May 10, 2016
Ohio Senate passes Chamber supported bill promoting economic development
The Cincinnati USA Regional Chamber, applauded the passage of Ohio Senate Bill 235 (SB235). The Chamber testified in front of the Ohio Senate Ways and Means committee, in favor of the bill, in January. SB235 will suspend an increase in the taxable value of a business property until a post-construction certificate of occupancy is granted, the site is rezoned/subdivided, 10 years passes, or until the site is sold.
“A key factor in business attraction is site readiness and support through the construction process,” said Jill Meyer, president & CEO of the Cincinnati USA Regional Chamber. “Senate Bill 235 supports economic prosperity in the Cincinnati region by removing an impediment for economic development and for our partners like REDI Cincinnati, the Regional Economic Development Initiative.”
“Ohio needs more commercial and industrial sites ready for immediate build,” said Johnna Reeder, president & CEO of REDI Cincinnati. “Competition to retain and attract businesses continues to be fierce. Economic developers need all the tools we can get to compete with other states and meet the aggressive timelines of site selection consultants and business decision makers."
“After seeing the importance of site readiness for development in my own district, I know Senate Bill 235 will build on the momentum of economic growth in Ohio,” said Senator Bill Beagle. “This is a pivotal time for Senate Bill 235 to be enacted. I look forward to this legislation promoting job creation and economic development throughout our state.”
“This policy encourages new development and business expansion across Ohio,” said Senator Bill Coley. “Our plan incentivizes property owners to enhance land for future business development. More business investment means increased local tax revenue to benefit schools and local governments that support our communities.”
SB235, sponsored by Senators Bill Beagle and Bill Coley, now makes its way to the Ohio House of Representatives.