Local Incentives and Programs
Residential Incentive Grant Program:
The CIC Board of Directors has determined that encouraging economic development in Springfield Township, the Joint Economic Development Zone (JEDZ), and the Joint Economic Development District (JEDD) requires a strong residential base, and thus the Board desires to encourage economic development through the use of grants equal to the earnings tax paid by Township residents who work in the JEDZ or JEDD territories and a grant equal to the net business profits tax paid by businesses which are owned principally (50% or more) by Township residents and which are located in the JEDZ or JEDD territories.
The CIC administers and awards the aforementioned Residential Incentive Grant Program which provides grants, upon application and qualifications by residents and resident business owners, equal to the earnings tax paid by Township residents who work in the JEDZ or JEDD territories and a grant equal to the net business profits tax paid by businesses which are owned principally (50% or more) by Township residents and which are located in the JEDZ or JEDD territories of Springfield Township.
Enterprise Zone Program
The Springfield Township Enterprise Zone is jointly administered by the CIC and the Hamilton County Development Company.
With the approval of the CIC Board of Directors and the Hamilton County Commissioners, Tax incentives may be granted to non-retail enterprises that agree to establish, expand, renovate or occupy a facility within an appropriate zoned area of Springfield Township and agree to retain or create employment at the project’s location. A business must have approval and finalize an agreement prior to the commencement of the project.
Eligibility: Local businesses that are expanding or are locating in Springfield Township. Included investments that are eligible are: improvements to real property (buildings) and/or personal property (machinery and equipment, furniture fixtures or inventory). The cost of acquisition of land and/buildings is not eligible for exemption
Rate/Term: Up to 60% for up to 10 years
For More Information: Contact Michael Hinnenkamp, CIC Executive Director at 513-522-1410 or firstname.lastname@example.org
The CIC partners with the Hamilton County Development Company (HCDC) to help small and medium-size business to achieve goals. HCDC is certified by the U.S. Small Business Association (SBA) to administer several loan programs to promote business investment and job creation by providing access to low down payment financing.
HCDC specializes in SBA 504 Loans, Ohio Regional 166 Loans and SBA-ILP Loans to bridge the gap in the credit market. The U.S. Small Business Administration loan
State Incentives and Programs:
Jobs Ohio – jobs-ohio.com
State Tax Credits and Benefits:
Ohio Development Services Agency – development.ohio.gov