Ohio Offers Opportunities for Investors and Communities
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.
Local economic development officials can market their Opportunity Zones by visiting opportunityzones.ohio.gov and entering information about their investment and development opportunities.
Join a discussion, hosted by the Greater Ohio Policy Center (GOPC), to learn about the recently passed HB168, which establishes the bona fide purchaser defense (BFPD) into Ohio law. The establishment of the BFPD into Ohio law better aligns Ohio law with federal standards, and aims to encourage the redevelopment of lightly contaminated brownfield sites.read more
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OEDA has been listening and learning as the issues around systemic racism have been brought to the forefront and captured the nation’s attention. It is devastating that the deaths of Ahmaud Arbery, Breonna Taylor, and George Floyd—and, sadly, the indisputable video evidence of their killings—became the catalysts for our country to collectively pay attention and admit that systemic racism exists. What is also indisputable is that the time for change is now.read more