Business retention efforts, tax incentive programs, and promotion of the City to businesses and industry.
Business Retention Efforts
Twinsburg participates in the Summit Business Partnership program with Summit County. This program uses site visits with local companies to learn of the issues and challenges facing them and provides an opportunity for economic development staff and the City, County and State level to cooperate on efforts to assist companies where possible. To schedule a visit at your business or industry call Mr. Finch at 330-963-6154.
Tax Incentive Programs
A comprehensive set of incentive programs have been put in place to assist businesses and property owners to locate and thrive in the City of Twinsburg. Applications must be processed prior to commencing construction on project elements.
Community Reinvestment Area Program
The City’s Community Reinvestment Area Program enables those who invest in real property within the designated C.R.A. area to benefit from abatement of a portion of real property tax increases resulting from that investment.
One of the most significant aspects of the C.R.A. program is that it may be applied to industrial, commercial and residential properties. A negotiated percentage of the tax increase that would have applied without the abatement may be granted for terms that go up to 15 years. Levels of abatement benefits vary with the amount of investment and number of jobs retained or new jobs created as a result of the project. Actual abatement levels will be negotiated with the business based on the amount invested and employment created. There are no restrictions affecting companies moving to Twinsburg from other Ohio communities.
Twinsburg Occupancy Program
This innovative program was implemented to encourage the use of existing industrial and commercial buildings. Owners or leasers of properties which have been vacant, and where the owner or leaser will bring jobs to the community, may qualify for an annual grant. This grant is based on the income taxes paid by employees of the enterprise located at the site and maybe for an amount equivalent to as much as 50% of the income taxes paid to the City. The grant is paid to the company at the end of the first quarter after the year in which taxes were paid.
To be eligible to participate in the T.O.P. program a company must have an existing payroll of at least $500,000. They must also commit to the creation of new jobs with at least $250,000 of new payroll over a three-year job creation period.
Program benefits may run for up to 10 years depending upon the amount of the company’s annual payroll. For companies that lease facilities, the program is limited to a term no longer than the lease. Companies who fail to meet their job creation goals may be required to repay all or a portion of the grant amount.
Other Incentive Programs
A number of investment and employment tax credits are available to industries through the State of Ohio. The Ohio Development Services Agency and Jobs Ohio provide export assistance and workforce development assistance. These programs may be available at any location in the State. To find out more go to the Ohio Development Services Agency website at https://development.ohio.gov
The Summit County Development Finance Agency (formerly the Summit County Port Authority) has partnered with the City and area businesses to provide alternative financing, off-balance sheet financing, and property assessed clean energy programs for new construction or alterations, equipment purchases, and other purposes. The Summit County Development Finance Agency may be accessed at http://www.developmentfinanceauthority.org.