Posts Authored by Robert F. McCarthy

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

$1.3B Hollywoodland mixed-use development will create Middletown riverfront destination

Hollywoodland, a “massive mixed-use development” along the Great Miami River in downtown Middletown, “will establish a more than $1 billion destination entertainment district and theme park,” the Dayton Business Journal reports. The project, to be built on more than 50 acres along the river, is “described as the first of its kind in the nation” and is expected to attract an estimated 3.5 million yearly visitors, according to the article. It will create “thousands of new jobs” and include over $1 billion in private investment. Plans include a publicly owned convention center, a full-service destination hotel, a “major indoor entertainment and concert venue for large, nationally and internationally-acclaimed artists and touring Broadway productions,” an indoor amusement park, restaurants, bars, cafes, brewpubs, and retail space. For more, read the full article.

Economic Development, State Updates

Distribution center could bring 1,000 new jobs to Springfield

A prospective “massive retail distribution center” at a Springfield industrial park would be “one of the largest developments in the Dayton region this year” and could  “eventually result in nearly 1,000 new jobs,” the Dayton Business Journal reports. NP Springfield Industrial LLC, a wholly owned subsidiary of NorthPoint Development, “has a purchase agreement in place to buy over 100 acres of land” at Prime Ohio II, a site located off Ridge Road and adjacent to State Route 41 and Interstate 70, according to the article. Horton Hobbs, vice president of economic development for the Greater Springfield Partnership, said the group has been working with NorthPoint to bring an end user to the site, noting an announcement will be made soon. An “initial 850,000-square-foot retail distribution center” is set for construction on the site, but “could balloon to 1 million square feet” with a planned future expansion. For more, read the full article.

Economic Development, State Updates

Port Authority grows opportunities after Newark AFB closure

The largest self-sustaining port authority in Ohio was formed in response to bad news — when the planned closure of Newark Air Force Base (AFB) was announced and a “wave of fear, despair and uncertainty” went through the surrounding community, especially the base’s 1,400 employees and their families, the Newark Advocate reports. This month marks the 25th anniversary of the closure and the Heath-Newark-Licking County Port Authority’s ownership and management of the privatized Central Ohio Aerospace & Technology Center “where 1,650 people work for more than 20 companies,” according to the article. Campus employers “have a combined payroll of $127 million, for a $77,000 annual average.” The Port Authority has paid off the mortgage and diversified, bringing in a steel fabrication manufacturing operation, an organic infant nutrition manufacturing facility, and a composite propane gas cylinder producer, among others. For more, read the full article.

Economic Development, 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,” NBC4i.com 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

Manufacturer’s $1.1M expansion adding 21 jobs to Knox County

A “$1.1 million expansion project” at highly diversified metals fabricator AMG Industries in Mt. Vernon will bring 21 new jobs to Knox County, KnoxPages.com reports. The project’s funding includes “$475,000 through Ohio’s Community Development Block Grant Economic Development Program and $25,000 through the Knox County Revolving Loan Fund,” according to the article. The Area Development Foundation (ADF) administers both loan programs; ADF President Jeff Gottke said the expansion is “exactly the kind of project the revolving loan fund is designed for, to bring new manufacturing opportunities — and the higher-paying jobs that come with them — to Knox County.” For more, read the full article

Economic Development, Project Finance, State Updates

Ohio in the running for $2.7 billion sheet mill

Nucor, a steelmaker based in Charlotte, North Carolina, has named Ohio as one of three possible sites for a $2.7 billion sheet mill, Crain’s Cleveland reports. The company is also looking at locations in Pennsylvania and West Virginia for the mill that will “have the capacity to produce 3 million tons of steel annually,” according to the article. The mill will be geographically positioned “to serve customers in the Midwest and Northeast markets and will have a significantly lower carbon footprint than nearby competitors.” For more, read the full article (subscription may be required). 

Economic Development, Environmental, State Updates

Columbus Kroger Bakery redevelopment project gets approval from Development Commission

A revised plan to turn historic buildings at the former Kroger Bakery site into a mixed-use development (see our April 15, 2021 blog post) was advanced to Columbus City Council for final approval, after receiving the green light from the Development Commission, Columbus Business First reports. The commission had tabled the proposal earlier this year, “based on pushback from neighboring Abbott Nutrition and commissioners’ objections to the plans lacking detail,” according to the article. Abbott’s pushback “focused on the noise its operation produces, and how residents of the redeveloped neighboring space might respond.” Developers Casto, Kelley Cos. and The Robert Weiler Co.’s revised plans include shorter buildings, 364 apartment units instead of the original 448, and office space increased from 2,400 to 49,000 square feet. For more, read the full article.

Economic Development, State Updates

Nearly $1 billion magnesium plant bringing 200 full-time jobs to Cadiz

Western Magnesium will invest nearly $1 billion in a proposed 300,000-square-foot manufacturing facility in the Cadiz Industrial Park, creating 200 full-time and 500 part-time jobs, CantonRep.com reports. Sam Ataya, the company’s executive vice president and CEO, “noted this will be the first magnesium plant built in the United States in the last 50 years,” according to the article. Magnesium is used in the automotive and aviation industries. Western Magnesium plans “to use a continuous silicothermic extraction technology” that reduces energy costs and is environmentally friendly. The company worked with the Harrison County Improvement Corp. and JobsOhio to find a site for the facility. For more, read the full article

Economic Development, Environmental, State Updates

Proposed TIF would fund downtown Sylvania improvements

Sylvania Mayor Craig Stough wants to make improvements to the city’s downtown streetscape without creating new taxes through establishing a TIF district, The Toledo Blade reports. The city would control revenue derived from increased property values within the TIF district, and use those funds to replace sidewalks, reconstruct curbs, create disability accessibility where needed, and address aging trees. Stough estimates the cost for the improvements to be $2 million to $3 million. Improving the streetscape “is one way to create an atmosphere to which developers are attracted,” Stough said. Establishing a TIF district “was included in the city’s downtown master plan released earlier this year.” For more, read the full article.

Economic Development, Project Finance, State Updates
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