Incentives and Permitting

Man talking on the phone with blueprints and permits

Minimize Costs. Maximize ROI.

New Albany, Ohio understands that economic development incentives are one of the critical factors to consider when choosing a business location decision. Whatever it takes to inspire you to make the move to New Albany, we’ll carefully craft a package that makes sense, with competitive economic incentives to support your business location decision.

Our economic development staff gets high marks from site selectors and companies for working diligently to provide incentives that minimize costs and accommodate business expansion plans. From tax abatements and infrastructure loans to revenue bond financing, New Albany works closely with our regional partner, Columbus 2020 and JobsOhio, to ensure businesses that invest in our community take advantage of every opportunity to enhance their return on investment.

“We have been impressed by the city’s level of collaboration and responsiveness. They are quick to provide answers and agile in implementing ideas that may be outside of the ordinary process.”
George Vergits, Founder and Co-owner, Veriano Fine Foods & Spirits

New Albany Economic Incentives

New Albany Community Reinvestment Area Program

The CRA program allows for the abatement of a percentage of real property taxes for a fixed term. Existing agreements allow for abatements throughout the New Albany International Business Park based on the following terms and qualifications:

Corporate Office Terms and Qualifications

  • Projects exceeding 150,000 square feet: 15 years/100%
  • Projects less than 150,000 square feet: 10 years/100%
  • Projects must meet revenue generation requirements. Each revenue benchmark is based on 90% of the building square footage (usable square footage) and adjusted every three years per the Consumer Price Index (CPI). Revenue generation is determined by income tax collection.

Manufacturing/Production Terms and Qualifications

  • Up to 15 years based on revenue generation
  • Up to 100% based on revenue generation
  • Projects must meet revenue generation requirements. Each revenue benchmark is based on the acreage of the site and income tax collection. All projects must meet the minimum New Albany Green Building Standards.

Data Center/Mission Critical Terms and Qualifications

  • Up to 65% for up to 15 years
  • Requires use of the city’s municipal fiber optic network
  • Benchmarks based on amount of investment, job creation and long term investment in the community.
New Albany Job Creation Tax Credit Program

The city’s Job Creation Tax Credit Program provides incentives to companies that meet income tax benchmarks and also one of the community’s core development principles – sustainability, education, arts and culture, wellness. Each application is evaluated on a case-by-case basis and requires legislative approval.

New Albany Green Building Incentive Program

To support and advance our sustainable development principles, New Albany offers a Green Building Incentive Program, including building permit discounts and income tax credits for eligible projects. Compliance with the standards is determined by the city of New Albany. Standards and measurements of the New Albany Green Standards are based on information from the U.S. Green Building Council and other reputable sources.

Infrastructure Loans and Grants

As a master-planned community, the city works with each prospective company to identify site planning and location infrastructure needs to support business relocation, promote business success and advance the city’s planning and economic development goals. Eligible projects are mutually agreed upon by the applicant and the city. The city utilizes both tax increment financing (TIF) funds and the Economic Development Fund to finance this incentive.

Workforce Development and Training

New Albany recognizes the importance of supporting the needs of job seekers and employers. The city provides grants for training and development, on a case-by-case basis, to industry partners within the business park. Additionally, as a resource to existing businesses, New Albany offers a web portal focused specifically on employee recruitment.

Regional Economic Incentives

Columbus-Franklin County Finance Authority

Columbus-Franklin County Finance Authority facilitates capital investment by the private, nonprofit and public sectors in central Ohio. The Finance Authority is an eligible issuer of tax-exempt and taxable debt. Acting in partnership with traditional lending institutions and other public partners, the Finance Authority offers a variety of financing programs, including long-term financing in the form of revenue bonds and tax increment financing.

Heath-Newark-Licking County Port Authority

Heath-Newark-Licking County Port Authority partners to finance certain private, job-creating projects by issuing revenue bonds to meet community infrastructure needs. Revenue bond financing offers unique advantages that include sales tax savings on building materials and lower interest rates. Learn how L Brands utilized the program for Bath & Body Works’ new headquarters in the New Albany International Business Park.

Community Capital Development Coporation

Community Capital Development Corporation links borrowers with the best revenue sources and has approved more than $330 million in loans to over 1,300 businesses to create more than 11,000 jobs. Through its network of lending partners, the corporation provides low down payments, competitive interest rates and long-term financing. CCDC direct loans for real estate, equipment, capital and inventory through the city of Columbus and Franklin County loan programs as well as the U.S. Small Business Administration 504 Loan Program.

State of Ohio Economic Incentives

JobsOhio Economic Development Grant

The JobsOhio Economic Development Grant was created to promote economic development, business expansion, and job creation by providing funding for eligible projects in the State of Ohio.

JobsOhio Growth Fund Loan

The JobsOhio Growth Fund Loan provides capital for expansion projects to companies that have limited access to capital and funding from conventional, private sources of financing. JobsOhio will consider loans to companies that are in the growth, established or expansion stage, and that have generated revenues through a proven business plan.

JobsOhio Research and Development Grant

The JobsOhio Research and Development Grant facilitates the creation of corporate Research and Development centers in Ohio to support the development and commercialization of emerging technologies and products.

JobsOhio Workforce Grant

The JobsOhio Workforce Grant was created to promote economic development, business expansion, and job creation by providing funding for the improvement of worker skills and abilities in the State of Ohio.

Research and Development Investment Loan

The Research and Development Investment Loan Fund provides loan financing between $500,000 and $5 million for projects primarily engaging in research and development activity. Rates are fixed (at- or below-market rates) with other loan terms similar to those of commercial bank financing.

166 Direct Loan Program

The 166 Direct Loan Program provides capital for expansion projects to companies that have limited access to capital and funding from conventional, private sources of financing. Priority may be given to eligible projects based on job creation and payroll commitments, fixed asset investment commitment, project return on investment and other factors.

Ohio Enterprise Bond Fund

The Ohio Enterprise Bond Fund provides revenue bond financing through an S&P rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. Rates are market-driven and fixed prior to funding.

Innovation Ohio Loan Fund

The Innovation Ohio Loan Fund provides loans for acquisition, construction, and related capital costs of technology, facilities, and equipment purchases. The fund was created to assist existing Ohio companies in developing next-generation products and services within the state’s Industry Sectors up to 75 percent ranging from $500,000 to $1.5 million.

Roadwork Development

Roadwork Development (629) funds are available for public roadway improvements, including engineering and design costs. Funds are available for projects primarily involving manufacturing, research and development, high technology, corporate headquarters, and distribution activity. Projects must create or retain jobs. Grants are reimbursable and provided to a local jurisdiction and require local participation.

Job Creation Tax Credit

The Job Creation Tax Credit is a refundable and performance based tax credit calculated as a percent of created payroll and applied toward the company’s commercial activity tax liability. Should the amount of the credit exceed the company’s commercial activity tax liability for any given year, the difference is refunded.

Data Center Sales Tax Exemption

The Data Center Sales Tax Exemption provides a tax exemption rate & term that allows for partial or full sales tax exemption on the purchase of eligible data center equipment. Projects must meet minimum investment and payroll thresholds to be eligible. Final approval of the tax exemption is contingent upon the approval of the Ohio Tax Credit Authority.

AEP Ohio Economic Development Rate Stabilization Plan

The AEP Ohio Economic Development Rate Stabilization Plan grant program provides financial assistance to new and existing industries for expansion projects that create new jobs, retain existing jobs and generate new investment within the AEP Ohio service territory. These funds are designated to assist with the cost of utility infrastructure.