The Champaign Economic Partnership (CEP) recently sponsored a free workshop, Tools for Successful Economic Development, to help local government officials understand “the variety of tax incentives available in Ohio to promote business development,” the Urbana Daily Citizen reports. Chris Schmenk, of counsel for Bricker and Eckler LLP, led the training attended by county, city, village, township and school district officials. Schmenk, who is also the former director of the Ohio Development Services Agency, presented information on economic development tools that “provide temporary tax exemptions in return for investing in business creation or expansion and retaining or creating jobs,” including Community Reinvestment Areas (CRAs), Tax Increment Financing (TIF) Districts and Joint Economic Development Districts (JEDDs), among others. CEP Director Marcia Bailey explained, “[t]ax incentives vary, but they typically exempt a portion of taxes on business improvements for a specific time, after which the business pays the full amount of the tax to support local government services and infrastructure . . . [they] are designed to encourage business and job growth, which benefits Champaign County and local citizens.” For more, read the full article.
Workshop designed to help Champaign County-area governments promote economic development
