Signed in as:
Signed in as:
Amherst Township is classified as an “Enterprise Zone” within the state of Ohio. Enterprise Zones are designated areas of land in which businesses can receive tax incentives in the form of tax exemptions on eligible new investments. Enterprise Zones allow local officials to negotiate with businesses to encourage new business investment in the zone. Enterprise Zones serve as an additional economic development tool for communities attempting to retain and expand their economic base.
The State of Ohio has certified Amherst Township as an Enterprise Zone through a legislative agreement with the Lorain County Board of Commissioners. Only those businesses that will create and preserve jobs within the zone may apply for the local tax incentives. Local officials may limit the type of businesses and projects which are eligible through policy guidelines. A business must make a substantial investment in either real or personal property to be eligible.
The Enterprise Zone law permits unincorporated areas to offer the following incentives:
Each Enterprise Zone Agreement submitted must include a $500 application fee payable to the “Ohio Department of Development”. In addition, Lorain County requires an annual monitoring fee of $500. Agreements are monitored annually by the “Tax Incentive Review Council”, and companies are required to complete reports which are submitted to the “Ohio Department of Development”.
Local legislative authorities are required to notify all local boards of education having jurisdiction over the project site at least fourteen days prior to taking any formal action on the request for exemption. If the request exceeds the maximum allowable exemption levels, the boards of education must be notified a minimum of forty-five business days prior to action being taken; and the boards of education must reply indicating their stance on the exemption.
If a company is relocating from another area within the State of Ohio, a notice must be sent to the community from which the business is departing and a waiver must be received from the “Ohio Department of Development”.
Additional information about the "Ohio Enterprise Zone Program" is available through the State of Ohio's "Development Services Agency" website or by clicking on the following link: