Beavercreek is stepping into the future and plans to offer new incentive programs in an effort to attract and retain growing businesses. The economic development tools the City wants to implement this year could bring many new jobs and greater investment to the City.
These tools include the following:
- Community Improvement Corp. (CIC);
- Community Reinvestment Act (CRA); and
- Property Assessed Clean Energy (PACE) Financing.
Community Improvement Corp.
The Community Improvement Corp. is a nonprofit that promotes and facilitates industrial, economic, commercial and civic development in the communities it serves. Setting up a CIC will allow Beavercreek to award its own incentives for job creation, workforce training, infrastructure improvements and other developments in the community. This will be specific to Beavercreek and not part of the Greene County CIC although it will operate similarly to the Greene County CIC.
Community Reinvestment Act
Brixey & Meyer has worked with localities with CRAs in the past and they often work similarly to Enterprise Zone programs. Beavercreek developed its CRA in 2018 and submitted it for state approval; they are still waiting for final approval. If approved, the CRA will provide property tax abatement for companies. CRAs also require a company to partner with the local school district. Abatements awarded will vary for each project, and will range from 1 percent to 100 percent for new construction up to 15 years. Beavercreek’s CRAs will first be used on commercial properties, although the City says they could include residential developments in the future.
Property Assessed Clean Energy Financing
PACE is a means of financing energy efficiency upgrades or renewable energy installations of residential, commercial and industrial property owners. To establish its own PACE program, Beavercreek had to propose a project; Beavercreek decided to use itself as the project. Beavercreek will do a very small energy upgrade to the thermostat control system in a City building. Beavercreek started working on its PACE program in 2018 and hopes to finish it this year.
If you would like to speak to one of our tax specialists, please call: 1 (866) 760-0940 or send a note to Miranda.Hawk@brixeyandmeyer.com to setup a time to speak.