City encouraged by Meta-PlanWritten by Mark Sobczak | | email@example.com
It is incumbent upon the City of Toledo to be at the table with our economic development partners in the creation and development of the Meta-Plan. I was in attendance at the kick-off all-day session on Nov. 30, when the area’s economic professionals met to discuss the role each could play in furthering the cooperation and collaboration that exists in our collective economic development efforts. It was very encouraging to see the willingness and commitment among all who gathered that day to develop goals and objectives.
The City of Toledo for its part must continue to participate in the process and provide specific incentives and assistance to businesses to attract and retain jobs, particularly in our core industry clusters as will be identified in the Meta-Plan.
The city has a variety of grants and local tax incentives that can be tailored to assist specific needs. I’ve heard our city Economic Development department practitioners say to businesses potentially seeking to locate in our area, “bring your business here, and we will find a way to make the money (incentives) work.” It is this type of can-do attitude that creates the necessary energy to drive economic development issues.
The latest tool in our incentive toolbox is the Toledo Expansion Initiative (TEI), which creates a targeted and strategic plan to encourage businesses in certain areas of the city. It also rewards those organizations that put an established portion of their profit back into the business toward research and development. This creates more job opportunities and helps keep our organization on the cutting edge, thereby securing existing jobs.
The TEI’s main points are listed below:
1. In TEI Zones designated as “Industrial,” “Technology” and “Downtown,” the grant awarded will be 30 percent of the growth of municipal income taxes actually paid based on expected revenue benchmarks, as defined below. Note that nonmanufacturing companies, which are located in an “Industrial” zone, are eligible for a 10 percent grant.
2. In TEI Zones designated as “Commercial,” the grant awarded will be 20 percent of the growth of municipal income taxes actually paid based on expected revenue benchmarks.
3. In all other areas of the City of Toledo, the grant awarded will be 10 percent of the growth of municipal income taxes actually paid based on expected revenue benchmarks.
4. An additional 10 percent grant can be awarded to an entity if it spends at least 15 percent of its net profits on product research and development activities.
Mark Sobczak is president of Toledo City Council.