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| Licking County Revolving Loan Fund |
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| The Licking County Planning Commission administers an Economic Development Revolving Loan Fund Program (RLF) designed to help businesses that are creating or retaining jobs by providing low-interest financing for buildings, property and equipment. RLF funds are used as "gap" financing and are not intended to be the primary source of financing. To be eligible for RLF funds, businesses must offer at least 51 percent of their created jobs to people of low-income or moderate-income. To date, a total of $1,450,000 in loans have been made to companies who, in turn, have created or retained 370 jobs. RLF funds helped leverage over $8 million in private financing. The repayments from these loans are redistributed to other businesses located in the county. The loan approval rests with a local board made up of business, financial and community leaders. |
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| The Licking County Planning Commission staff administers the Enterprise Zone Program in Licking County. The enterprise zone law in the State of Ohio allows tax abatements of up to 75 percent for ten years for enterprises locating or expanding in cities and villages and 60 percent for those locating in unincorporated areas (without school board approval). Currently there are six designated enterprise zones located in Licking County. The six zones are located in the cities of Heath and Newark; the villages of Hebron, Utica, and Johnstown; and the townships of Union, Harrison, Etna, and Washington as well as a portion of Granville Township (see Figure 12). The most active zones have been the Village of Hebron, the Cities of Heath and Newark, Etna and Union Township. |
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| Since the beginning of the Enterprise Zone Program in 1988, there has been over $511 million dollars of real and personal property investment made by private enterprises located in the zones. In return for their investment and job creation, the enterprises were granted partial tax abatements on the new investment in real and personal property. The average abatement is approximately 68 percent of new real and personal property taxes for a period of nine years. These enterprises promised to create 3,623 new jobs when petitioning for the abatements. In reality, they exceeded this mark, creating over 4,940 new jobs with a corresponding annual payroll of over $168 million. The percentage of abatements granted and length of terms are negotiated locally by a county commissioner, one representative of the local political jurisdiction (i.e., city, village or township), a local school board representative, and a representative of Career and Technology Centers of Licking County. |
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| Licking County was one of the first counties in the state of Ohio to involve the local school boards in the negotiation of Enterprise Zone Agreements. The County views the Enterprise Zone Program as an important tool in the process of economic development and will continue to do its best to administer the program in a responsible manner. The success of current program participants is testimony to the value of the incentives in assisting current employers with retention and expansion as well as attracting new industry to the County. See Figure 13 for a summary of E.Z. and CRA Agreements. |
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| This is an agreement between the City of Newark and Etna Township which provides an income tax revenue stream to fund necessary infrastructure investments. The JEDZ will benefit directly the participating township and schools while allowing the incoming manufacturing and or warehouse companies the benefit of a tax abatement. |
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