Northeast Ohio could reap more than half the benefit of newly announced
state tax credits intended to spark development. Key Community
Development New Markets and Northeast Ohio Development Fund, both based
in Cuyahoga County, were awarded $3 million and $2 million,
respectively, in credits through the Ohio New Markets Tax Credits. All
told, $10 million in credits were distributed to four funds in this
first round of grants.
The credits are modeled after and supplement a federal program and are
administered by the
Ohio Department of Development. "By encouraging
investments in areas of Ohio that need it most, we are ensuring future
economic development opportunities and increased potential for new
jobs," Director Lisa Patt-McDaniel said in a statement. "The Ohio New
Markets Tax Credit program is one of the first of its kind in the
country, and we are eager to see the new developments that come from
this program."
Northeast Ohio Development Fund
-- a joint venture between the Port of Cleveland, Ariel Ventures and
Cohen & Co. accountants -- has identified several potential
beneficiaries of the credits, according to the state, including the
proposed Cleveland Aquarium, the Midtown Tech Park and the planned
University Circle hotel.
Among the entities that Key may support are the Allen Theatre, which needs renovations, and Cleveland-based
Ohio Solar Cooperative,
an innovative, employee-owned company that leases and installs solar
panels. Clients to date include the Cleveland Clinic, University
Hospitals, Case Western Reserve University, the City of Cleveland, and
the Cleveland Housing Network.
Ohio Solar is part of the
Evergreen Cooperatives
network, which may benefit in other ways from the credits. Another
recipient of the credits, Finance Fund, based in Franklin County, has
listed the Green City Growers Cooperative, Evergreen Medical Recycling
and Evergreen Record Retention Cooperative and companies it may support.
Source: Ohio Department of Development
Writer: Frank W. Lewis