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 Financial Resources
State of Ohio Financial Resources
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.
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 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.
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. For more information about the Marysville-Union County Port Authority, please click here.
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.
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:
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 Enterprise Zone Program
Provides real property tax incentives for businesses that expand or relocate in Ohio. To establish an Enterprise Zone, a municipality or county must apply to the Director of Development for certification. To secure benefits, businesses must apply to the local community.
Workforce Training Grant
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.