Toledo Regional Chamber Of Commerce: Job Creation Incentive Proposed Between Toledo And Troy Township

Press release from the Toledo Regional Chamber of Commerce:

Tim Schneider

9/21/2021

​​​By Tim Schneider, Toledo Regional Chamber of Commerce At its meeting on September 21 at 2:00 p.m., Toledo City Council will review establishing a Job Creation Incentive (JCI) program aimed at promoting economic development within a tax-sharing zone in Troy Township, Wood County. The program is meant to encourage businesses to invest in the Joint Economic Development District (JEDD) by offering them grants tied to expected creation of jobs and payroll. ​The JEDD was first formed in 2009 between Toledo and Troy Township with the purpose of generating shared economic benefit between the two jurisdictions. An income tax of 2.25 percent is applicable to all work performed in the district with 15 percent of revenue set aside for maintenance and operation of the JEDD. Grant funds for the JCI program will be provided from that set aside revenue. Creation of the JCI program must also be approved by the Troy Township Trustees. According to Toledo and Troy Township officials, the program will support economic growth by encouraging businesses to locate or expand in the district. All Toledo City Council meetings are held in Council Chambers on the first floor of One Government Center located on Jackson Boulevard in downtown Toledo and can be viewed via video on the city’s website at https://toledo.legistar.com/Calendar.aspx.

This press release was produced by the Toledo Regional Chamber of Commerce. The views expressed here are the author’s own.