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Industrial investment and development has seen a big increase over the past ten years, with more than $324 million invested into capital expansion and redevelopment projects. New and expanding companies in Hamilton come from a variety of different sectors, from manufacturing to healthcare, logistics to communications.
Opportunity Zones
In 2018, the City of Hamilton successfully lobbied for the creation of two Hamilton Opportunity Zones, census tracts which encourage private investment by providing federal tax incentives to investors. One of our Opportunity Zones covers the Prospect Hill area, including the site of Spooky Nook Sports Champion Mill, and the other includes much of the Riverview (formerly Second Ward) and Lindenwald. These zones are powerful economic development tools which the City can use to promote investment into some of the most distressed areas in our community. The City of Hamilton was featured by the Ohio Development Services Agency (ODSA) at its Opportunity Zones Showcase in April 2019, an event that highlighted the investment potential of Opportunity Zones throughout Ohio.
Energy Special Improvement District
The City of Hamilton has established an Energy Special Improvement District (ESID) offering an affordable approach for companies making energy efficient sustainable improvements to their properties.
This economic development tool can benefit new or existing businesses and serves to benefit Hamilton’s business efforts to continually enhance the community’s overall economic development environment.
Hamilton created the program in May of 2019, and it has proven to be a valuable financing tool for large and small businesses.
The State of Ohio authorizes the establishment of ESIDs to implement Property Assessed Clean Energy (PACE) financing options. PACE gives property owners located in the district an affordable way to make energy efficient, sustainable improvements – new windows, solar panels, upgraded HVAC systems, etc. – to their businesses by petitioning the government for a Special Assessment administered at the county level.
The Hamilton ESID is managed by a Board of Directors that reviews business requests and ensures projects meet all qualifications of the PACE terms.