WOODBRIDGE BUSINESS PARK
Bowling Green, OH
Phase One Site Improvements
WOODBRIDGE COMMONS, Lot 16
Center Township
Wood County, OH
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BUSINESS PARK:
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Municipal Incentives
- City of Bowling Green
1. The entire city of Bowling Green has been designated
an Enterprise Zone pursuant to State Law. An Enterprise Zone
is an area within which special tax incentives may be offered
by contract to businesses who agree to invest in capital improvements
and create or retain jobs. Tax incentives will be offered
provided program guidelines are met and a substantial investment
is made. Only those businesses engaged in manufacturing, warehousing,
research and development, or distribution will be eligible
to apply for the incentive. Under state law the incentive
may be for real and/or personal property tax and for a period
of up to ten (10) years.
There is no processing
charge for Enterprise Zone agreements for the first year.
An Annual Processing Fee will be collected after the first
year. This fee will be equal to one-half of one percent (1/2
of 1%) of the annual tax savings. Compliance will be monitored
by the Bowling Green Community Development Foundation. If
businesses join the CDF, the processing fee will be waived.
2. For any expansion
or new construction within a Community Reinvestment Area (CRA)
(there are three within city limits), real property tax abatement
would be applicable. This tax abatement would NOT apply to
existing facilities. The formula is as follows:
This would be based
on a formula which would allow 100% abatement for five (5)
years, followed by reducing abatement the subsequent four
(4) years. The complete table would be as follows:
| First
five (5) years: |
100%
abatement |
| 6th
year: |
80%
abatement |
| 7th
year: |
60%
abatement |
| 8th
year: |
40%
abatement |
| 9th
year: |
20%
abatement |
| 10th
& succeeding years: |
0%
abatement |
3. The City of Bowling
Green would be willing to consider, again for the expansion
of any existing facility located within the municipal boundaries
of Bowling Green, up to 6% discount on the additional electrical
usage.
For new development,
the incentives (for electrical rates) would include the City's
already low competitive rates plus the availability of off-peak
rates. For customers adding NEW additional load of one megawatt
of power the City will consider entering into a 5-year economic
development contract rate or discount
4. Uniform tap-in
fees are available. The City of Bowling Green also has a credit
system against tap-in charges for existing water and sanitary
sewer lines for development on currently undeveloped property.
This credit is applied when the proposed development creates
new permanent jobs. Credit development will be calculated
on the annual payroll of the new or expanded business. A credit
of one-half of one percent (1/2%) of the annual payroll, up
to the cost of the tap-in charges, for the first five years
of operation.
5. The city is also
willing to issue Industrial Development Bonds. These are bond
obligations issued by states or political subdivisions to
finance manufacturing facilities for private business users,
in order to induce private issuer's jurisdiction, producing
new jobs and other economic benefits for the community. The
proceeds of tax-exempt IDB's are loaned to the ultimate borrower,
the business user. Since a tax-exempt interest rate generally
is lower than a taxable loan rate, the business user benefits
from the interest cost savings passed on by the issuer of
the tax-exempt IDB.
6. Two Revolving
Loan Funds are available at reduced interest rates to qualifying
industrial candidates. Funds are available through the City
of Bowling Green and through the Bowling Green Community Development
Foundation.
For questions
or additional information, contact:
Contact: Butch
Brown
Cumberland Construction Corp.
2727 N. Holland-Sylvania Rd. * Suite C * Toledo, OH
Phone: 419-531-5120
Fax: 419-535-5735
Contact: Suzanne
Clark
Bowling Green Community Development Foundation
121 East Wooster * Bowling Green, OH
Phone: 419-353-3591
Fax: 419-353-3291
Email: BGCDF@BowlingGreen-OH.com
http://www.bowlinggreen-oh.com |
