The City of New Albany offers a variety of incentives, including real property tax exemptions and tax increment financing as well as job creation and green building incentives. Download the City’s Economic Development Incentive Application here. If you have questions or need assistance, please contact the Economic Development Division at 614.939.2254.
Our Community Reinvestment Area program offers real property tax exemptions for eligible, competitive projects that result in new employment opportunities. Beneficiaries are required to underwrite the investment by agreeing to a minimum revenue generation per square foot of commercial development.
Standard Terms & Qualifications
- Exemptions are available for a real property tax abatement for up to one hundred percent (100%) for up to 15 consecutive taxable years for new building construction, expansion of existing buildings or substantial remodeling.
- The program requires a minimum investment in new construction or improvements of $1,000,000.
- Abatements are premised on the project meeting and maintaining, for the term of the abatement, a minimum amount of new annual revenue after an initial three-year ramp-up period.
- In the event that the minimum amount of annual revenue is not generated, the company/owner will be required to make an additional payment in lieu of taxes (PILOTs) in the amount necessary to meet the minimum payment amount for that year.
- Revenue generation is determined principally by new income tax collection, but may include other sources for data centers and other mission-critical facilities.
- Projects must meet minimum sustainability requirements to encourage companies to make environmentally-friendly investments in the New Albany International Business Park.
Job Creation Incentive Agreements are available to new and existing companies that meet income tax benchmarks and contribute to the community’s core development principles – environmental sustainability, lifelong learning, arts and culture, and health and wellness.
The City may offer growing companies annual, performance-based cash incentives based upon a percentage of actual payroll withholdings (2.0% of wages). Using job and payroll growth figures provided by the company, the City may propose multiple-year term annual payments equivalent to a set percentage of the total annual payroll withholdings paid to the City.
New Albany’s Green Building Incentive Program entitles companies to a reduction of up to twenty-five percent (25%) on building permit fees for eligible projects that advance our sustainable development goals. New construction and substantial renovation projects must satisfy at least twelve (12) of the twenty-four (24) green building standards and must satisfy at least one (1) standard in every category (HVAC, Lighting, Plumbing, Environment, Energy and Materials).
The City’s Tax Increment Financing (TIF) Program locks in the taxable value of real property in place at the time the city authorizes the TIF. A portion of the property taxes on the new value created by new investment are redirected to a separate fund that can be used to pay for improvements on land, to public infrastructure or other public purpose investments in the development or redevelopment area.
The City works with prospective and existing companies to identify site planning and location infrastructure needs. Eligible projects are mutually agreed upon by the applicant and the City. The City utilizes both tax increment financing (TIF) funds and the New Albany Community Authority to finance infrastructure improvements.
The City of New Albany, in partnership with AEP, constructed a fiber optic network to better serve the needs of our community. New Albany Net, which features 15.25 miles of backbone, 19.75 miles of loops and 4.5 miles of laterals, is available to businesses throughout New Albany. The high-speed, 96-strand carrier-neutral fiber provides a secure, fully-redundant network with speeds up to 10Gbps and three points of presence.
The City of New Albany has partnered with the Central Ohio Transit Authority (COTA) to offer employees of New Albany companies free rides from the COTA Park & Ride to many employers within the Business Park. This service is ideal for companies with employees that rely on COTA for their commutes, but aren’t conveniently located near a COTA bus stop.