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

Painesville approves three new TIF districts to support redevelopment projects

Three new tax increment financing districts (TIFs) approved by Painesville City Council will help fund public improvements for the Downtown District, the Richmond District, and the Chester Street District, The News-Herald reports. The TIFs will “allow taxes associated with any increased value in property” to be used for improvements including “paving roadways, public utility improvements, environmental/health improvements, stormwater improvements, demolitions, parks, streetscapes, additional landscaping and professional services” within that specific TIF district, according to the article. City Manager Doug Lewis said the Chester Street TIF will allow the city to improve the roadway and water lines with increased taxes from Avery Dennison’s 32,000-square-foot expansion of their manufacturing facility. For more, read the full article.

Economic Development, State Updates

City of Green proposing TIF to finance development area without adding taxes

Green city administrators say establishing a tax increment financing (TIF) district for a proposed development area could help attract new businesses without imposing new taxes on residents or current businesses, the Akron Beacon Journal reports. The proposed TIF would finance upgrades to infrastructure including “a nearly mile-long extension of Southwood Drive” that would “improve traffic flow in the area,” according to the article. Without improvements, City Engineer Paul Pickett said the economic district “wouldn’t be feasible or sustainable long term.” The new road would also provide “prime development opportunities to not only increase our population, but also increase our tax base and really promote businesses in the area,” Chris Hardesty, Green’s community development director, said. For more, read the full article

Economic Development, 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

Four Ohio counties in top ten rural U.S. counties for economic development in 2020

Southeastern Ohio’s Holmes, Monroe, and Pike counties took three of the top ten spots in Site Selection Magazine’s ranking of top rural counties by total of qualifying economic development projects in 2020, The Pike County News Watchman reports. The counties were rated “based upon private project investments with a capital investment of $1 million or more, job creation of 20 new hires, or 20,000 sq. ft. of new buildout by corporate end-users,” according to the article. Mike Jacoby, president of Ohio Southeast Economic Development, said only ten rural counties in the United States “registered more than two qualifying investments of $1 million or more and four of those counties are in Ohio.” Williams County in Northwest Ohio was the fourth Ohio county recognized in the rankings. For more, read the full article

Economic Development, State Updates

$32M mixed-use redevelopment project planned for St. Bernard shopping mall site

Commercial real estate developer Civitas Development Group LLC is partnering with the village of St. Bernard on the redevelopment of a shopping center site that “could serve as a catalyst for the rest of the business district,” the Cincinnati Business Courier reports. Total investment in the project at the end of the village’s Vine Street commercial corridor could be $32 million, according to the article. Plans for the site include “about 200 apartments and at least 5,000 square feet of commercial space.” Jonathan Sturchell, mayor of St. Bernard and president of the village’s Community Improvement Corporation (CIC), said the redevelopment could “bring new residents and neighborhood retail to a key part of the community, enhance the tax base and generate additional redevelopment in the Heritage Hill District.” For more, read the full article.

Economic Development, State Updates
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