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L to R: Jason Kershner, VP
of government affairs for
Cincinnati Chamber of Commerce; Senator Beagle;
Senator Coley; and
Johnna Reeder, president of REDI Cincinnati
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Beagle and
Coley announce Local Economic Development and Community Revitalization
plan
COLUMBUS – State Senators Bill Beagle (R-Tipp City) and Bill Coley
(R-Liberty Township) today announced legislation aimed at enhancing
local economic development and community revitalization efforts by
eliminating the steep tax burdens associated with business expansion
and construction projects.
"Our proposal provides a new way to increase private development by
lowering the cost burden associated with business expansion and job
creation initiatives," said Beagle. "This legislation builds momentum
of economic growth, making our communities attractive places for
businesses to thrive and create opportunities."
Senate Bill 235, also known as the the Site-Readiness for Community
Prosperity Bill, allows property owners to make investments without
penalty in order to increase site attractiveness and encourage business
expansions at sites ready for commercial or industrial uses.
"Existing policies discourage new development and business expansion,"
said Coley. "Our plan will create an incentive for property owners to
enhance land for future business development. Not only will the
property owner benefit, but new business growth will lead to increased
tax revenue which benefits the schools and local governments that
support our communities."
The proposed legislation suspends steep increases in taxable property
value until building construction begins or the site is sold. Property
improvements such as sewer and water, electrical meter installation,
stormwater management and other infrastructure upgrades make sites
attractive to site selectors and businesses looking to relocate or
expand.
Schools and local governments will experience no loss to current tax
revenue and all existing assessments will continue to be collected.
Senate Bill 235 has been referred to the Senate Ways and Means
Committee.
A full recording of today's press conference, provided by the Ohio
Channel, is available online at
http://www.ohiochannel.org/MediaLibrary/Media.aspx?fileId=147811.
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