Economic Development
The incentive programs offered below are to encourage companies to relocate to or to remain and expand in the City of Bedford Heights. Incentives are available from the City of Bedford Heights, Cuyahoga County, Cleveland-Cuyahoga County Port Authority, the State of Ohio and the Federal Government. Most programs offered require new investment in real or personal property and a job creation or retention component. The list below is not comprehensive; please contact the Bedford Heights Department of Economic and Community Development at 440.786.3240 for incentives targeted to specific industries.
This Department is headed by Marty Divito, who can be reached at 440-786-3240 for additional information or clarification.
Incentive Programs
Financing
County Programs
Cuyahoga County Economic Development Loan Program
Provides below market rate financing for real and personal property investment.
http://development.cuyahogacounty.us/services/business/economicdev.htmCuyahoga County Brownfield Assessment and Redevelopment Funds
Subsidizes the identification and remediation of contaminated soil and building. Subsidies may come in the form of grants and low interest loans.
http://brownfields.cuyahogacounty.us/redevelopment.htm
http://brownfields.cuyahogacounty.us/community.htmCleveland – Cuyahoga County Port Authority
Provides industrial revenue bonds, operating leases and synthetic leases.
http://www.portofcleveland.com/development/overview.aspM.A.D.E. in Cuyahoga County Loan Program
Assists in the purchase of equipment or the construction/purchase of real estate.
http://development.cuyahogacounty.us/services/business/MADE.htmRevolving Loan Fund
Assists in the purchase of equipment or the construction/purchase of real estate.
http://development.cuyahogacounty.us/services/business/economicdev.htmStorefront Renovation Program
Assists businesses and property owners to make interior and exterior improvements to their storefronts and repair interior code violations. The building must be located in an Improvement Target Area.
This e-mail address is being protected from spambots, you need JavaScript enabled to view itNew Product Development & Entrepreneurship Loan Fund
Assists businesses in new product development. Entrepreneurs and companies must have sales under $50 million annually.
http://development.cuyahogacounty.us/NPDF/default.htmState Programs
Clean Ohio Revitalization Fund
Competitive grant fund for the redevelopment of a contaminated site.
http://www.odod.state.oh.us/ud/CORF.htm166 Loan Program
Funding limited to 30% of the purchase of machinery and equipment. Interest charged is below the market rate.
http://www.odod.state.oh.us/EDD/Loans_Grants.htmLink Deposit Program
Offers assistance to qualifying small businesses at below-market rates through lending institutions that are state depositories.
http://tos.ohio.gov/content/view/181/120/Pollution Prevention Loan Program
Offers below market interest rates to companies making building improvements, which results in a reduced amount of, air emissions.
http://www.epa.state.oh.us/opp/pplp/funding3.htmlFederal Programs
Small Business Administration
Offers direct financing and loan guarantees to small business to invest in real estate and personal property.
http://www.sba.gov/financing/index.html
Tax Exemptions or Tax Credits
Municipal Programs
Enterprise Zone Program
Offers tax exemption on new investment in real property; legislation is implemented by the city and county but follows state guidelines.
http://www.odod.state.oh.us/edd/ez/Community Reinvestment Area
Offers tax exemption on new investment in real property; legislation is implemented by the city but follows state guidelines.
http://www.odod.state.oh.us/edd/cra/Job Creation Tax Grant
A reimbursement grant is offered on municipal revenue generated by new employers; legislation is implemented through the City.
http://www.bedfordheights.govState Programs
Manufacturing Investment Tax Credit
New machinery and equipment purchased may qualify for a non-refundable investment tax credit.
http://www.odod.state.oh.us/edd/itc/Job Creation Tax Credit
Tax credit is offered on a company’s corporate franchise tax when a specific project creates more than 25 jobs.
http://www.odod.state.oh.us/EDD/jctc/Job Retention Tax Credit
Tax credit is offered on a company’s corporate franchise tax when a specific project retains a significant number of jobs.
http://www.odod.state.oh.us/EDD/Tax_Credit.htmSales Tax Exemption
Provides an exemption from state and county sales tax for companies that purchase eligible machinery and equipment.
http://www.odod.state.oh.us/EDD/Tax_Credit.htmWarehouse Equipment and Machinery Tax Credit
Equipment used in handling purchased inventory in warehouses and distribution centers is exempted from sales and use tax if the inventory is primarily distributed outside the state.
http://www.odod.state.oh.us/EDD/Tax_Credit.htm
Financing – Technology / Energy Efficiency
State Programs
Office of Energy Efficiency
Offers grants and low interest loans to install energy efficient building mechanicals, renewable energy technologies or machinery and equipment.
http://www.odod.state.oh.us/cdd/oee/Ohio Air Quality Development Authority
Offers conduit financing which enables a company to receive a one-time sales tax exemption on qualified material and 100% exemption on real property, tangible personal property and corporate franchise tax for the term of the loan.
http://www.ohioairquality.org/Innovation Ohio Loan Fund
Assists companies in targeted industries to develop next generation products.
http://www.thirdfrontier.com/index.aspTechnology Investment Tax Credit
Assists companies focused on research and development, technology transfer or the application of a new technology.
http://www.odod.state.oh.us/tech/titc/
Employment
County Programs
Cuyahoga Work and Training Employer Incentive Programs
Programs aimed at offering employment opportunities and training to individuals previously on welfare. The county offers subsidies to companies that permanently or temporarily hire these individuals. (Federal tax credits may also be available.)
http://workforce.cuyahogacounty.us/employer/default.htmState Programs
Ohio Bureau of Employment Services/Ohio Industrial Training Program
Incentives offered include tax credits, funding for training and assistance for employers seeking qualified employees.
http://www.odjfs.state.oh.us/ottc/info/index.asp
International Trade
Federal Programs
U.S. Department of Commerce and the North Coast Trade Assistance Center both offer counseling and information pertaining to the sale of a product or service outside of the United States.
http://www.sba.gov/oh/cleveland/oh_cleveland_useacoh.html
http://trade.gov/index.asp