The Development Finance Authority of Summit County Unveils its New Strategic Plan
Chris Burnham, CEO of the Development Finance Authority of Summit County, says their new strategic plan will increase focus on the subsidiary Development Fund of the Western Reserve.
Investment in Cincinnati Authority Supports Micro Commercial Redevelopment
Kresge Social Investment Managing Director Kimberlee Cornett interviewed GCRA's President and CEO Laura Brunner to find out how this unique organization became a recipient of an impact investment and how it views its role as both an industrial and business developer as well as a neighborhood developer in Cincinnati.
OH Senate Bill Aims to Increase Broadband Access
A bipartisan proposed bill in the Ohio Senate would make $100 million available to expand broadband into communities without high-speed internet access. About 300,000 rural Ohio households and 88,500 businesses lack broadband.
Agreement Revives Cuyahoga County Arena Financing Plan
The $140 million bond offering to help finance a $280 million overhaul of Quicken Loans Arena, home of the National Basketball Association's Cleveland Cavaliers, is back on the table after a series of developments last week. The financing, which the county approved in March, had been delayed because of opposition from council members and local organizations that argued the funds could be better spent elsewhere
OH Tax Credits to Create $115M in New Payroll
During its monthly meeting, the Ohio Tax Credit Authority (TCA) reviewed economic development proposals brought to the board by JobsOhio and its regional partners. Collectively, the projects are expected to result in more than $115 million in new payroll, and spur more than $377 million in investments across Ohio.
Transportation Financing District Introduced in Ohio
Ohio counties participating in a regional transportation improvement project (RTIP) may now create a transportation financing district, which can be used by participating counties to fund improvement projects that benefit parcels within the district. A transportation financing district acts similarly to tax increment financing (TIF).
15 States Trying to Lure Toyota-Mazda $1.6B Plant
One of the biggest potential job-creating bonanzas in the country, a giant new auto plant proposed by Toyota and Mazda, began in secret with a mysterious code name. Now it has become a full-blown race among states to try to reel in the $1.6-billion project that will create 4,000 good-paying direct jobs and thousands of other indirect jobs.
$280M in ODOT TRAC Requests Sparks Competition and Interest in P3s and EB-5
Funding for "major new capacity projects" with the Ohio Department of Transportation (ODOT) are awarded through the Transportation Advisory Council (TRAC). Applications for TRAC funding were due on July 31, 2017, and 13 projects filed for a total of $280 M.
Top Ten TIF Misconceptions
This is final installment of a two-part series covering the top 10 misconceptions associated with Ohio Tax Increment Financing (TIF). TIF is a funding vehicle for public infrastructure and, sometimes, site improvements.
Municipalities Experiencing Growing Pains with GASB 77
Several challenges exist for governments as they prepare to comply with GASB 77. The first challenge is how to interpret the broad definition of "tax abatements." The ambiguity caused by the definition has resulted in some governments scrambling to determine which incentives meet the criteria of a "tax abatement"