| Program Name |
Type |
Administrator |
Program Description |
Basic Requirements |
| Economic Development Fund |
Project Financing & Loans |
Richland County Regional Planning Commission |
The Richland County Commissioners have established an Economic Development fund using revenue derived from the real estate transfer tax. They estimate it will generate about $400,000 per year in funds. They choose from among a variety of opportunities. They have given money to a local technical training center, they have helped buy equipment for a vocational program at a high school, and they have supported some studies and plans. They have funded projects for companies and businesses. They don’t have a solid plan developed for how to spend the funds, but use it to respond to ideas as they come in. |
Most companies with the exception of non-profit businesses and financial institutions. Can only be used for Purchase of machinery & equipment, Building renovation or construction or Land acquisition. One job must be created for every $25,000.00 loaned. Ineligible uses include refinancing, retirement of existing debts, non-capital equipment purchases, inventory, operational costs, training costs and soft costs such as fees and licenses. At least 51% of all jobs must be made available for low and moderate income individuals. RLF cannot be more than 50% of this project. The owner/developer must invest at least 5% in cash equity toward the project’s fixed asset costs. At least 15% of the project’s fixed asset costs must be privately financed—this may include owners/developers equity.
|
| Revolving Loan Fund |
low-interest loan |
Richland County Regional Planning Commission |
To provide gap financing to encourage business development in Richland County. Focuses on job development in low and moderate income areas. |
|
| Downtown Small Business Low-Interest Loan Program |
low-interest loan |
Main Street Mansfield |
|
Created for purchasing equipment, operating costs/working capital, inventory and minor leasehold improvements.
|
| Community Reinvestment Areas |
Tax Exemption on Real Property Tax |
Local Communities |
For the purpose of offering real property tax exemptions to existing businesses wishing to expand and for new businesses moving into the CRA |
Business must locate within one of the Community Reinvestment Areas. For post-1994 CRA's, the business must wait for approval before they can start building. |
| Enterprise Zone |
Tax Abatement |
Richland County |
The State of Ohio allows communities to provide tax abatement on real property and tangible personal property in designated areas, called Enterprise Zones. Stark County has seven Enterprise Zones that cover 80 square miles. Businesses locating or expanding within these designated zones may qualify for substantial state and local tax breaks. |
Project must be within the boundaries of an Enterprise Zone. Eligible Projects: (1) Personal Property - Purchase of new &/or used machinery &/or equipment (eliminated now) or Purchase of new inventory (eliminated in 2009); (2) Real Property - New construction; Renovation of an existing facility; Expansion of an existing facility; or Occupation of a vacant facility. Only abating new investments! |
| Foreign Trade Zone |
|
Richland County Port Authority |
Foreign and domestic merchandise may enter the zone without a formal customs entry or the payment of customs duties and be exempt from federal and state use/excise and personal property taxes. There are two types of zones—general purpose and sub-zone. A general purpose zone includes multiple activities by multiple users, like an industrial park. A sub-zone is a one user plant or facility. |
Any business in the Mansfield area can take advantage of the benefits of the FTZ. |