L to R: Jason Kershner, VP of government affairs for Cincinnati Chamber of Commerce; Senator Beagle; Senator Coley; and Johnna Reeder, president of REDI Cincinnati

State Senators Bill Beagle (R-Tipp City) and Bill Coley (R-Liberty Township) today announced legislation aimed at enhancing local economic development and community revitalization efforts by eliminating the steep tax burdens associated with business expansion and construction projects.

"Our proposal provides a new way to increase private development by lowering the cost burden associated with business expansion and job creation initiatives," said Beagle. "This legislation builds momentum of economic growth, making our communities attractive places for businesses to thrive and create opportunities."

Senate Bill 235, also known as the the Site-Readiness for Community Prosperity Bill, allows property owners to make investments without penalty in order to increase site attractiveness and encourage business expansions at sites ready for commercial or industrial uses. 

"Existing policies discourage new development and business expansion," said Coley. "Our plan will create an incentive for property owners to enhance land for future business development. Not only will the property owner benefit, but new business growth will lead to increased tax revenue which benefits the schools and local governments that support our communities."

The proposed legislation suspends steep increases in taxable property value until building construction begins or the site is sold. Property improvements such as sewer and water, electrical meter installation, stormwater management and other infrastructure upgrades make sites attractive to site selectors and businesses looking to relocate or expand.

Schools and local governments will experience no loss to current tax revenue and all existing assessments will continue to be collected.

Senate Bill 235 has been referred to the Senate Ways and Means Committee.

A full recording of today's press conference, provided by the Ohio Channel, is available online at http://www.ohiochannel.org/MediaLibrary/Media.aspx?fileId=147811

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