Dayton could declare county fairgrounds a blighted area to facilitate redevelopment

Developers are asking the City of Dayton to have the former Montgomery County Fairgrounds designated a blighted area eligible for a tax increment financing (TIF) district, the Dayton Daily News reports. OnMain, “a partnership between Premier Health and the University of Dayton,” is redeveloping the 38-acre site into a mixed-use space that would include “around 1,600 housing units, 900,000 square feet of commercial office space, 75,000 square feet of retail and 35,000 square feet of community space,” as well as up to three parking garages, according to the article. A third-party planning firm conducted an analysis that concluded the site meets the state criteria for a blighted property. OnMain says a TIF district would “help fund the infrastructure improvements that are needed to make the property ready for investment by private commercial or residential developers,” including water infrastructure, streets, utilities, sidewalks and other public amenities. OnMain “said it will work with Dayton Public Schools and the city to create a Tax Increment Financing District plan for the site” that would “propose a compensation agreement with the school district.” For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Crawford Hoying gets approval for $150M mixed-use project in Hamilton

Hamilton City Council has unanimously approved a development agreement with Dublin-based developer Crawford Hoying for a proposed $150 million mixed-use development across the Great Miami River from Spooky Nook Sports Champion Mill, the Cincinnati Business Courier reports. Crawford Hoying “plans to redevelop the former Cohen Recycling Site”; the development agreement “encompasses the property at 555 N. 3rd St. as well as 134 Hensel Place,” according to the article. The developer will receive “a $3 million forgivable loan from the city of Hamilton in exchange for purchasing and redeveloping the Cohen Recycling Site. For that loan to be forgiven, Crawford Hoying will need to complete $150 million of development at the site by 2036.” The project’s first phase includes “more than 100 apartments, townhomes, 5,000 square feet of commercial space, a premium-brand hotel and parking.” For more, read the full article.

Economic Development, Project Finance, State Updates

New round of TMUD tax credits available

The Ohio Department of Development recently announced the third round of its Transformational Mixed-Use Development [TMUD] Program, which provides tax credits for “major, mixed-use developments in Ohio,” The Business Journal reports. The tax credits “can be used to help finance new construction or improvement of vacant buildings”; developments “must include an influence on the economic and social well-being of the immediate site and surrounding area that will influence long-term change on the area,” according to the article. Eligible properties must include “at least two mixed uses — three if one is a parking structure,” while eligible costs include “land acquisition, building acquisition, demolition, site improvement and new construction of the site.” In the two prior rounds, the program “has awarded $200 million to 25 mixed-use development projects expected to result in more than $3.3 million in new payroll and $3.7 billion in investments across Ohio.” Applications are available on the program website and must be received by 4:00 p.m., September 8, for consideration. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates

Developer to build $8M spec building in Marysville

Austin, Texas–based real estate development and investment firm Pioneer Development will invest nearly $8 million in a 55,000-square-foot spec facility in Marysville, Columbus Business First reports. The building, “targeting suppliers of major companies such as Honda, Intel and Scotts,” is described as “multi-tenant flex and warehouse space,” according to the article. JobsOhio awarded the project an Ohio Site Inventory Program grant, which Pioneer will use for “site preparation, new building construction, and on- and off-site infrastructure.” In a press release, JobsOhio President and CEO J.P. Nauseef said by partnering with Pioneer Development, “we are developing speculative property attractive to investment from businesses that can more easily choose Ohio for new jobs that move smart mobility and other technologies forward.” Officials “say the spec building is needed because there is a less than 2% vacancy rate for industrial space throughout Union County, where Marysville is located.” For more, read the full article.

Economic Development, Project Finance, State Updates

Port authority approves financing for Bridgeworks project in Cleveland

The Cleveland-Cuyahoga County Port Authority board recently approved bond issuances that will provide “about $3 million in upfront cash” for the 16-story mixed-use Bridgeworks tower in Cleveland’s Ohio City neighborhood, Crain’s Cleveland reports. The bond issuances “will allow the developers to save about $2.3 million in sales taxes on construction materials,” according to the article. The port “agreed to issue $4.13 million in taxable revenue bonds through its bond fund” that will be offered on the open market. The bonds are “tied to a tax-increment financing (TIF) arrangement, a 30-year structure that will redirect a portion of the new property-tax revenues generated by the development to paying off project costs.” Bridgeworks will include 140 apartments, 70 of which will be income-restricted “workforce housing,” a restaurant, a 130-room Motto by Hilton hotel, lower-level retail and structured parking. For more, read the full article (subscription may be required).

