Upper Arlington to get a community center in Kingsdale redevelopment project

Voters in Upper Arlington recently passed Issue 2 in support of building a community center, allowing city officials to “issue $55 million in bonds” to construct the 95,300-square-foot facility as part of the Kingsdale Macy’s redevelopment project (see our January 21, 2021 blog post), ThisWeek Community News reports. Continental Real Estate will construct three buildings, housing “458 apartments, 104 senior-housing units, 6,000 square feet for restaurants and a 2-story parking garage,” according to the article. City Manager Steve Schoeny said the bulk of the debt from the project “would be paid with about $1.6 million in annual revenues” generated from tax-increment financing deals, with the remainder paid by a combination of bed-tax revenue, naming rights and an estimated $450,000 in yearly income tax revenue expected from the redeveloped site. For more, read the full article

Economic Development, Financial Incentives, State Updates

Waterville considers downtown redevelopment district to promote economic development

Officials in Waterville are “considering establishing a downtown redevelopment district” that would function similar to a tax-increment financing district “to encourage economic development within its historic structures,” The Toledo Blade reports. Revenue from property taxes would be invested back into the district; the city would control the funds. Jon Gochenour, Waterville municipal administrator, said there are about 10 historic buildings in the city’s downtown area, and the “goal would be to encourage the owners of historic properties that aren’t in current use to invest in those buildings and stimulate economic growth,” according to the article. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Mondrian could be Franklinton’s tallest tower at 15 stories, adding affordable housing

Developer Brian Higgins’ next project in East Franklinton could become that Columbus neighborhood’s tallest tower, with 15 stories of residential units, commercial space, parking and a top-floor “signature” restaurant, NBC4i.com reports. The project, located on parcels assembled at 567–595 W. Broad St., is to be called the Mondrian. It would incorporate some historic properties on the site and add a 15-story mixed-use building with 70% of its 206 apartment units being made “affordable to those making 80% to 100% of the area’s median income,” according to the article. The project will seek Ohio Historic Preservation Tax Credits; if it wins these credits in the fall, the project is likely to break ground in 2022. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Construction of 750,000-square-foot Owens Corning Heath warehouse begins

Fiberglass insulation and roof shingles manufacturer Owens Corning has begun construction on a 750,000-square-foot warehouse in Heath, as the company “looks to consolidate much of its central Ohio warehouse space to serve its Newark factory,” The Columbus Dispatch reports. The city of Heath approved a 15-year, 100% tax exemption on improvements to the site on the city’s west side; in exchange, “the property owner must pay $105,000 a year” during the abatement period, for a total of $1.575 million, according to the article. That money will help fund improvements to Thornwood Drive and Central Parkway. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Richland County approves enterprise zone agreements, creates economic development office

Commissioners in Richland County “took a couple of steps forward” in economic development efforts recently, approving “revised and new enterprise zone agreements for a Bellville area company” and voting “to seek proposals for a director for a newly created county development department,” the Mansfield News Journal reports. The new enterprise zone agreement, for Major Metals, “provides a 50% abatement for 15 years for an expansion project,” while the amendment corrects a clerical error on a previous agreement, according to the article. The commissioners also voted to advertise “for proposals for economic development services from an individual or an organization to operate an economic development office for the county.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

PureCycle will invest $363M in Ironton factory, create more than 50 jobs

Polypropylene plastic recycling company PureCycle will invest $363 million to construct a facility in Ironton that “will serve as the company’s operational center in North America and will create more than 50 full-time, high-paying jobs,” the Ironton Tribune reports. PureCycle will “revitalize three buildings comprising 185,000 square feet” where it will “recycle over 100 million pounds of polypropylene plastic annually,” according to the article. “State, regional and local economic development officials in southern Ohio worked closely with PureCycle to provide funding for infrastructure,” including tax abatements and a $750,000 JobsOhio Revitalization Grant. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Former Kroger bakery near downtown Columbus could become apartments

Three developers are working on a joint venture to turn the former Kroger bakery building on the north end of downtown Columbus into 448 apartment units as part of a mixed-use development, NBC4i.com reports. A joint venture of Casto, Kelley Companies and The Robert Weiler Company “bought the property for $8.15 million” after Kroger closed the bakery, with plans to restore the two existing buildings, which are almost 100 years old, and add three more apartment buildings, according to the article. The project would also include restaurant and retail space, as well as outdoor amenities. The developers said they expect renovations would need Ohio Historic Preservation Tax Credits. For more, read the full article.

Economic Development, Financial Incentives, State Updates

Bricker & Eckler to present American Rescue Plan Act of 2021 webinar for Toledo Regional Chamber of Commerce

Bricker & Eckler will present a free webinar, "American Rescue Plan Act of 2021 (ARPA) Impact on Local Governments and Small Businesses," for the Toledo Regional Chamber of Commerce, Tuesday, April 20, at 2:00 p.m. EDT. The American Rescue Plan Act was signed into law on March 11, 2021. Many Americans have already begun receiving their “stimmies” - one of the most well-known aspects of the stimulus package. For the lesser known provisions – including large sums to be paid to local governments and small businesses - Bricker attorneys Jeff Harris, Jackie Lewis and Brooke Mangiarelli will provide an overview presentation and take questions from attendees. The webinar is open to Chamber members and non-members alike. Register here >>

Economic Development, Federal Updates, Financial Incentives, Project Finance

West Jefferson expands CRA to two additional properties

West Jefferson Village Council recently added a 2.4-acre parcel on Enterprise Parkway and a 180-acre property along U.S. Route 40 to a Community Reinvestment Area (CRA) agreement that provides a 100 percent property tax exemption for the next 10 years, the Messenger reports. Core 5 Industrial Partners “plans to build three buildings on the 180-acre property” and also “plans to extend U.S Route 29 to the end of their property,” according to the article. Core 5 recently purchased a property already covered by the CRA and adjacent to the 2.4-acre property; extending the CRA “allows Core 5 to expand into the area.” For more, read the full article.

Economic Development, Financial Incentives, State Updates

Historic Cleveland building redevelopment awarded $1.5M tax incentive

Cleveland City Council and Mayor Frank Johnson approved “a tax incentive package valued at more than $1.5 million” for the $13 million redevelopment of the historic Western Reserve Building downtown, Cleveland.com reports. The project is expected to bring 85 new jobs into the building, preserve 90 existing jobs, and bring the occupancy rate up from about 50 percent to about 90 percent, according to the article. The tax incentives will not affect tax revenues for Cleveland schools; increases in property tax “are expected to generate about $76,600 a year for Cleveland schools,” while the city expects to collect “about $117,500 a year in new income taxes.” For more, read the full article.

Economic Development, Financial Incentives, State Updates
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