While it is true that the Economic Development Department is not designed to interact with the citizenry as often as many other city departments, resident concerns are always top of mind. There is a strong track record of structuring deals in a way that results in a true public – private partnership. In recent economic incentive agreements, negotiations resulted in activities that increase the quality of life for Streetsboro residents. Some examples include:
- Noise abatement / view screening from industrial uses for nearby housing developments in Camelot Village and Hickory Ridge;
- Donation and improvement of land for the new Floyd North Bicentennial park;
- Donations to the schools for scholarships and activities;
- Raising approximately $45,000 for the city’s bicentennial celebration;
- Participation in the Shop with a Cop program to help less affluent Streetsboro children have a good holiday;
- A $30,000 donation for beautification efforts within the city;
- Donations to the local Streetsboro food pantry
There are many ways the Economic Development Department works with existing and prospective businesses to assist with the overall impact that their investment will have on the community. From a bottom-line perspective, abatements not only help create new jobs but also ensure that there are sufficient tax revenues from a diverse set of companies to provide needed services and help keep resident’s tax bills low.
The department generally focuses its efforts on industrial and office users as these are the kinds of high paying jobs that help generate income tax dollars to provide needed city services. While this is the primary focus of the staff, when opportunities arise for redevelopment and new retail opportunities they are aggressively pursued. With tax abatement strategies, the department has helped clear blight from the State Route 14 business corridor with tax incentive like demolishing the former True North gas station and replacing it with Buckeye Quality Meats. The department also assisted in developing the Popeyes on the site of the long vacant former Arby’s. The city also has helped fill the former Big Boys with Well Now Urgent Care and the old Loan Max with Rita’s Italian Ice. However, there are limitations to what the department can accomplish as there are cases where properties are priced in a fashion where conventional economic development tools cannot be brought to the table in a meaningful way or the market’s wallets cannot support a business that is widely desired. For example, it is well known that Streetsboro has long clamored for an Olive Garden but the business does not wish to locate in every city when they have an operation nearby enough that Streetsboro residents who wish to patronize the establishment will still drive to.
In addition to offering tax abatement to the private sector, there are real property tax incentives available to residents who are undertaking additions to their property in most of the corporation limits of Streetsboro. If your home is located within the CRA Map, you can secure a 100% property tax exemption for a 15-year term with certain additions. Remodeling projects, like painting or new carpet or even a kitchen remodel won’t typically add to the tax book value and likely will not result in an incentive as tax burden will not increase. However, adding new square footage typically increases a tax bill as this is one of the primary categories studied by real estate appraisers when making comps. The CRA can, in most circumstances, abate the new taxes resulting from the addition. Contact the Economic Development Director for assistance as the tool is complex and not all projects will qualify and not all areas of the city are currently covered by a CRA.
This home in Streetsboro took advantage of the CRA program and completed a significant addition to their living space but will not incur additional taxes as a result for many years.
Residents that wish to start a business may find this guide on how to start a business in Ohio useful. The Ohio Business Portal also contains information on what kinds of permits or licenses may be needed as well as general information on consumer law, worker’s compensation and unemployment insurance. The links section of the website also has some useful information for would-be entrepreneurs. All other inquiries should be directed to the Economic Development Director Patrick O’Malia.