Economic Development, Financial Incentives, Project Finance, State Updates

$31.8M for affordable housing will have ‘profound impact’ on Cincinnati

Developers of “shovel-ready” affordable housing projects in Hamilton County “now have access to more than $31 million” in funding opportunities, reports. County commissioners and the Cincinnati Development Fund (CDF) are “using money from the American Rescue Plan (ARPA)” to finance “the production, rehabilitation, and preservation of affordable housing units,” according to the article. Hamilton County Commissioner Denise Driehaus said “the investment will help stabilize neighborhoods and offer more opportunities for families to generate wealth.” Housing projects that may qualify for the funding include multi-family rentals; homeownership, “including single-family and owner-occupied multi-family”; and permanent supportive housing “to improve access to stable, affordable housing among individuals who are homeless.” The county encourages developers to apply for the initial round of funds through May 16. For more, read the full article

Economic Development, Project Finance, State Updates

Solar company investing $13.5M in expansion in Henry County

APA Solar Racking will invest “$10 million for equipment and $3.5 million in property” to expand its Henry County operations to add a manufacturing division, The Crescent-News reports. The expansion plans include creating “110 new jobs while retaining 90” current jobs, with payrolls for these positions topping $10 million, according to the article. JobsOhio is providing a $2 million loan and a $250,000 grant for the project; additional funding sources include “a Port Authority loan and Henry County’s revolving loan fund,” the article reports. Henry County Community Improvement Corporation (CIC) Executive Director Jennifer Arps called the plans a “great expansion and growth.” For more, read the full article.

Economic Development, Project Finance, Renewable Energy, Solar, State Updates

Automotive supplier investing $2M in Ross County expansion

Pegasus Industries, LLC, “an automotive supplier and contract manufacturer specializing in Class VII heavy duty truck parts,” announced it will invest “roughly $2 million” to expand its Ross County operations in Chillicothe, the Chillicothe Gazette reports. The company’s expansion plans, announced “in collaboration with JobsOhio, Ohio Southeast Economic Development (OhioSE) and the Greater Chillicothe and Ross County Development,” are “to prepare an additional 200,000-square-feet in the building it currently leases” so it can “expand its role in the Kenworth supply chain” as Kenworth increases its daily truck built rate, according to the article. JobsOhio “supported the project with a $200,000 JobsOhio Economic Development Grant and Ohio Southeast Economic Development assisted the company with the grant process.” The Greater Chillicothe & Ross County Development Department “is offering assistance through an Opportunity Fund.” For more, read the full article.

Economic Development, Project Finance, State Updates

First-round awards in Appalachian Community Grant Program total $17M

Ohio Governor Mike DeWine and Lieutenant Governor John Husted recently announced “the first-round recipients of the Appalachian Community Grant Program [see our September 21, 2022 blog post], which includes the planned renovations of The Athens Armory,” as well as The Logan Theater, The Space at the Hocking Hills Chamber of Commerce, The Somerset Builder’s Club, and the Coshocton Collaborative, The Athens News reports. The projects “are ‘lynchpin’ projects, which will breathe new vibrancy into long-neglected downtown districts, and will serve as catalysts for further improvements and development,” according to the article. The Athens Armory “was funded as part of a larger four-county initiative called At Work in Appalachia,” which “establishes coordinated, interconnected remote work and entrepreneur hubs, and locally-designed health and workforce development programming through a series of public and private partnerships.” Plans for The Athens Armory include a community gathering space open to organizations and the general public, shared workspace and permanent offices for the Athens County Foundation. The At Work in Appalachia initiative was awarded $17,674,641 in total from the Ohio Department of Development and the Governor’s Office of Appalachia through the Appalachian Community Grant Program. For more, read the full article

Economic Development, Project Finance, State Updates

Renaissance Cleveland Hotel awarded $9.1M in TIF bonds from port authority

The Cleveland-Cuyahoga County Port Authority has approved “$9.1 million in tax increment financing [TIF] to help the owner of the Renaissance Cleveland Hotel-Marriott complete its years-long renovation,” the Cleveland Business Journal reports. The port authority approved the TIF bonds for the Toronto-based developer Skyline International Development that acquired the historic hotel in 2015 for almost $20 million, according to the article. Selling TIF bonds to investors “provides up-front money for developers who ‘repay’ investors over time by paying higher taxes in their improved property.” The $9.1 million in TIF bonds was “in addition to up to $20 million in TIF bonds” the port authority approved “almost a year ago.” Renovation costs have increased to $74 million on the project “as new features have been added, including new windows.” The hotel is expected to be rebranded as Hotel Cleveland when it reopens, in a return to its former name “that once was marked by an iconic sign on top of the building.” For more, read the full article (subscription may be required).

Economic Development, Project Finance, State Updates
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