A Strategy for Growth & Prosperity
In an effort to promote business growth and development, create new jobs and payroll, retain existing companies and jobs, and encourage private investment, we have established the Economic Development Incentive Policy (EDIP). It is the purpose of the EDIP to streamline the economic development incentive process so that the Economic Development Partnership can respond to businesses in a timely fashion. Accordingly, the EDIP provides thresholds in order to promote a more efficient, “business-like” approach to the economic development inventive process. The EDIP can be downloaded and viewed by clicking here.
Union County Enterprise Zone Program
The Union County Enterprise Zone Program offers real property tax abatements for eligible companies wanting to expand or locate within the designated Enterprise Zone areas that are located in the City of Marysville, the Village of Richwood, and portions of southern Union County. The term and amount of the tax abatement are based upon the number of employees, amount of payroll, and amount of investment.
Marysville Community Reinvestment Area #1
In an effort to improve its uptown and surrounding neighborhoods, the City of Marysville established the Marysville Community Reinvestment Area to provide real property tax abatements for eligible residential, commercial, office, and industrial development. The term and amount of the abatements vary depending on the land use, the number of jobs created or retained, the amount of payroll, and the amount of the investment.
Marysville Innovation District Community Reinvestment Area
In 2019, the City of Marysville established the Marysville Innovation District Community Reinvestment Area to provide real property tax abatements for eligible residential, commercial, office, and industrial development in the southern portions of the city, including the 33 Innovation Park. The term and amount of the abatements vary depending on the type of project, the number of jobs created or retained, the amount of payroll, and the amount of the investment.
Southern Union Community Reinvestment Area
The Union County Commissioners established the Southern Union Community Reinvestment Area in 2021 to provide real property tax abatements for eligible commercial and industrial development in various areas of southern Union County (Jerome Township). The term and amount of the abatements vary depending on the type of project, the number of jobs created or retained, the amount of payroll, and the amount of the investment.
Richwood Community Reinvestment Area
The Village of Richwood established a Community Reinvestment Area to provide real property tax abatements for eligible residential, commercial, office, and industrial development occurring within a specific geography of the village. The term and amount of the abatements vary depending on the land use, the number of jobs created or retained, the amount of payroll, and the amount of the investment.
Plain City US 42 Business Park Community Reinvestment Area
Union County administers the US 42 Business Park CRA. There are also two other CRAs in Plain City: the Uptown Plain City CRA and the US 42 South Corridor CRA, both of which are administered by Madison County. The US 42 Business Park CRA has specific eligibility requirements as outlined in the Union County Economic Development Incentive Policy. In general, the CRA allows real property tax abatements on qualifying residential, commercial, office, and industrial construction projects occurring within the portions of Plain City that are located within Union County. The term and amount of the abatements vary depending on the land use, amount of jobs created or retained, amount of payroll, and the amount of the investment. The purpose of the CRA is to encourage the revitalization and growth and development of Plain City and the surrounding area.
Municipal Income Tax Rebate Program
For those jurisdictions which levy municipal income taxes or any area in which a Joint Economic Development District (JEDD) has been created, municipal income tax rebates can be given to a company in return for job creation, payroll generation, and private investment. The municipal income tax rebate works where a company agrees to private investment into real and personal property, creation of jobs, and personal income tax from the created jobs. After the company provides the projected income taxes meeting the agreement for a calendar year, the appropriate jurisdiction agrees to rebate the company a certain percentage (50% or less) of the personal income taxes collected.
Infrastructure Cost Program
This potential incentive would involve the appropriate jurisdiction or County contributing some specified share of the cost of any off-site improvements required for the particular development involved. An example of this would be the extension of a water/sewer line to a presently un-serviced industrial, office, or commercial site with the cost of said extension being shared jointly by the jurisdiction or County and the developer either upfront or via a reduction or deferment of any assessment that might be levied.
