Delivering Benefits that Drive Development
The Concord-Painesville JEDD is located in Concord Township at the juncture of I-90 and S.R. 44, where Concord and Painesville are fostering economic development that will benefit both communities and JEDD members. Our mission is to serve, lead, innovate, nurture, and grow development that will benefit both communities. As a member, you can take advantage of:
- Utilities & Infrastructure: Discounted utilities (water rates); existing and newly improved infrastructure that enhances accessibility and improves safety.
- Reduced Costs: Eligibility for financial grants for certain property improvements and financial support for workforce training programs.
- Community Support: A network of businesses and residents who support the community’s growth and prosperity
- Location: Desirable location at I-90 and S.R. 44, a transportation link for the tri-county area of Ashtabula, Geauga and Lake, including:
- Premier positioning within the emerging healthcare corridor with University Hospitals TriPoint Medical Center, Concord Village Skilled Nursing and Rehab ($11.5 million investment competed in 2016), Vista Springs Assisted Living Facility ($18 million investment completed in 2017), and University Hospital’s Concord Health Center (making a $39 million investment in 2026 to build a regional cancer hub at their facility). All of these businesses bring more than 1,981 employees to the corridor daily, along with visitors, resulting in a major medical hub in the community.
- Opportunity to be a part of future development in an attractive region of Northeast Ohio.
“We are always looking for ways to provide services through the JEDD that businesses and property owners might not be able to get elsewhere. By being a part of the JEDD, members have a role in what is becoming a destination location.”
–Christopher Galloway, JEDD Board Chairman, Lake County Auditor
Financial Incentives
The Concord-Painesville JEDD supports the businesses within its jurisdiction. The JEDD Board along with Concord Township has created a variety of economic development incentives available to participating JEDD members. The incentives are designed to assist businesses with the development and expansion of their property. Potentially available to businesses are a variety of grants, tax abatement programs, income tax rebates and energy audits. Each program has specific requirements and is only available if the property and business are JEDD participants.
Contact Rita McMahon, JEDD Administrator, at (440) 354-7500 or administrator@cpjedd.com for more information.
Tax Increment Financing (TIF) to Increase Value
Tax Increment Financing (TIF) is an economic development mechanism available to local governments in Ohio to finance public infrastructure improvements.
Tax revenue generated by undeveloped or underutilized property does not change. It is allocated at the same amount to the same recipients. TIF applies to tax revenue that exists because of new development or redevelopment. TIF is not tax abatement. Payments derived from the increased assessed value of any improvement to real property beyond that amount are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation.
Benefits of TIFs:
- Encourages development and helps finance infrastructure projects and improvements, such as new roads and public works projects
- Communities receive more tax revenue, which increase economic activity and creates a more sustainable business environment for JEDD members and beyond.
- Adds value to new development and redeveloped properties, which then generates additional taxes to support infrastructure and level expenses
Community Reinvestment Area (CRA)
The Community Reinvestment Area (CRA) Program is a direct incentive tax exemption program benefiting property owners who renovate existing or construct new buildings. In Concord Township, this program helps to spur economic development along the Auburn-Crile commercial corridor. For more information on CRA’s please contact Andy Rose, Concord Township Administrator, at (440) 354-7513 or arose@concordtwp.com.