Economic Development Tools
Nearly 10 years ago, when Upper Arlington first began building its economic development program, the first move was to create a state-approved Community Reinvestment Area (CRA) in North Arlington. This CRA offered property improvement tax abatements to qualifying projects. Shortly after the creation of the CRA, a Tax Incentive and Development Agreement was executed with the Horizons Companies to relocate within the CRA in the former DeSantis mansion, which was converted from a residence to their corporate headquarters.
In 1999, the City leaders created an Economic Development Fund with a $500,000 appropriation to be used for low-interest loans, grants, and other economic development-related initiatives. That appropriation was expended by City Council upon a recommendation by the UACIC, which evaluates projects and makes distributions to those that qualify.
The Tools at Hand
Since 1999, a number of economic development incentive programs have been in use to promote and encourage investment and business expansion in our commercial districts. The tools available to the UACIC include:
- the Economic Development Fund: low interest loans and grants awarded to qualifying projects.
- a Community Reinvestment Area: providing tax abatements on property improvements (focus area north of Henderson, west of Sawmill and east of St. Rt. 33.)
- an Enterprise Zone: tax abatements on real and/or personal property improvements and new investments (valid for the entire City of Upper Arlington)
- Tax Increment Financing: the use of incremental increases in real property taxes generated by new redevelopments to fund public improvements for qualifying projects.
- Municipal Job Creation Tax Credit: a credit against a business’s corporate municipal income tax liability based on new employee payroll income tax for qualifying projects.
In addition to the tools we have used, as a Community Improvement Corporation we have many potential powers established by the Ohio Revised Code. The UACIC has the ability to borrow money for any purpose of the Corporation; to make loans; to purchase, receive, hold, lease, or otherwise acquire and to sell, convey, transfer, lease, sublease, or otherwise dispose of real and personal property; to acquire the good will, business, rights, real and personal property, and other assets of any persons, firms, partnerships, corporations, joint stock companies, associations, or trusts; to acquire improved or unimproved real estate for the purpose of constructing industrial plants or other business establishments thereon or for the purpose of disposing of such real estate to others in whole or in part for the construction of industrial plant or other business establishments; and to serve as an agent for grant applications and for the administration of grants; to do all acts and things necessary or convenient to carry out the powers especially created in Chapter 1724 of the Revised Code.
If you have questions about moving your business to or investing in Upper Arlington, please call Matthew Shad, the Deputy City Manager - Economic Development for the City of Upper Arlington: 614.583.5046.
