CITY OF WATERVILLE
The City of Waterville offers a Community Reinvestment Area (CRA) incentive to businesses that are relocating or expanding in Waterville. There are three areas within the City that are designated as CRAs including the Farnsworth Industrial Park, the Fallen Timbers Business Park, and the Waterville Plaza area.
The CRA provides tax abatement on new construction and is available to non-retail projects. The abatement may be up to 100% on real property improvements for up to 10 years. A School Donation Agreement equal to the reduction in revenue to the Anthony Wayne Local School District is required.
The City of Waterville also has a Job Creation and Retention Grant Program which provides annual cash payments to companies locating or expanding within the City. A portion of the income tax paid by company employees to the City is credited back to the company based on the number of new jobs and increased annual payroll.
LUCAS COUNTY
Economic/Workforce Development Incentives:
Enterprise Zone Tax Incentives
Lucas County permits companies that are expanding or creating jobs in the County to provide a tax exemption on real property taxes. Interested companies must invest a minimum of $100,000 and create 5 jobs that pay at least 150% of minimum wage. Eligible firms may receive an exemption for 10 years of up to 75% in municipalities and 60% in townships. Similar programs are also available in Toledo, Maumee, Berkey or Richfield, Washington, and Harding townships.
Community Reinvestment Area (CRA)
CRAs provide local real property tax incentives for residents and businesses that invest in designated areas in Ohio. The program provides up to a 100% exemption of the improved real property tax valuation for up to 15 years, depending on the project. Rates and terms are established by local legislative authorities and in some cases local school board approval is required. Incentives are available for residential, commercial, and industrial projects that involve renovation or new construction.
Lucas County Builds
Lucas County Builds in a revolving loan fund designed to assist in providing gap financing to further economic development and job creation activities in Lucas County. This fund is designed to be responsive to the needs of businesses in Lucas County and has funded 3 projects in the last 8 months that has created 370 jobs and over $20,000,000 of investment.
Site Selection Assistance
For businesses planning a relocation or expansion to Lucas County, finding the right site is essential. Our team has access to databases and tools that we can use to help you find a location that gives your business visibility and access to the transportation and utility infrastructure assets you will need.
Tax Increment Financing
The Tax Increment Financing (TIF) program permits Service Payments-in-Lieu of real property taxes to be used to finance public infrastructure improvements directly supporting an improvement project declared to have a “public purpose.” Lucas County offers up to 75% exemption of real property taxed for up to 10 years. However, an annual service Payment-in-Lieu of taxes is required. The Payment-in-Lieu of taxes cannot exceed the annual debt services of the notes or bonds used to finance the specified public infrastructure improvements. The Lucas County Board of Commissioners must approve the TIF contract.
The City of Toledo, City of Waterville, City of Sylvania, City of Maumee, certain JEDD and JEDZ areas will offer income tax abatement on a case by case basis based on the size of the project investment and number of jobs created.
Talent Acquisition
Early in the hiring process, LCDPD can assist with the development of job descriptions that match the needs of the employer and then posting the jobs to attract qualified candidates. Once potential applicants have been identified, staff can conduct pre-screening to ensure the individuals meet the minimum requirements and then refer them to the employer for final review. If desired, staff can schedule interview sessions either at OMJLC or any other location identified by the employer.
The Ohio Learn to Earn Program matches qualified pre-screened individuals looking for work with businesses and gives employers the opportunity to train employees whose skills and interest match a position. This initiative offers the companies a risk-free evaluation of a potential worker and a chance to hire an individual who has already been trained. Employers can observe trainees’ knowledge, skills, and abilities for the specific job duties.
Talent Development
Not all new hires will possess the skills necessary to hit the ground running of LCDPD can assist companies offset the costs of training workers on the job. Subject to available funding, employers can be reimbursed up to 50 percent of the wages paid to the employee during training. Staff can also help the business develop training plans to match the position as well as provide guidance on possible career development for the future.
In some instances, companies needing to upgrade the skills of their current workforce may be eligible to receive funding assistance to offset those costs as well. Intended to prevent possible future lay-off or downsizing, LCDPD can work with companies and training provides to develop customized solutions for training incumbent workers.
Business Planning and Lay-Off Aversion
Companies considering expansion need up-to-date data on market trends, labor availability and other related topics. LCDPD can provide industry information, labor and wage statistics, workforce characteristics data, and other essential material to assist in expansion planning. Leveraging strong relationships with other regional economic development partners, LCDPD can also refer businesses to groups who can provide incentive programs and financial assistance related to business development. The Shared Work Ohio program helps prevent layoffs by allowing employers to uniformly reduce affected employees’ hours by 10 to 50 percent while permitting the employees to receive a prorated unemployment benefit. Workers to be included in this program must meet certain requirements set by the State of Ohio.
