reports. The county “has $74.4 million coming from the federal government, and the Butler County Port Authority has $1.8 million plus development tools like tax breaks to encourage development,” according to the article. County Commissioner T.C. Rogers said “we want that [investment] to be transformational in what the return is to the county” as opposed to one-time expenditures. The commissioners and port authority board plan to meet soon “to discuss philosophies, because the port is in a unique position to use the economic development-driving tools.” For more, read the full article

Economic Development, Financial Incentives, State Updates

First Solar investing $680M to build third Toledo-area factory

Solar panel manufacturer First Solar Inc. will invest $680 million “to build a third factory in the Toledo area by 2023, doubling its production capacity and creating 500 jobs,” The Toledo Blade reports. Construction of the new, 1.8-million-square-foot plant will begin later this year, with production expected to begin in early 2023, according to the article. The company’s current operations in Wood County “have the capacity to produce 2.7 gigawatts worth of panels annually,” and the new plant will add another 3.3 gigawatts to that. Total U.S. solar-panel production capacity “is expected to reach 11 gigawatts” when the new First Solar plant is online. Construction “is contingent on First Solar receiving permitting and pending approval of State of Ohio, JobsOhio, regional and local incentives.” For more, read the full article

Economic Development, Financial Incentives, Renewable Energy, Solar, State Updates
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