Upstart Holdings adding 508 jobs to Columbus staff

The HQ2 of newly public financial technology company Upstart Holdings is “doubling staff to more than 1,000 and leasing an entire office building at Easton,” Columbus Business First reports. Upstart’s Columbus office has already “topped 500 jobs and surpassed its Silicon Valley counterpart” this year, according to the article. The Ohio Tax Credit Authority “added four years and the additional 508 jobs to a payroll tax incentive it had approved in February 2019”; the 10-year agreement was extended by a year last December after Upstart met its goal of 500 jobs two years ahead of schedule. For more, read the full article

Economic Development, Financial Incentives, State Updates

City of Columbus came out ahead on tax incentive deals in 2020 despite missed goals

Companies that received tax abatement incentives from the City of Columbus did not collectively meet new job creation goals in 2020, but “[t]he city still came out ahead” because payroll for the jobs created “was far greater than estimated,” reports. This year’s Tax Incentive Review Council report that was sent to City Council showed employers “reported 8,800 jobs that pre-dated their incentives or were moved” to new sites, more than the promised 8,000, according to the article. Some companies exceeded their incentive agreement job creation goals: UPS created 417 jobs, far above its promise of 25; NetJets pledged 19 jobs and created 173; and Rogue Fitness added 805 jobs on a commitment of 90. For more, read the full article

Economic Development, Financial Incentives, State Updates

Four projects win $4M in JobsOhio Vibrant Community grants

JobsOhio recently announced four Ohio cities “will receive assistance through the Vibrant Community Grant Program to revitalize downtowns and main streets through targeted investments across Ohio,” PR Newswire reports. The cities of Van Wert, Sandusky, Coshocton and Painesville will receive competitive grants of “up to $2 million per project that will effectively close the gap on development projects” that are expected to create and retain over 100 jobs in total, according to the article. The projects include Van Wert Forward, a $75 million project to redevelop approximately 48 buildings; The Coshocton Collaborative, a renovation of a three-story vacant downtown building to serve as an incubator, co-working and maker space; Victoria Place in Painesville, the renovation of a mixed-use downtown building including office and residential space; and the Hogrefe-Cooke Building in Sandusky (see our August 27, 2021 blog post), construction of a new mixed-use building that will include retail, office and residential space. For more, read the full article

Economic Development, Financial Incentives, State Updates

Hogrefe Building awarded $1M state grant for $8.8M restoration

JobsOhio recently announced the Hogrefe Building redevelopment project in downtown Sandusky was awarded a $1 million Vibrant Community grant for construction-related expenses, the Sandusky Register reports. Only four of the 40 entities that applied for funding were awarded grants in this round, according to the article. Property owners Rick and Meghan Hogrefe have pledged to provide more than $7 million for the project, and Sandusky has approved a tax increment financing (TIF) agreement to provide public support for the mixed-use development (see our July 21, 2021 blog post). For more, read the full article.

Economic Development, Financial Incentives, State Updates

Hillsboro approves four TIFs to fund public improvements, transfer of park to CIC

Among a dozen ordinances passed by Hillsboro City Council during its August 9, 2021 meeting were four separate ordinances “proposing the establishment of Tax Increment Equivalent funds (TIFs)” for “Fenner Ridge Apartments, The Porch Restaurant, White’s Bakery and Magic Tunnel Car Wash,” The Highland County Press reports. The TIFs provide a 10-year, 75 percent exemption on improvements to those properties, with property owners “required to make annual service payments in lieu of taxes” to be used to finance public improvements, according to the article. Hillsboro City Council also approved “a resolution to authorize the mayor to enter into an agreement with the Community Improvement Corporation for the Railroad Street City Park property,” which Mayor Justin Harsha said was proposed “for economic development purposes.” For more, read the full article

Economic Development, Financial Incentives, State Updates

Port, Neyer Properties partner on former Dow Chemical site redevelopment

The Port of Greater Cincinnati Development Authority is partnering with Neyer Properties Inc., one of the largest commercial real estate developers in the region, “to redevelop the former Dow Chemical plant site in Reading for future manufacturing tenants,” the Cincinnati Business Courier reports. Neyer Properties “has pledged a roughly $30 million investment in the construction of up to 350,000 square feet of new manufacturing space,” according to the article. The Port and Neyer Properties “believe the property could be home to up to 400 high-paying jobs,” which the City of Reading and Port officials estimate could generate up to $28 million in wages. Neyer Properties and the Port are working with the city and Reading Community School District “to consider the use of tax increment financing and other incentives to support the development and attract users.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Central Ohio developer plans $20.9M speculative cold storage facility near Rickenbacker

Crawford Hoying plans to invest $20.9 million to build a speculative cold storage office building near Rickenbacker International Airport, Columbus Business First reports. Columbus City Council had a first reading “on a 10-year, 75% Enterprise Zone tax abatement for the project, which is expected to create 10 new full-time office jobs,” according to the article. The proposed tax incentive legislation says the 165,000-square-foot facility “represents a massive private investment in a crucial piece of regional cold storage chain infrastructure and will compete on a national level against facilities located in other states.” The building will use a state-of-the-art refrigeration system “that will save significant amounts of energy and water compared to existing systems.” For more, read the full article.

Economic Development, Energy Efficiency, Financial Incentives, State Updates

Historic Hamilton mill $20M restoration would include 100 apartments, commercial space

Developer Bloomfield/Schon plans to invest $20 million to restore the 127-year-old Shuler & Benninghofen Woolen Mill in the Hamilton neighborhood of Lindenwald, the Journal-News reports. The project would include 100 “1+ bedroom apartments,” 10,000 or more square feet of commercial space and 50 indoor parking spaces, according to the article. Bloomfield/Schon “wants the city to buy the property for $650,000 and hold it” while the developer seeks incentives including state and national historic tax credits and Transformational Mixed Use Development Credits. City Manager Joshua Smith noted Lindenwald “is the most populous of the city’s 17 neighborhoods and has Hamilton’s third-largest business district,” and said, “[w]e believe it’s time to start putting some resources into Lindenwald.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

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
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