BUSINESS INCENTIVES – VILLAGE OF GLENWILLOW
Local Property Tax Exemptions: The Village of Glenwillow can offer tax exemptions to qualifying businesses at the onset of the business operations in the Village. Current laws allow the Village to exempt real estate taxes in exchange for a capital investment into the Village through construction or renovation of a facility or job creation. Through the Ohio Community Reinvestment Area programs, local communities can elect to abate a portion of property taxes owed by a company. Typical abatements under the Community Reinvestment Area program, real property taxes can be abated up 75 percent for 15 years.
- Businesses must apply directly to the Village, which is the site of the new investment. We can grant exemptions of up to seventy five percent (75%) on eligible new investments. The term of these incentives can be for up to fifteen (15) years. Once an agreement is negotiated between the company and the Village, Village Council must approve the agreement. The project cannot begin prior to Village Council approval.
- All intra-state relocations require a relocation waiver issued by the Ohio Department of Development. A letter from the mayor of the exited community is required on intra-county relocations.
- Fees include a one-time application fee of $750.00 payable to the Ohio Department of Development and legal costs for the preparation of the agreement. There is also an annual monitoring fee charged by the municipality. This fee is equal to one percent (1%) of the taxes exempted, minimum $500 and not to exceed $2,500 per year for the life of the agreement.
Please contact Mayor Cegelka or Economic Development Director Jeremy Rowan for more information at 440-232-8788.