Economic Development

 Kevin Hurst,
Mayor/Safety Director/Economic Director of Walton Hills

Contact Info:
440-786-2963
Mayor@waltonhillsohio.gov

Cuyahoga County Economic Development Staff
Cuyahoga County Western Reserve Fund
Job Creation Tax Credit Program

Governor Kasich Ohio Jobs Budget 2.0
General Budget Fact Sheet
Education Fact Sheet
Helping Small Businesses
Leading Ohio Economist Support Governor Kasich
Severance Tax
Tax Reform
Transforming Health Care

CRA Reinvestment
Community Reinvesment Area Housing Survey
CRA Boundaries
CRA Boundaries Map
CRA Zoning Map
CRA Contact List
Cuyahoga County Urban County Members
CRA Vacant Land Available

Economic Development 1st Quarter 2012 Summary

Economic Development Presentation

Demographics
City Data Profile
Census Fact Finder
Wikipedia Walton Hills

The Mayor should be contacted as soon as possible when there is any interest in relocating your business to
Walton Hills or if any existing businesses have plans for expansion.

Now is the time, more than ever, to revisit the possibility of an SBA/504 and 166 Direct Loan. Both programs are
state funded and many of the guidelines and restrictions have been loosened to open the gates for businesses
to benefit. Here are the general guidelines of each program:

SBA/504: Available to small businesses as defined by the Small Business Administration (SBA) for the acquisition
of land and buildings, new construction, renovation and acquisition of machinery and equipment. Manufacturing, commercial and retail businesses could receive a minimum of $50,000 to a maximum of $750,000 for projects. The
program has restrictions regarding eligible projects and job creation.

166 Direct Loan: A loan providing money to companies for the use of land and building acquisition, expansion or renovation and equipment purchases. The minimum available is $350,000 and the maximum can be $1,000,000. Preference is given to industrial projects. This program has eligibility requirements that surround repayment
capabilities and job creation.

Please contact the Mayor if either of these programs are of interest to you or if your business is considering a
project. Many programs exist and it is the goal of the Village of Walton Hills to assist businesses in any of their
building and economic development needs.

Profile
The Village of Walton Hills is centrally located between Cleveland and Akron along the I-271 corridor.  The Village
is on the border of Cuyahoga and Summit Counties and is within 15 and 5 miles of I-90 and I-480 respectively.  

Our goals include; forming relationships with managers and business owners, developing additional programs to
retain and increase local business and offer assistance that will help to ensure their success.  By achieving these
goals, we can maintain the balance between our business and residential communities. 

Business Outreach
We have a business outreach program that includes visiting existing businesses to facilitate discussion with owners
and operators regarding their business needs including concerns, community issues, expansion plans, and opinions
doing business in Walton Hills. In a continuous effort to help businesses achieve their goals, we maintain dialog with
our businesses and follow up on concerns, requests, and questions.  

Incentives & Financing
The Village can also coordinate incentives available to businesses locating or expanding in the Village of Walton Hills.
We will analyze a proposed project and determine its eligibility as it pertains to the programs available. Our goal is to streamline the development process at the state, county and local level and insure the best results possible for
business and industry, facilitating new job creation and economic growth.

Existing and prospective businesses have several funding incentive options available at the state, county and local
level.  Each of these levels of government offer programs for job creation and retention, new construction and improvements.  There are also loan programs and funds available for brownfield site redevelopment.

Job Creation Incentive Grant Program (JCIGP)
Incentive: Municipal tax refunds, which minimize capital expenditures to encourage business expansions and locations
in Walton Hills.
The JCIGP provides for municipal tax incentives for businesses that expand or locate in Walton Hills. A business can
receive a refundable tax credit against its corporate franchise/income tax based on the local income tax withheld on
new, full-time employees. The amount of the tax credit is negotiable based on the guidelines of the program.
                       

Job Creation Incentive Grant Program Guidelines
Job Creation Incentive Grant Program Application

Walton Hills Linked Deposit Loan Program
Incentive: Lower than current market interest rates.
The Walton Hills Linked Deposit Loan Program can provide low interest loan opportunities to businesses and property owners who are creating jobs within Walton Hills. The Village of Walton Hills, in partnership with local depositories,
will buy down current commercial interest rates for qualified applicants by forgoing certain predetermined investment income. Rates are determined by the participating depository and the Village of Walton Hills. Market conditions set the amount (up to 3%) that municipalities can reduce interest rates. Loans are designed not to exceed five years.

Linked Deposit\Small Business Linked Deposit Program
Linked Deposit\Linked Deposit Program Application

Available Properties 
Prospective businesses and their site selectors can utilize the internet to get information and search for available properties. E-procure is a property database with lists of available properties nationwide.  Team Neo partners with Cleveland Plus to provide a property database for Northeastern Ohio and locally, the Village of Walton Hills website
lists available properties.
Economic development professionals can list their available properties in these databases at no cost.  This ensures properties and their specifications are available to the widest range of prospective businesses.  Please contact the
Mayor with any available (sale or lease) properties in order to have them added to these sites and also to inquire
about business incentive programs.

Cleveland Plus- Property search                              
www.clevelandplussites.com/