Jan 29, 2018 | Jobs, Newsletter
Columbus 2020 is seeking an experienced economic developer to work directly with clients considering expansions and new locations across the 11-county Columbus Region. Requires a minimum of 5 years of experience in economic development or equivalent. Excellent verbal & written communication skills. Strong technical skills with experience in Salesforce or similar CRM preferred. Demonstrated ability to build business & community relationships. Bachelor’s degree. Must have ability to travel regionally and nationally.
Jan 23, 2018 | News, Newsletter
Without a doubt, workforce is the big topic for employers, economic developers, educators, and site consultants. Some areas are better off than others, but it’s a challenge that is only going to grow in the near future. In October 2017, about 2.7 percent of the Colorado population was unemployed. The nation’s highest unemployment rate was recorded in Alaska, at 7.2 percent. This is clearly unknown territory for economic developers who are used to chasing attraction and expansion projects.
Jan 23, 2018 | Advocacy
Federal Tax Cuts and Jobs Act: On December 22, 2017, H.R. 1, the “Tax Cuts and Jobs Act”, was signed into law. During consideration by the House and Senate, the bill caused great concern for economic development professionals due to proposed negative treatment of Private Activity Bonds (PABs), Advance Refunding Bonds (ARBs), Historic Preservation Tax Credits (HPTC) and New Markets Tax Credits. Luckily, in the final law, the main provisions of PABs and the HPTC program were preserved, but slight revisions were made that will be further studied. For example, a tweak to HPTC in the final bill repeals the 10% non-historic rehabilitation tax credit for non-residential pre-1936 properties, subject to transition rules. Credits from the HPTC program also apparently will now have to be used over 5 years.
Unfortunately, as to ARBs, the Act repealed tax-exemption for advance refunding bonds issued after December 31, 2017. Refunding bonds are obligations issued to pay debt service on, and typically to retire, outstanding bonds; under federal tax law, a transaction is characterized as an advance refunding if the refunded bonds remain outstanding for more than ninety days after the date on which the refunding bonds are issued. Before passage of the Act, state and local governmental issuers and 501(c)(3) borrowers have been eligible to use tax-exempt advance refunding bonds as a debt management tool, most often to capture interest rate savings. This tool will no longer be available under the new law.
The Act also repealed qualified tax credit and direct-pay subsidy bonds such as new clean renewable energy bonds, qualified energy conservation bonds, qualified zone academy bonds and qualified school construction bonds. This provision of the Act also is effective for bonds issued after December 31, 2017.
Finally, the Act preserved the low-income housing tax credit (LIHTC) as well as the 2018 and 2019 new markets tax credit (NMTC) allocation application rounds.
Jan 23, 2018 | News, Newsletter
WAPAKONETA — After seven months of planning, Pratt Industries has decided that it will begin phase one of construction at the Wapakoneta site in March of 2018, a project expected to create 100 jobs.
Phase one will begin with the construction of the paper mill, which could be operational in late 2019. The starting wage for workers employed during the first phase is $25.
