Economic Development
Economic Development Solutions, LLC
Jason
Laver
216.408.6969
JLaver@DaladGroup.com
Dalad Group
Economic Development 2nd Quarter Summary
Economic Development Presentation
Demographics
City Data Profile
Census Fact Finder
Wikipedia Walton Hills
Community Profile
The Building Department is usually the first
line of communication to our businesses.
When activity is being planned, it is communicated
to Economic Development Solutions
(EDS).
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 EDS at jlaver@adelphia.net 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.
The Village of Walton Hills contracts with Economic Development Solutions, LLC to retain and increase economic development within Walton Hills. 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 along with Economic Development Solutions, LLC 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 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 Business Manager 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 E-Procure-Property search
www.clevelandplussites.com/ www.e-procuresite.com
Available Property
7188 Northfield Road
7250 Northfield Road
7277 Northfield Road
7300 Northfield Road
20360 Tower Drive
7307 Young Drive
20437 Hannan Parkway
Dean Penix/440-232-0400
4,750 & 2,250 Sq. Foot spaces available for lease
7400 Northfield Road
Dunham Products, Inc. 440-232-0885
1500 Sq. Feet of office space for rent
20400 Tower
Frank Dimarco/440-232-2600
Up to 7,200 Sq. Feet for lease
21000-22000 Treat Road Unit C
George Linehan 330-963-7984
1,800 Sq. Feet available for lease
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