Posts Authored by John Caleb Bell, CRE®

DSW parent company’s request to cancel tax incentive approved

Columbus City Council approved a request from Designer Brands Inc., owners of DSW, to dissolve a Jobs Creation Tax Credit agreement because of pandemic-related changes to its workforce, Columbus Business First reports. As part of the five-year agreement that went into effect in 2017, DSW agreed to “invest $3.6 million in improvements for an 82,000-square-foot space at 4314 E. 5th Ave.,” retain 840 jobs and create 100 additional jobs, the article reports. The company “exceeded the hiring goal in the incentive deal with its more than 1,000 local associates in 2018 and 2019, but it did not hit those goals in 2020 and 2021 due to the pandemic.” While DSW said it still employs more than 1,000 associates locally, a shift to more remote positions means a portion of those positions are “no longer at the facility that received the incentive.” For more, read the full article (subscription may be required).

Economic Development, Financial Incentives, State Updates

JPMorgan Chase solar installation at Polaris office is second largest in the world

The parking lot at JPMorgan Chase’s McCoy Center at Polaris doubles as “a giant solar farm” that includes “about 40,000 [solar] panels covering about 165,000 square feet,” making it the second largest commercial office solar installation worldwide, The Columbus Dispatch reports. The bank, the largest private employer in the Columbus region, previously installed solar panels on the roof of the McCoy Center; combined with the parking lot installation, the panels will “meet 75% of the electricity needs” of the building, “said to be the largest single-user office building in the U.S. after the Pentagon,” according to the article. The bank set a “target to finance and facilitate more than $2.5 trillion over 10 years — including $1 trillion for green activities — to advance long-term solutions that address climate change and contribute to sustainable development.” For more, read the full article

Environmental, Renewable Energy, Solar, State Updates

Castellini takes on new position with Port of Greater Cincinnati Development Authority

The Port of Greater Cincinnati Development Authority has announced Todd Castellini, who has been serving as the organization’s public finance vice president since 2016, “will now lead the agency’s industrial redevelopment strategy” while continuing to serve in his current role, the Cincinnati Business Courier reports. The Port’s public finance practice “helps developers, the city and the county cut costs on major projects,” according to the article. The industrial vice president leads efforts to “raise capital from the private sector for its efforts to redevelop large-scale industrial sites throughout Hamilton County into modern manufacturing sites.” Port CEO Laura Brunner said, “[a]s we accelerate our industrial strategy and look for ways to increase our capital base, merging our industrial and public finance work under one leader makes good sense.” For more, read the full article

Economic Development, State Updates

More than 100,000 Ohioans work in clean energy jobs, report shows

A report from Environmental Entrepreneurs (E2) and the Clean Energy Trust shows the clean energy and vehicles sectors currently employ more than 103,400 Ohioans, according to a recent The Hannah Report article. Clean Jobs Midwest’s Ohio Fact Sheet shows “[t]he biggest sector of Ohio’s clean energy industry is energy efficiency, accounting for nearly 71 percent of the region’s clean energy jobs,” at 73,291. The fact sheet also outlines the gains in advanced transportation as “automakers and their suppliers continue to shift to electric vehicles,” noting electric vehicle (EV) jobs grew by 8.9 percent, “and are poised for future growth with supportive policies and significant commitments to EVs by major vehicle manufactures like Ford and GM and their suppliers.” To see the complete Clean Jobs Midwest Ohio Fact Sheet, click here

Energy Efficiency, Environmental, State Updates