Outline of Local Incentives & Financing Tools
- Jobs-for-Land Credit *
FREE LAND? This is available for companies locating in Vision Industrial Park, owned by the City and County of Van Wert Community Improvement Corporation. At $6,000 per acre, the land is already much more affordable than most. We provide a credit of $500 per job per year for a total of five years with the credit applied at the end of the five year term and with no down payment required. This credit totally negates the cost of the land for projects that create a moderate number of jobs.
- City of Van Wert Community Reinvestment Area Tax Exemption *
The Community Reinvestment Area program can offer an exemption from real property taxes of up to 100 percent of local real property taxes for a period of up to 15 years for commercial or industrial new building or improvement projects with a minimum investment of $5,000. Exemptions over 75% must be approved by the local school board. To be eligible, a company must enter into an agreement prior to going forward with the qualifying project. CRA Application
- Van Wert County Enterprise Zone Tax Exemption *
Through the Van Wert County Enterprise Zone, an exemption can be offered to effectively abate up to 100 percent local real property taxes for a period of up to 15 years. The local school board must agree to any abatement over 75% prior to the company going forward with the qualifying project. The Enterprise Zone Program is reserved for manufacturing, distribution or service related projects only. Retail can apply through the CRA program. All of the City of Van Wert is within an established Enterprise Zone.
- Lease-to-Own Building Purchase Option *
The Van Wert County Business Development Corporation (BDC) can assist with lease back arrangements to incentivize new projects. In two previous projects, the BDC negotiated the construction or purchase of a building for an end user, held ownership for a set term, during which time the tenant made lease payments. The tenant takes ownership of the building at the end of the term.
- City of Van Wert Job Creation Incentive Program *
This incentive program, offered by the City of Van Wert, is for non-retail projects that create new payroll of at least $250,000. This local program makes an annual payment to companies based on new payroll and on job creation with average wages at least 150% above minimum wage. The payment is based on 30% of municipal income tax withheld by the City of Van Wert for a term of up to 10 years.
Job Creation Incentive Program Application
- Permitting Fees *
The City of Van Wert has the authority and can waive all permit fees in exchange for the creation of a substantial number of jobs. In addition, the City can expedite the permit process to accelerate project timing.
- CDBG Economic Development Revolving Loan Fund *
The City and County of Van Wert Economic Development Office can also assist in securing gap funding for land and building acquisition, construction, equipment and working capital needs based on job retention and creation commitments. Project cannot begin until approved. RLF Program Application
Click here for a full list of INCENTIVES & FINANCING TOOLS.
Location Matters – Why Ohio? The Tax Foundation’s issued their annual “Comparative Analysis of State Tax Costs on Business” and Ohio was ranked within the top 5 best states.
Thrive In Ohio - Ohio offers a diverse economy that’s resilient during market turbulence. Our cost of living is low, and our optimism is high. We’re close to everything, and unlike anything.