Tax rebate will keep Sweeping Corp. of America HQ in Seven Hills

Seven Hills City Council recently “approved an economic development job creation and job retention grant to keep the national headquarters of Sweeping Corp. of America” in the city, Cleveland.com reports. Mayor Anthony D. Biasiotta said Sweeping Corp.’s lease was expiring, and with other communities pursing the company, “[i]naction could have resulted in a loss of $95,000 a year of income tax,” according to the article. The approved agreement “is an income tax rebate in exchange for a 10-year lease” that “more than doubled” Sweeping Corp.’s square footage in the city. Seven Hills will provide a 25 percent rebate on the company’s current payroll of $3.8 million, and a 50 percent rebate on new payroll over the next decade. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Developer proposes $45M mixed-use building near Nationwide Children’s Hospital

A five-story, $45 million mixed-used building would bring housing and restaurants to Livingston Avenue across from Nationwide Children’s Hospital in Columbus, according to a recent Columbus Business First article. Michael Schiff of Schiff Capital Group “is redeveloping the site at 459 E. Livingston Ave. with Northstar Realty,” the article reports. Tom Brigdon of Northstar said “there’s not a lot of workforce housing” in the area, and the project will give hospital employees “an option to live close to work.” Plans for the building include 163 residential units, as well as “three or four restaurants in about 19,000 square feet of commercial space.” For more, read the full article.

Economic Development, State Updates

Port Authority tops $200M in deals for Dayton area in 2021

The Dayton-Montgomery County Port Authority had “a record year of successful funding opportunities” with “$218.8 million in capital lease bond transactions” supporting projects including new NorthPoint Development industrial buildings near Dayton International Airport, the Dayton Daily News reports. Capital lease transactions “allow the Port to shield new construction projects from sales taxes on the purchase of construction materials,” the article reports. The Dayton-Montgomery County Port Authority jointly operates the Southwest Ohio Regional Bond Fund with the Port of Greater Cincinnati Development Authority; the fund supported projects for Economy Linen & Towel Services, White Castle, the 130 West Second St. office building, and the Dayton-Phoenix Group, Inc. in 2021. For more, read the full article.

Economic Development, Project Finance, State Updates

Bricker & Eckler to present webinar on solar development in Ohio: Where We've Been and Where We're Going

Bricker & Eckler energy attorneys Kara Herrnstein, Karia Ruffin and Dylan Borchers will present a webinar, Tuesday, January 25, 2022, at 10:00 a.m. EST, to recap an active 2021 year for solar development in Ohio and look ahead to potential development trends and issues in 2022. Topics covered will include a survey of projects at the Ohio Power Siting Board, implementation of Senate Bill 52, administrative rulemakings, battery storage development in Ohio, PILOT program updates and more. Register here >>

Economic Development, Energy Efficiency, Financial Incentives, Renewable Energy, Solar, State Updates

Intel to bring $20B, 3,000-job semiconductor factory to Columbus area

Silicon Valley semiconductor maker Intel plans to invest $20 billion to build a Licking County facility that “could spark a new industry” for Ohio, The Columbus Dispatch reports. The factory would be part of “an expansion of the New Albany International Business Park where tech giants Google, Amazon and Facebook have data centers,” with New Albany annexing 3,190 acres from Jersey Township in Licking County for the project, according to the article. The site would employ 3,000 workers as well as “thousands of construction workers along with workers from Intel suppliers that will locate at the site.” Ohio Governor Mike DeWine has called on the U.S. Congress to pass the U.S. Innovation and Competition Act that provides $52 billion in federal investments for U.S. semiconductor manufacturing, research and development, calling it “a national security issue” in a Cleveland.com article. For more, read the full articles from The Columbus Dispatch and Cleveland.com

 

Economic Development, State Updates

ARPA Final Rule – The “B-sides collection”: Funding capital projects

Much has been written by various prognosticators regarding the January 6, 2022, release by the U.S. Treasury of its Final Rule as to the use by state and local governments of federal stimulus funding under the American Rescue Plan Act (ARPA). One head-turning change under the new guidance is the Treasury presuming up to $10 million in revenue has been lost by each local government due to the public health emergency.

Rather than rehash key takeaways from the Final Rule (radio’s “A-side” singles), we share this first of a series regarding lesser publicized aspects of the new ARPA guidance (the “B-sides”). Here, we focus on funding capital projects.

For more, read the full article

Economic Development, Federal Updates, Project Finance

Worthington leaders expect more economic development growth in 2022

City officials in Worthington “are anticipating another year of growth” as the community continues its recovery from the COVID-19 pandemic; they expect to continue “to draw in private investment through economic development projects,” public investment in capital projects and the development of community initiatives, The Columbus Dispatch reports. Several projects concentrated near Wilson Bridge Road and High Street are expected to make progress in 2022, including the Worthington Gateway mixed-use development, according to the article. The $18 million Northeast Gateway project to “realign the intersection of East Wilson Bridge Road, Worthington Galena and Huntley roads” is expected to complete work during the first half of the year. A joint recreation district under discussion could help fund improvements to indoor and outdoor pools on the Thomas Worthington High School campus. For more, read the full article

Economic Development, State Updates

Monroe County Port Authority sees industrial park acquisition as economic development opportunity

The Monroe County Port Authority (MCPA) recently closed “on the acquisition of the Hannibal Industrial Park [HIP],” approximately “1.2 million square feet of building space on 122 acres,” The Marietta Times reports. Hannibal Real Estate “developed the site into a multi-tenant industrial park campus,” and the MCPA “will continue to operate the site in this manner,” according to the article. MCPA Director Jason Hamman “said he’s excited to begin aggressively marketing the HIP to attract additional business investments to Monroe County,” calling it an opportunity for the county “to be in the driver’s seat” of its economic development future. For more, read the full article

Economic Development, State Updates

Grandview Heights creating its first economic development strategic plan

The City of Grandview Heights has “started a process to create its first comprehensive economic-development strategic plan” that will help prepare the city for the post-pandemic landscape as well as long-term development, The Columbus Dispatch reports. Mayor Greta Kearns said while the city “was struggling through financial difficulties” when the Grandview Yard project began 11 years ago, the success of that development “has put the city in a position to be able to think long-term about economic development,” according to the article. The strategic plan will “help guide city leaders in making the right decisions regarding economic development in coming decades,” Ryan Edwards, chair of the city council’s economic development committee, said. For more, read the full article.

Economic Development, State Updates

OSU Innovation District scores largest-ever Columbus jobs incentive at $47 million

The Ohio State University “has landed the largest economic incentive in Columbus history — projected at $47 million over the next 25 years — for the 12,000 high-paying jobs expected in its west campus Innovation District,” Columbus Business First reports in a December 13, 2021 article. The university and its partners are “investing up to $4 billion to redevelop some 270 acres” into a mixed-use development “focused on interdisciplinary research to speed advances in fields including advanced energy, cancer treatment and substance abuse treatment and prevention,” according to the article. In a December 15, 2021 article, Columbus Business First reports the “promise of attracting Fortune 500 companies” in a “truly transformative project” qualified the project for the 40% incentive payment on income tax withholding for the jobs expected to generate nearly $1 billion in payroll. City tax collections will increase by $70.5 million over the deal’s lifetime. For more, read the December 13 and December 15 Columbus Business First articles. 

Economic Development, Financial Incentives, State Updates
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