Thu Mar 18 2010
by Laura Freeman
Reporter
Creating a plan for Northeast Ohio to develop a regional approach to economic growth and revenue sharing received a boost in the form of a $600,000 grant.
The Fund for Our Economic Future, a philanthropic group which aims to strengthen the economic competitiveness of Northeast Ohio, announced Oct. 8 it will give a $600,000 grant to the Northeast Ohio Mayors and City Managers for a Regional Economic Revenue Study, which pursues regional planning for economic growth and sharing a portion of new taxes that result among municipalities.
Hudson Mayor William Currin, NEOM&CM chairman, said the first $200,000 of the grant will be given immediately, and the second $200,000 within six months. However, the second part requires a matching $200,000. The final $200,000 of the grant requires a matching $400,000.
Currin said a committee will work to raise the matching funds needed for the project.
The grant will help to fund the second phase of the Regional Economic Revenue Study to develop a plan for 16 counties in Northeast Ohio for revenue sharing on new developments, Currin said. A portion of taxes on new growth would be combined and distributed according to a formula that is still being worked on.
The first part of the study, funded in 2007 by a $90,000 grant from the Fund for Our Economic Future and financial contributions from 35 area communities, looked at existing regional revenue-sharing models.
Currin said the grant is a major part of the estimated $1.4 million needed to complete Phase 2 by July 2009 and implement the plan in January 2010.
The goal of the plan is to reduce competition between neighboring communities for the same businesses, Currin said.
"The plan will provide coordination in Northeast Ohio to pursue appropriate smart land use planning and economic development in a way never capable in the past," Currin said, "and therefore will enhance the voice, strength, quality and effort of our economic development and new job creation endeavors and minimize duplication we have without the coordination."
Currin said minimizing duplication increases efficiency and utilizes resources more effectively.
"We can't project cost savings, but more jobs, smart jobs and smart land use in Northeast Ohio generally means cost savings," Currin said.
The plan would have to take in consideration Ohio's Constitution, local needs, and policies on taxes, revenue and planning, Currin said.
"We've already seeing a different way of thinking about collaboration with Hudson, Cuyahoga Falls, Stow and Boston Heights Township in a Joint Economic District Zone," Currin said. "A few years ago, that level of collaboration just wasn't feasible."
The four communities created the JEDZ in April near Seasons Road to develop the land near its borders and attract a hospital to the area.
Currin said the NEOM&CM applied for two $80,000 Ohio grants in August from the Local Government services and Regional Collaboration Grant Program and are still waiting for a decision.
"We have a high degree of confidence the NEOM&CM will be awarded some or all of it," Currin said.
E-mail: lfreeman@recordpub.com
Phone: 330-688-0088 ext. 3150
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