Warren County Port Authority recently approved three measures “expected to spur economic development in the region via three major projects,” the Journal-News reports. The resolutions authorize incentives for Victory Wholesale Group (VWG), Industrial Developments International (IDI) Gazeley, and French fragrance and flavoring company Mane that reduce each company’s cost to construct new buildings or expansions of existing buildings. VWG will construct a 200,000-square-foot warehouse distribution facility in Springboro . IDI Gazeley plans to construct a 160,000-square-foot facility, its fifth building at Park North at Monroe. Mane’s $30 million expansion will add another 100 workers to the 400 currently employed in Lebanon.
Under Ohio law, “port authorities can own, finance, construct and lease real estate,” and “can issue taxable and tax-exempt bonds, offering borrowers longer-term, fixed-rate financing than the terms of a commercial loan.” Warren County Port Authority Executive Director Martin Russell called such mechanisms “powerful economic development tools,” because they “incentivize large companies to expand by saving them money during the construction process.” For more, read the full article.