For those companies facing reductions in workforce or other lay-off activities, OMJLC can assist with intermediate activities designed to assist employees through the process. Working with the employer, lay-off aversion strategies are evaluated but if the reduction cannot be avoided, staff will meet with the impacted workers to make sure they are aware of the vast services available to them.
WorkReady Lucas County
WorkReady Lucas County is designed to help measure and bridge the skills gap between workers and employers, this process links and aligns workforce development programs with the needs of business. Focusing on the foundational reading and math skills essential in the workplace, the initiative helps businesses communicate their needs and helps individuals understand what is required by employers.
Utilizing the WorkKeys assessment tools from ACT Inc., the company widely known for their college readiness assessments, WorkReady Lucas County measures an individual’s current skills in three primary areas: Reading for Information, Locating Information and Applied Mathematics. These skills are identified by ACT as being essential for success in 85 percent of all jobs. Participants in the program are provided with tutorials to improve their current skills and prepare to test for a National Career Readiness Certificate issued by ACT which documents their achievement.
Job applicants possessing a National Career Readiness Certificate are pre-tested and possess the skills most employers need. In addition, since the program is entirely voluntary, employers can comfortably assume candidates holding the certificate are hard-working and dedicated to success.
OMJLC can also post jobs on OhioMeansJobs, coordinate mass interviews, provide space for interviews, and perform resume matches of job descriptions all at no cost to the business.
For more information, visit: http://www.workreadylucascounty.com
JobsOhio Loan and Grant Programs
The JobsOhio Economic Development Grant exists to promote economic development, business expansion and job creation by providing funding for eligible projects in the state of Ohio.
The JobsOhio Growth Fund provides capital for expansion projects to companies that have limited access to funding from conventional, private sources of financing. JobsOhio will consider loans to companies that are in the growth, established or expansion stage and that have generated revenue through a proven business plan.
The JobsOhio Research and Development Center Grant facilitates the creation of corporate R&D centers in Ohio to support the development and commercialization of emerging technologies and products.
The JobsOhio Revitalization Program focuses on helping rejuvenate sites in preparation for end-users that support job creation opportunities for Ohioans. The program, which includes both loans and grants, is available to public and private entities seeking to clean up and redevelop sites across Ohio.
The JobsOhio Workforce Grant promotes economic development, business expansion and job creation by providing funding to companies for employee development and training programs.
State Loan and Grant Programs
The Research and Development Investment Loan Fund provides loan financing ranging from $500,000 to $5 million for projects primarily engaging in R&D activity. The loans have fixed rates (at or below market rates) and other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, nonrefundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term.
The 166 Direct Loan gives eligible businesses loans for land and building acquisition, construction, expansion or renovation, and equipment purchases. The program provides low-interest loans up to 40 percent of the cost not to exceed $1.5 million.
The Ohio Enterprise Bond Fund offers revenue bond financing through an S&P-rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. Rates are market-driven and fixed prior to funding. Loan terms range from seven to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through the program.
The Innovation Ohio Loan Fund provides loans for acquisition, construction and related capital costs of technology, facilities and equipment purchases. The fund was created to help Ohio companies develop next-generation products and services within the state’s key industry sectors. Loans range from from $500,000 to $1.5 million and can cover up to 75 percent of the project cost.
Roadwork Development (629) Funds are available for public roadway improvements, including engineering and design costs. Funds are accessible for projects that create or retain jobs and primarily involve manufacturing, technology, research and development, corporate headquarters and distribution activity. Grants are provided to a local jurisdiction and require local participation. They can be used to reimburse accumulated costs.
State Tax Credits
The Job Creation Tax Credit is a refundable and performance-based tax credit calculated as a percent of created payroll and applied toward the company’s commercial activity tax liability. Should the amount of the credit exceed the company’s commercial activity tax liability for any given year, the difference is refunded. Companies creating at least 10 jobs (within three years) with a minimum annual payroll of $660,000 and that pay at least 150 percent of the federal minimum wage are eligible for the credit; however, they must apply for the credit before committing to a project. The Ohio Tax Credit Authority must approve applicants before hiring begins.
The Data Center Tax Abatement provides a sales-tax exemption rate and term that allow for partial or full sales tax exemption on the purchase of eligible data center equipment. Projects must meet minimum investment and payroll thresholds to be eligible. Final approval of the tax exemption is contingent upon the approval of the Ohio Tax Credit Authority.
For more detail, or questions regarding any of the incentives available, please contact Todd Dickerson at 419-309-7708
or E-mail: tdickerson@watervilleedc.org
