Ohio Offers Opportunities for Investors and Communities

Aug 26, 2019 | News, Newsletter

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.

Register Today for the Ohio Economic Development Institute’s Real Estate Development Course

This two-day course is designed to provide the Ohio economic development professional with the critical steps of real estate development and a comprehensive understanding of how a deal progresses through to completion. Attendees will analyze the anatomy of a real estate deal and learn how each component stage impacts the next, and how real estate development is practiced in Ohio. This understanding will help the ED professional recognize the challenges (and often barriers) to advancing a new development in their community and to more thoughtfully understand approaches in helping close the deal.

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The Ohio Basic Economic Development Course is an intensive training experience for economic development practitioners, community leaders, local government officials and others committed to building healthy economies for their communities. The course is appropriate both for people who are new to the economic development profession as well as those more experienced who are seeking a refresher on basic practices and principles.

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