MONTGOMERY COUNTY, Ohio (WDTN) – Nearly $377 million have been invested into Dayton thanks to tax incentive programs.
On Monday, Montgomery County Auditor Karl Keith and the Tax Incentive Review Council recommended all companies that had entered into property tax exemption agreements with Dayton in 2019, had met certain requirements, and to continue those in 2020.
Keith said there are three different tax incentive programs that have been in effect since the 80s. He said with these property tax exemptions, they have supported more than 1,800 jobs.
“When the city has granted those exemptions, the companies have made pledges in terms of what they’re going to invest and how many jobs that’s either going to create or retain,” said Keith.
Monday, he and his fellow council members announced some examples of these benefits.
In a release, they detailed Dayton’s Twin Towers neighborhood that experienced more than $6.1 million of reinvestment through a Communities Reinvestment Areas incentive program.
They also said a local company, Norwood Medical added 361 jobs since since being granted an Enterprise Zone in 2010 and has invested more than $15.6 million in their facility.
Finally, they mentioned the GE Aviation Episcenter at the University of Dayton has benefited from a Tax Increment Financing District.
The University of Dayton told 2 NEWS in a statement, “The $51 million GE EPISCenter site, along with the neighboring $35 million Emerson Helix Innovation Center, has allowed the University to transform what was once a vacant brownfield into a vibrant research and development area. The EPISCenter, which opened in 2013, has created 193 jobs and continues to enhance the academic and experiential opportunities for University students by connecting them to leading-edge research opportunities.”
Keith said every year, the council looks at results to see how they measure up to the pledges that were made, and said all tax exemptions were substantially compliant and recommend they all continue.
“One item that none of them were in compliance with, is one of the things the city asks, that when they do create new jobs, that they try to create 50 percent of them for residents of the City of Dayton,” said Keith. “Most of them fell short of that. Instead of 50 percent it might have been 39 percent or 37 percent.”
Keith added that this has been one of the best reviews they’ve seen since the great recession. He said in many instances the companies invested more or created many more jobs than they initially pledged.
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