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Ohio Senate Committee chefs baking economic development morsels into their version of the state budget bill
On June 1, 2021, the Ohio Senate Finance Committee released its version of the state’s biennial operating budget (HB 110), which must be signed into law by June 30, 2021. As often happens, there are millions of dollars in appropriated funds across state government, and then there are actual, no-kidding changes to unrelated elements of Ohio law also inserted into the bill. There are two such changes that should be noted by Ohio’s economic development practitioners.
As the state of Ohio looks to adopt its biennial operating budget (HB 110) by June 30, 2021, economic development policy and programming remains a critical element of the Legislature’s budget priorities. In addition to the Legislature’s proposed uses of federal American Rescue Plan Act (ARPA) funds, several key Ohio programs will be modified which will impact how Ohio communities access and utilize economic and community development tools to advance local priorities.
Downtown Redevelopment Districts (DRD) are a relatively new and untapped tool for historic neighborhood business districts in Ohio. Work has been underway for almost 20 years in the Village of Lockland to revive a vacant industrial site and bring new life to the adjoining business area. Persistence has paid off as private investors are now looking to make multi-million dollar commitments which set the stage for future revitalization. HCDC marshalled numerous resources to make the downtown redevelopment in Lockland a success.
It’s too early to definitively state how the coronavirus pandemic will reshape the U.S. economy over the long term. But one bright spot could be an upswing in American manufacturing. After the pandemic exposed the fragility of international supply chains, the potential for reshoring manufacturing to the U.S. is becoming a very real possibility.