Economic Development Incentive Policy
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.
For more information about the programs below, please contact us by calling 937.642.6279.
Union County Enterprise Zone Program
The Union County Enterprise Zone Program offers tax abatements on real (building construction) and/or personal property (machinery and equipment, furniture and fixtures, inventory) for manufacturing 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 is based upon the number of employees, amount of payroll, and amount of private property investment.
Union County Revolving Loan Fund
The Union County Revolving Loan Fund (RLF) program is available for companies creating or retaining jobs and making private property investments within the community. Loans may be granted up to $500,000 and are based upon a loan amount not to exceed $25,000 per job created or retained. The Union County Board of County Commissioners, with assistance from the Community Improvement Corporation, operates the RLF for the county.
Union County Community Improvement Corporation
The Union County Community Improvement Corporation (CIC) is the statutory nonprofit Economic Development arm of the community. The 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. For more information about the CIC, please click HERE.
Marysville – Union County Port Authority
The Marysville-Union County Port Authority is a statutory agent of Union County created by the Union County Board of Commissioners. While the Marysville -Union County Port Authority does not operate a traditional port, under the Ohio Revised Code, port authorities are given certain powers in the areas of real estate development, financing and management of foreign trade zones. Unlike a city or county, port authorities can buy land and construct a building that could be leased or sold to a business of its choosing at a privately negotiated price. They can also issue tax-exempt (and therefore, lower interest bonds) on behalf of a private entity for the construction of new plant or equipment.
Marysville Community Reinvestment Area
In an effort to improve its uptown and surrounding neighborhoods, the City of Marysville established a Community Reinvestment Area that provides real property tax abatements for residential, commercial, office and industrial development. The term and amount of the abatements vary depending on the land use, number of jobs created or retained, amount of payroll, and the amount of the investment. For more information about the Marysville CRA program, please click HERE to download the brochure.
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 District and the US 42 South Corridor, 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.
The Ohio Development Services Agency / Jobs Ohio
The Ohio Development Services Agency and Jobs Ohio offer a wide variety of financial programs for companies looking to start, relocate, or expand in Ohio. Please contact the Union County Economic Development Partnership for more information on local and state financial incentives.
