Office of Economic Development
The City of Sharonville’s Office of Economic Development is designed to promote the growth of the business community. The office works to attract new business and industry to the city, as well as to support business retention and expansion for existing businesses with the City of Sharonville.
The Office of Economic Development performs the following duties:
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Administers the Community Reinvestment Area Property Tax Abatement Incentive Program
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Facilitates the Enterprise Zone, Real Property Tax Abatement Incentive Program
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Facilitates the Sharonville Link Deposit Program
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Administer other Adopted Incentive Initiatives
The Office of Economic Development's goal is to promote a business-friendly climate while providing technical assistance to corporate clients.
The following are current programs that the City administers or assists in facilitating:
City of Sharonville Community Reinvestment Area (CRA)
Companies that expand existing facilities and operations or build new facilities within the designated Community Reinvestment Areas maybe eligible for tax abatements on the real property improvement. Exemptions of up to 100% on these improvements are possible. The terms of each agreement are negotiated through the Sharonville’s Office of Economic Development and based, in part, on the payroll associated with the jobs created or retained as well as other pertinent information. For details on the approval process please contact this department.
City of Sharonville Enterprise Zone(EZ)
Companies that expand existing operations or build new facilities in qualified areas within Sharonville can apply for property tax exemptions under the Enterprise Zone Program. Exemptions of up to 75% tax abatement on real property improvements are possible. The terms of each agreement are negotiated and based upon the number of jobs created or retained and amount of business investment involved. Businesses must finalize an Enterprise Zone agreement prior to project initiation.
City of Sharonville Link Deposit Program
The Linked deposit shall be used by the City to fill a gap in the financing structure that currently exists for private enterprise. Those smaller projects that do not qualify for programs such as SBA 504 may qualify for this program. The Link Deposit shall work in conjunction with a business that is approved for a loan by a conventional lender. The City then places a certificate of deposit in the same amount as the loan being linked and allows the bank to reduce the interest accrued on the certificate. The remaining interest is used to write down the cost (interest) that would be charged the private enterprise.
Ohio Job Creation Tax Credit
A business that locates or expands in Ohio can receive a tax credit against its corporate franchise tax/income tax on the state income tax withheld on new full-time employees. The amount of the tax credit can be up to 75% for up to 10 years. A five-member authority determines eligibility and terms. Businesses must agree to create the minimum number of new, full-time jobs.