Tax Increment Financing (TIF)
For select major industrial, office, or commercial properties, the County or appropriate jurisdiction could employ tax increment financing to raise revenues necessary to finance required capital improvement projects (i.e. all public infrastructure including but not limited to roadway or utility extensions). Working closely with the developer, the County or jurisdiction establishes a development area where the development project is planned. Public infrastructure improvements are performed and real property taxes collected on the new development in the development area are used to pay the debt service on the infrastructure improvements.
Opportunity Zone Program
The Opportunity Zone Program is designed to encourage long-term, private investment in specific census tracts by providing a federal tax incentive for taxpayers who reinvest unrealized capital gains into Opportunity Zones. The incentive is deferral, reduction, and potential elimination of certain federal capital gains taxes. Click here for more information.
Union County Community Improvement Corporation
The Union County Community Improvement Corporation (CIC) has unique economic development capabilities that include the ability to borrow money, purchase and lease land and buildings, purchase and lease personal property, and issue bonds or notes.
Marysville – Union County Port Authority
The Marysville-Union County Port Authority can buy land and construct a building that could be leased or sold to a business of its choosing at a privately negotiated price. It can also issue tax-exempt (and therefore, lower interest bonds) on behalf of a private entity for the construction of new plant or equipment.
Foreign Trade Zone
A Foreign Trade Zone (FTZ ) is a site within the United States that is legally considered outside of Customs territory for the purpose of duties, so goods may be brought into the site duty-free and without formal customs entry. Union County is a subzone of the Rickenbacker FTZ #138. There are a number of benefits of being a part of an FTZ. For more information, please visit the FTZ #138 website or download more information.
Ohio Means Jobs - Union County
Ohio Means Jobs-Union County (OMJ) assists companies with employee job placement, applicant screening, and applicant interviewing. For industrial or office developments, OMJ can also provide in-kind or, in some cases, financial assistance to companies to establish job training programs for new employees that will be hired as a result of the development.
OHIO DEVELOPMENT SERVICES AGENCY / JOBSOHIO
The Ohio Development Services Agency and JobsOhio offer a wide variety of financial programs for companies looking to start, relocate, or expand in Ohio. Below is a list of the most commonly-utilized economic development programs:
Ohio Job Creation Tax Credit
Is a refundable tax credit to companies creating new jobs. The tax credit is measured as a percentage of the state income tax withholdings for all new employees hired under the program, and is 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. Minimum requirements; 10 full-time equivalent employees generating at least $660,000 in annual payroll.
Ohio Incumbent Workforce Training Voucher Program
The Ohio Incumbent Workforce Training Voucher Program supports companies that are making investments in facilities, equipment, and training that result in the retention and creation of jobs. The program provides direct financial support to employers for training, paying for a portion of instructor salaries, materials, travel, and special needs.
Roadwork Development (629)
Funds are available for public roadway improvements, including engineering and design costs. Projects must typically create or retain jobs. Grants are usually provided to a local jurisdiction and require local participation.
166 Direct Loan
Provides loans for land and building acquisition, construction, expansion, or renovation, and equipment purchases for eligible businesses. The program provides low‐interest loans up to $1.5 million.
Ohio Enterprise Bond Fund
Provides revenue bond financing through an S&P AA+ 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 between 7 to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through the program.
Research and Development Investment Loan Fund
Provides loan financing between $500,000 and $5 million for projects primarily engaging in research and development activity. Rates are fixed (at or below market rates) with other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, non-refundable Ohio commercial activity tax credit for principal and interest payments up to $150,000 annually during the loan term.
Innovation Ohio Loan Fund
Provides loans for acquisition, construction, and related capital costs of technology, facilities, and equipment purchases. The fund was created to assist existing Ohio companies in developing next‐generation products and services within the state’s Targeted Industry Sectors up to 75% ranging from $500,000 to $1.5 million.
USDA – Rural Development Business & Industry Loan Guarantee Program
The Business & Industry Loan Guarantee Program is designed to help lenders provide loans to businesses in rural Ohio. Loan funds can be used for the purchase of real estate and buildings; expansion of existing facilities; business acquisitions; debt refinancing to provide better rates or terms; purchase of machinery & equipment; or providing for term working capital. For more information, call 614.255.2424.