Businesses may qualify for a variety of inventive programs available through the Lucas County Department of Planning and Development. These programs come in a variety of forms, each with a slightly different intent and focus.
Enterprise Zone Tax Incentives
Lucas County permits companies that are expanding or creating jobs in the County to provide a tax exemption on real property taxes. Interested companies must invest a minimum of $100,000 and create 5 jobs that pay at least 150% of minimum wage. Eligible firms may receive an exemption for 10 years of up to 75% in municipalities and 60% in townships. Similar programs are also available in Toledo, Maumee, Berkey or Richfield, Washington, and Harding townships.
Community Reinvestment Area (CRA)
CRAs provide local real property tax incentives for residents and businesses that invest in designated areas in Ohio. The program provides up to a 100% exemption of the improved real property tax valuation for up to 15 years, depending on the project. Rates and terms are established by local legislative authorities and in some cases local school board approval is required. Incentives are available for residential, commercial, and industrial projects that involve renovation or new construction.
Lucas County Small Business Linked Deposit Program
Under this program the County Treasurer places 5% of the County’s investment Portfolio in reduced-rate investments at local lending institutions, which in turn, lend the funds to qualifying small businesses at below-market rates. This public-private partnership between the County and local banks targets local small businesses who create and retain jobs in Lucas County. Under this program small businesses may receive loans at up to 3% below market rates. Loans may range from $25,000 to $150,000. Businesses must employ less than 150 employees and have net annual sales under $5 million. Loans are for two years and may be renewed once for a consecutive two year term.
Lucas County Industrial Development Bonds
Industrial development bonds (IDBs) are tax-exempt bonds used to finance manufacturing facilities and backed by the cash flow and credit of the business using the proceeds of the bond sale. Lucas County assists in financing projects that create or preserve jobs in industry, research, distribution, and in certain cases commercial operations. IDBs allow local firms to obtain lower interest rates for both taxable and nontaxable projects financing through debt issuance.