Ohio Offers Opportunities for Investors and Communities

Jul 30, 2019 | News, Newsletter

Ohio Development Services Agency

 

Communities across Ohio are realizing their possibilities for growth because of the investments Ohio is undertaking. Ohio has 320 Qualified Opportunity Zones in 73 counties, and the Ohio Development Services Agency is working to help local communities make the most of the opportunities.

“Ohio communities are competing with communities across the country for the same investment dollars,” said Lydia Mihalik, director of economic development for the state. “Development will provide the tools that give Ohio communities the edge to create maximum economic impact.”

Governor Mike DeWine upped the ante to lure investors to the Ohio Opportunity Zones. Nationwide, the zones are eligible for federal incentives through the 2017 tax reform legislation. Governor DeWine has proposed adding a 10 percent tax credit to Qualified Opportunity Zone investments.

Now, Development is working with local communities and investors to make the most of the state and federal incentives. In April, Development formally launched its initiative with an Opportunity Zones Showcase that brought hundreds of people to Columbus to learn more. At the event, Lt. Governor Jon Husted unveiled a website – opportunityzones.ohio.gov – that allows communities to pitch their potential to investors in one place. It also allows investors to go to one site to view all of the opportunities Ohio has to offer. These are among the reasons Ohio is setting itself apart from other states in the race for Opportunity Zone investments.

The efforts already are paying dividends in communities across the state. In Cleveland, for instance, the Ohio City neighborhood is attracting investors for projects around the West Side Market. It’s bringing in new housing, new business and one of the largest mass timber projects in the country. See more about the project here by clicking on the video link below.

Local economic development officials can market their Opportunity Zones by visiting opportunityzones.ohio.gov and entering information about their investment and development opportunities.

Manufacturer investing $225M to expand Dayton-area facility

One of the Dayton region’s largest manufacturing companies is planning a massive expansion at one of its local facilities.

Cargill Inc., a Minnesota-based provider of food, agriculture, financial and industrial products and services, will invest $225 million to expand its integrated soybean crush and refined oils facility in Sidney.

The project will create new jobs and further enhance Cargill’s presence in the region.

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Montrose Group Releases Rural Development White Paper: A Mandate for Transformation

The Montrose Group released A Rural Development White Paper: A Mandate for Transformation timed in conjunction with a forum held in Circleville, Ohio before 100 economic development, business and community leaders focused on rural economic development.  A copy of the white paper can be found at https://montrosegroupllc.com/2019/10/rural-development-whitepaper-a-mandate-for-transformation/.

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Urbana Students Win Design Challenge

URBANA, Ohio – On November 1, students from Urbana High School were announced as the winners of the second annual Champaign County Design Challenge during the county-level competition at Urbana University. The winning team, consisting of Ron Ragland, Bryant McKenzie, Dale Mason, Bryant Chamberlain, and Johnny Moore, are part of Ohio Hi-Point’s Advanced Manufacturing satellite program at Urbana High School.

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